All Forum Posts by: Cody Barna

@Hayden Done I wouldn't get too overwhelmed with the small details, the biggest thing is saving enough money for a down payment and reserves. Start defining your criteria..location, type of property, price, etc. From there I recommend getting familiar with the BP calculators, look for potential properties on Zillow and run the numbers for them. Lastly depending on your time frame to purchase the first house hack, I'd get in touch with a realtor so they can start sending you properties from the MLS. Hope this help, if there's anything I can do for you don't hesitate to reach out.

@Ben Leary It sounds like you're on the right track, I'd recommend upgrading to a pro account so you can start running the numbers on of the properties you find on Zillow. This will be good practice once you're in the position to start making offers. It would be a good idea to look for a higher paying job, not only would that allow you to save faster but it also helps to qualify for a loan. If your goal is to purchase a property within the next year, I'd stick with a W2 position since lenders typically only require 6 months of pay stubs. Compared to being a 1099 (self employed) individual, which commonly requires 2 years of tax returns to qualify. The last thing I'll mention being that I've grown up in Manchester and currently still live there. Is that the majority of multi families are located close to downtown in the less desirable areas, this will make it tough to find a decent tenant that pays on time and doesn't destroy the place. Plus if you're using an owner occupied loan, are these neighborhoods you feel comfortable living in? I recommend driving through some of them to get a feel of the area...Manchester St, Spruce St, Merrimack St, Amherst St, Concord St. Another option would be finding a single family that needs minor cosmetic work, this would allow you to make improvements over time and increase equity in the property. Eventually you could turn it into a rental or sell it after 2 years tax free. This route would allow you expand your search criteria and not be limited to specific areas that multis tend to be found in. I hope this help, don't hesitate to reach out if you have any questions.

@Pedro C. no worries!

@Tyler Bougie no worries!

@Tyler Bougie I appreciate you reaching out. In my opinion it's the same as any industry, you have a mix of good and bad individuals in the field. Personally I haven't had a bad experience with a wholesaler, however I don't deal with them very often. Can they be an asset to a real estate investor, potentially but finding the right one can be a challenge. Good luck to you and your brother, continue building a good reputation in the industry and it should lead to a successful business.

@Jeremy Wirths thanks, I appreciate it!

@Jonathan Ramos thanks man!

@Joseph Kim you have the right idea, adding value to a property could be the addition of a bedroom or bathroom, updating the electrical and plumbing. It could also be cosmetic such as improving the exterior appearance or updating the kitchen. Not all upgrades will effect the value determined by an appraisal but it can help to increase the value in the eyes of a potential buyer.

@Robert Coulstring if you have enough equity in the property then I would definitely leverage that money. If you're in a solid financial position it's the best way to scale your portfolio, but it really comes down to your long term goals.

@Kasey Destache no worries, it sounds like you're doing all of the right things. It definitely wouldn't hurt to do a crash course, however it might not be necessary if you feel comfortable with the material. Personally, if the crash course was cheaper than the cost of taking the actual test than I'd do it, considering every attempt is the same price for the state test.