All Forum Posts by: Colby Zeller

thanks for the helpful comments, sounds like I should still wait until I have enough capital, and to when I'm close to making offers

Hi, I've recently been looking into loans, and approval for loans. The one question I have yet to get answered is when should I go to a lender to get pre-approved. I plan on buying my first rental property towards the end of 2023, and I'm not sure when would be the best time to get approved. Is there a time frame for which you have to act on a property from when you get approved ? The one thing I don't wanna do is rush this process !

thank you ! this helps alot

Im making this post to see if I can obtain more detail from all my BP experts on MIP when financing with a FHA loan. Ive read up on it a little and it seems FHA and 203k loans require this premium that requires you to pay more at closing, while also adding more to your monthly mortgage. If anyone has any insight on how much this adds to your monthly/ how much extra I need up front that would be a great help !

 If you could, what is the self-sufficiency test ? Im not familiar with this term and would be interested to learn more.

Now that I have found the market I want to invest in and also the property type I settled on looking for, I am intrigued to learn more about the type of loan I need to qualify for. I want to purchase a small multi-family property in the next 6 months and to use the house hacking method to its full potential. When the time comes for me to go to a lender to get approved for this loan what exactly are they looking for ? I know what all lenders look for when debating to approve a person but is there any special thing specifically for a FHA ? Comparing a FHA loan to a conventional what things differ in contrast when looking to get approved by a lender ?

Im making this post to reach out to investors in the Columbus area to ask them how they think the market will fair in 2023. I have been doing my fair share of research on the area and it seems to have a rapidly growing population. In 2023 however, I'm looking to buy my first rental property in the area and am just curious on how other professionals think how the market will fair.

Ive been reading a-lot about lending and how to get approved for the loan you want, I recently came across a section about how creating a LLC will turn residential lenders away from you. I was planning to create a LLC when the time came to buy my first property but now Im having second thoughts. Has anyone out there created a LLC and ran into trouble when it came to lending ?

When first starting my real estate journey I spent a-lot of time thinking about what vertical I want to enter. After debating with myself, i figured since I am a younger male with no family the best route would be for me to house hack a Multi-family, and rent out the other sides. My question lies with is their a specific type I should be looking at, whether fourplex, triplex, or duplex ? I don't want to be overwhelmed seeing it will be my first property, but i also want good ROI. I know you can find good deals anywhere, just debating if there should be a target property in seeking out for a first time investor.

Through all the books, podcasts, and exploring ive done they all mention having a team of people on your side when investing. My question is who on your team is a must and who isn't ? The obvious ones to me are Lender, Real Estate agent, Cpa, property manager(unless you manage yourself) and finally a Lawyer of some sort. Is there any I missed ? and which ones tend to be the most important ?