All Forum Posts by: Connor Dunham

Welcome Joshua. I started dreaming about owning income property when I was 18. I was only able to make it happen after I graduated. Advice I wished I had earlier: start small, don't wait to buy, just focus on learning how to buy it right. If you're paying rent, focus on getting a small house that has 3-4 bedrooms. That way you can eliminate rent payment and get a few bucks to build off of. good luck on your journey.

@Wade Stahle without other information, your cash flow question makes no sense. I suggest you post a deal analysis in the appropriate forum here on BP. Also, check out all of the podcast episodes. Should be easy to get through if you're a valley commuter.

@Wade Stahle if you're waiting for the market to soften, I think it has a little bit if you look at the inventory numbers. Waiting also means you're subjecting yourself to interest rate risk. If the rates go down, you can always refi, but if they go up, you're locked in. What is your strategy (and time horizon? Value-Add, Long Hold, cash flow, total return, etc. The answer changes significantly based on your strategy. In figuring out your strategy, you'll answer your timing question.

Try talking to some local mortgage loan originators such as first rate or titan. I'm sure they originate more than just conventional notes. The recorders office like was mentioned before is the other place to look for clues. 

to do a deal of that size... You would need: 

17,500 3.5% down payment

10,243 3 months PITI for reserves (conventional requires 6 months)

$5,000 for closing and other costs. 

PMI can be a killer. it goes down for every 5% step you take towards 80% LTV. If you put 5% down, rather than 3.5%, you're going to see a reduction in PMI required each month. @Ali Boone has some good info. Highly recommend reading up on crunching the numbers, getting real numbers to work with for expenses, insurance, reserves, etc...

Trevor Burns I would hit up all of these banks as they have access to the big money: http://www.aidea.org/Programs/LoanParticipation/EligibleFinancialInstitutions.aspx Also, I'm in Anchorage (travel to Fairbanks often) and always looking for deals.

Hi Jim, 

Welcome to BP. Definitely listen to all the podcasts and use some strategies recommended on here to work a better deal. One I can think of for commercial, is to offer where the numbers make sense, then come back after they counter with 5-10% seller financing.

Good luck!

 I think, if you make real estate into a business (not just an investment), you might be able to hit that 25% per year growth you're looking for. Good luck on your goal!

Welcome to bigger pockets. If you are looking for some reading or maybe an audiobook, I highly recommend Millionaire real estate investor by Papason and Keller.

Welcome to the site.  Try the podcasts. Cheers.