All Forum Posts by: Cody Barna

@Danny Kitzinger welcome, you're now part of the best REI community. Do you plan on investing in LA?

@Mark Wille no worries!

@Mark Wille that's great, it will definitely help you make the most of the money you have saved. Good luck with everything!

@Demari Williams If you plan on using traditional financing (ex. bank), they'll typically want to see at least 30-60 days of pay stubs if you're a W2 employee or around 2 years of tax returns as a 1099 individual, however these specifics can vary depending on the lender you use. Your credit score will also play a role in which type of loan you can qualify for, FHA is typically the most favorable for someone with a low credit score and a small down payment.

@Mark Wille congrats on saving a significant amount of money, I would continue saving while analyzing as many properties as possible. I'm assuming that $20k won't go very far in your market, however I would still consider other options besides foreclosures. How do you plan on doing the repairs?

@Kai James no worries!

@Aneesh Nainani awesome! it pays to be creative, how much did the property appraise for after the addition of the ADU?

@Jona Santiago welcome! I like the idea of short term rentals especially in a desirable area where there's lots of traffic throughout the year. Ideally you want to find a market that isn't seasonal, unless it's in an area that has year around attractions. (Ex. Colorado) I would highly recommend using leverage for your first deal considering you have a large amount of money saved, that should leave you plenty for reserves. If you currently own a primary residence that gives you even more options, you could turn that into a rental or using the equity to fund a deal.

@Rylan Lacey sounds like a great project, if you don't mind me asking how are you funding the deal?

@Amy King commission is completely negotiable and is payed by the seller, in this case the agent may be more likely to reduce their commission considering they're going to double end the deal. Hopefully I'm understanding the question, good luck with everything!