All Forum Posts by: Chukwudi Motanya

Hey everyone,

Bidding on a few properties through the HomePath site, and wanted to ask members on here if they have been through the process and what it was like. (How much did you put for down payments, did you use the HomePath renovation option? How long did it take to get the money for the renovations? Overall experience?)

Thanks for reading and I'm excited to see what you all have to say!

-Chudi

Hey Dawn, 80k for the area is a little high. I think the owners are trying to price it high because of all of the work they put into it.

With the owner financing component and the prospect of being able to maybe put very little money down, do you see any light in this tunnel?

-Chudi

Hey guys still looking for investment properties in my area. Came across a house and from First looks I don't think there's much of a deal but I wanted to put it on Bigger Pockets to see if maybe there's something outside the box I could think of.

Found a house near my area thats going for $80,000. It was built in the 1950's but has been renovated top to bottom. 3 bedroom 2 baths in Lithonia, GA. Situated in a Middle to Lower middle class neighborhood.

Right now it is renting for $750 per month but in the area it could go for $900.

Off those numbers the deal is very tight, but the one caveit that is interesting is that it is 100% owned by the family.

Immediately a potenial for owner financing comes to my ind but I don't know much about it.

With these numbers would the owner financing part make this a better deal worth looking into? Welcome all thoughts.

-Chudi

Rents in the area

Hey BP Community. Does anyone know of mortgage brokers who work with investors and can lend small amounts? (Amounts of around 50k?)

I'm in the searching stage and I'm trying to look for quality financing.

Thanks!

Chudi

Hey BP Community, hope everyone is staying warm during these cold winter days. I on the path of looking for my 1st investment properties and I am planning on going with conventional financing for the 1st property.

I have some duplexes that I am interested in looking in, and they seem like decent deals and they're running for around $100,000. I have $20,000 to work with, and with 20% down that would be very tight/ not possible but I was planning on getting my parents to be equity partners with me for the deal so that I could afford it and still realize the CoC returns that the property could gain.

After talking with one mortgage broker however, I was told that I could not accept gifts from outside parties to help fund this transcation and that the money would have to come entirely from me.

My question is; is this a common practice? Can I not pull together money from the Bank of Mom and Dad to get this loan?

Also this will be my first property I've ever owned. I will be investing out of state. Is 20% down the norm for what I have to put down or are there other ways I could go about this since this is my first property.

I also have really good credit if that helps. (Mid 700's)

Thanks everyone!

Hey BP Community, hope everyone is staying warm during these cold winter days. I on the path of looking for my 1st investment properties and I am planning on going with conventional financing for the 1st property.

I have some duplexes that I am interested in looking in, and they seem like decent deals and they're running for around $100,000. I have $20,000 to work with, and with 20% down that would be very tight/ not possible but I was planning on getting my parents to be equity partners with me for the deal so that I could afford it and still realize the CoC returns that the property could gain.

After talking with one mortgage broker however, I was told that I could not accept gifts from outside parties to help fund this transcation and that the money would have to come entirely from me.

My question is; is this a common practice? Can I not pull together money from the Bank of Mom and Dad to get this loan?

Also this will be my first property I've ever owned. I will be investing out of state. Is 20% down the norm for what I have to put down or are there other ways I could go about this since this is my first property.

I also have really good credit if that helps. (Mid 700's)

Thanks everyone!

Hey BP family, I'm an investor starting out in the Atlanta area, and after reading most of the forums on this site; I've learned that a great way to learn more about investing is from asking questions to experienced investors.

I'm in the Atlanta area for a short period and wanted to know if I could take an interested investor out to lunch and pick his or her brain. Hear a little bit about their story.

Lunch would be on me of course and I will go as close to you as possible to make it more convenient for you.

Let me know if you're interested!

-Chudi

Hey BP fam, I not exactly a new member but I am taking tip out of Tom Sylvester's book and trying to connect with other Philly investors through a lunch or dinner meet up. Figured its the best way to start investing my money.

Anyone in the area interested?

Chudi

Thanks everyoen for the response. And yea I agree with you Ryan but I like to know the knowledge even if I am accounting for the 50% rule because knowing the condition of the house would affect the offer I place for the house. Instead of just simply going off what the realtor or wholesaler is saying.

Keep them coming!

Hey BP fam I hope everyone is doing well. Still in the education phase of my real estate career and I have learned a lot just from reading the forums.

One area that I believe I could learn more about are House repairs. Usually when I am going around with a realtor I can hold my own with the number analysis, but I am a little clueless when it comes down to repairs (what is the life shelf for a good roof? HVAC??) Wanted to ask what do you guys suggest I do to educate myself in this area. Any forums you could point me to? Books I should read? General rules of thumb I might be able to follow?

Thanks for all of your input!

Chudi