All Forum Posts by: Cody Barna

@Kai James if you can find an investor on BP who has experience with owner financing that may help you determine what steps to take. That way you can bounce ideas and terms off them and figure out a plan moving forward.

@Waylon Smith no worries!

@Waylon Smith welcome! The best way to get started is by house hacking, that could be a single family with an ADU or a multifamily. If you currently own a home that's a great opportunity to use as your first rental and move into a property that you can house hack. Another alternative if you have a decent amount of equity in your primary residence is to do a cash out refi or a HELOC and use that money to purchase a rental. Both very basic ways to get started, however extremely effective when done properly. Good luck with everything!

@Jacob Lapp that's a good question, considering they're close friends and potential partners in the future, I would think twice before charging them for my time. If you really feel like you're spending an unreasonable amount of time helping them then you could work out a partnership on those deals. Also considering you're a licensed agent, you could work as their buyers agent, which would help you build a reputation as a investor "friendly" agent. At the end of the day we all need to generate income in order to grow and scale our RE businesses.

@Mike Rodriguez that's a good question, typically the bank will only give you between 70-80% of the appraised value.  Even in the event that the market takes a massive hit and property values drop significantly, you should still have equity in the property. Even if there was some way to pull out 100% of the equity, I wouldn't recommend doing so unless you had a large amount of cash reserves.

@Katherine Menchaca If you haven't already I would run those numbers by a few local agents/contractors regarding the estimated ARV and repair costs.

@Renada Guyton besides what you're already doing I recommend being active on the forums on a daily basis, this is a great way to learn from other new and experienced investors. Also I would find an agent who is familiar with investing (preferably owns properties of their own) discuss your criteria with them and have them set you up with MLS alerts. That way you'll be notified whenever a property comes onto the market that fits your criteria, this will allow you to get familiar with the BP calculators and how to run numbers. Hope this helps, good luck with everything!

@Horacio Maldonado No worries!

@Aaron Ferguson sounds like a great situation, I would try to find the lowest down option for the first deal to leave you plenty of money in reserves. Then based on your projection that he's selling you the property $50k below market, you would have a lot of initial equity that you could use to buy another property.

@Horacio Maldonado welcome my friend, the best thing you can do is continuing learning and get started. Good luck with everything!