All Forum Posts by: Craig Anderson

So, I just went to an Investment Club meeting, and thought about joining. However, the costs were too much for me, but I was thinking of ways that I could still do this.  However, after I let things settle in my mind, I realized that they are not teaching anything that I haven't learned through BP or other resources, so why would I give them my money in order for the to "help me."  

It's all about mindset, believing in myself, and knowing that I will be successful by sticking to my business plan for investing.  I believe that the capital will come when I find the right deal.  And, on the way home, I was thinking of reaching out to lenders now and getting to know them and letting them get to know me, so I can build a rapport.  

And, as I was doing some research on this club when I got home, I came across Brandon Turner's blog post about how to avoid being scammed by "guru" clubs and investors.  He gave the advice that I've already been thinking about and realizing on the way home. Yet, it was great to hear to remind myself that I'm making the right choice by investing in myself rather than giving away my money.

Thanks BP community for being there as I'm learning and getting ready to invest.

Take a look at his advice, it's simple and direct.

I'm a new investor in SoCal, and I'm saving what I can to invest. However, can I get a 100% loan for an investment if I have a steady W2 job and good credit? Also, is there a cap on that type of loan? I would like to get a home below market value, and refi after a year with an increase in ARV. Would this be something that I talk to a smaller local bank rather than big corps?

Well, my advice is that if you can't find information or reviews on a person, program or property, then it's probably not a good sign.

Two good choices, those are the areas that we are looking into as well when we move.  Chubbuck, which is a suburb of Pocatello, is expanding with new builds and growth. Good Luck! 

Yes, you will need a source of income to get any loan unless you have a co-signer or if you are paying in all cash.  And, if you are moving, then you will need proof of income in the state that you are moving to even if it is a signed letter from a local company.

Where are you moving to in Idaho? We are moving there next summer.

This is a very good strategy when you have no or low money to get into a house. In addition, if you're house hacking, then you just account for this loan when you find tenants.

Excellent reply! I'm a teacher and HS Basketball coach, and I get paid a stipend for my coaching. However, when I actually calculated the hours compared to what my stipend is, it is pennies on the dollar. Luckily, I love to coach and love my job as it's very rewarding on both ends, and I learn a ton every year. So, gaining experience in REI and learning on the job is very valuable. I do calculate in my analysis to make sure that I'm making X-amount from any refi after ALL expenses are paid including any private or hard money loans and closing costs.

Those are great things to think about. As I've been analyzing, I figure in the costs of how much it would cost to pay back the hard money lender with interest as well as money coming back to me after ALL expenses are paid. Then, I figure out what I would need in ARV to make sure the lender is paid and I am paid after everything is completed.

That is a great way of looking at things. I have the time now as well, but little money. So, I'm trying to connect with others that have money and more experience to let them know that I have time and skills at researching and analyzing.

I would use the BRRRR calculator and use the "rehab" amount that you plan and calculate with those numbers.

However, I believe you could use the Rental calculator too, but you would use the numbers for the refi portion when calculating data for after the refi and rental. Or, you might be able to run the numbers 2x on the rental calculator by first putting in the numbers with a "cash" offer for the Hard money and put in the terms. Then, run the numbers with a new document for ARV and refi.

Sometimes you have to get creative, and the numbers seem to work when I've done it that way.