All Forum Posts by: Cole Miller

@Chris Mason @Chris Mason I know I am, and I’m sorry for that, I just have a lot of questions. What do you mean by departing residence rent?

@Chris Mason But if I refinanced the purchases with a more conventional loan, could I get another for a different property?

Hey All,

I'm new to investing, but I do have a question about FHA loans and I hoped I could get some answers/advice.

I’m going to law school in a year or so, so I know this is a bit in advance but I want to get a strategy down before I go.

Anyways, here's my question: how many FHA loans can I have? Can I get them back to back?

I'm wanting to get a FHA loan on a duplex, live there for a year, refinance then move out, getting another FHA loan for a second property, and repeat for all three years of law school.

Is this possible?

Any advice would be great! Thank you!

@Jamiel Strickland I’m sorry, I don’t follow.

@Easton Searle I'm similar to you man, 21 here. I recommend just reading as much as possible about real estate investing, and once you have a good knowledge base, go to REI meetings locally and network, and learn real life applications of the things you read in books. Here's a few titles I recommend-

The Ultimate Beginners Guide: It’s here on BP, 100% recommend.

Rich Dad Poor Dad: this book has changed my entire outlook on life and money, and everyone I’ve talked to said the exact same.

And finally, just stick around here. Follow topics that interest you. Butt your head into conversations. Read the blogs and listen to the podcasts. You’ll learn a lot.

Good luck on your journey, and I hope you do what you’re dreaming of.

@Jose Nava The actual implementation of the simple process can (but not always) get complicated. Like explaining to someone that you’re not actually buying their property, another investor is. Or that you’re making a pretty penny for just bringing the deal to someone else. Or even why you’re offering them the money that you are. The social aspects of wholesaling make it complicated, even though the principle behind it is so simple.

@Jose Nava Can you clarify what you want advice on? I’m an expert by no means but I know a bit about it.

And yeah generally that’s the idea behind wholesaling, but the details do get a bit more complicated.

@Brandon Ribeiro So, wholesaling isn’t super duper complicated. You basically find deals, put them under contract, and sell the contract to someone else for a small profit. The website here (the blogs) have excellent resources on wholesaling.

For investors - go to local REI meetings, network and find the investors in your area. I would bet you anything that most (if not all) will say yes if you ask them if they want to be put on your buyers list. All investors love to not have to do much work and make money.

For pricing - find a good, reliable appraiser and try to find the ARV (after repair value). Most investors try to get properties at 70% of the ARV. So you will try to find the ARV, times it by 70%, then subtract any and all repair costs. That's what you're going to price it at for the investor. Then, you take a bit more off for yourself. It really all depends on the price of the property. If it's a 100k property, you might make 2-5k. But if it's a multi-million dollar apartment complex, you might make a couple hundred thousand.

@Sean Rooks What software did you use to do your projections? I like the layout of what you showed in the included pictures

You could also do private money. Or wholesale a few properties until you have more capital