All Forum Posts by: Dalton King

@Dalton Foote first off sick name and it sounds like we are both very like minded. This is a question I always ask myself and others. I started when I was around 16 just learning about everything I could find about real estate. When I turned 19 I got my Realtors license and am now saving to buy my first home that I plan to house hack. 

I've noticed with all the flippers, wholesailers, agents, investors I have met all have different backgrounds leading them to pursue a certain path. Some look for an easier way to gain capital for longer term projects. The best thing about real estate is that it is so versatile and anyone can do it and succeed. 

Personally I would never pay that much for information that is free with asking the right questions and finding the right people. I can't speak for every guru's course but most are the same thing and don't provide you with anything you can't find with some research. 

Looks like a great deal! Great job! Do you have any other projects coming up?

@Zachary Inman @Logan McKay Zylstra Thanks guy's, I took your advice and messaged some colleagues and friends for a room to rent in the mean time. I am also going to see about getting a single family home and renting the rooms to maybe save me some money monthly. 

Hey all, I have been looking for a duplex to house hack in brevard county, fl for some time now. I am a 20 year old realtor and I have been living with my mom paying her rent and now she is in my opinion going crazy and kicked me out of the house. Luckily I have a good friend I can spend a few nights with but I need to either find a cheap place to rent until I can buy a property, or go under contract asap on a duplex. I work a part time job as well as selling real estate. 
I hope someone on here could offer some advice. 

-I have financing in order

-down payment and transaction funds 

- do not have a lot of rent money.

- looking to buy instead of rent 

Do you have an idea of how much cash you'll need after selling some of the portfolio? I can't think of any other ways besides networking and marketing your properties to find people to buy. But what I thought might be an option would be pulling out some equity from a few properties if it will work with the unforseen circumstance you are dealing with. If you just need cash you could pull it out of your portfolio and still have the properties rented and cashflowing. 

Hey it seems like you could have a couple different options. If you can calculate how much you could get from a heloc to put as a down payment on another property then you could look at multi-family properties. This situation is similar to what I am doing with my mom. I am purchasing a duplex for my rental portfolio that my family will live in one side and rent out the other, as well as the single family home my mother owns. 

I would suggest these action steps to get a more clear idea of a path to take.

FInd out how much your primary home has in equity(for heloc), how much it can rent for, and look for duplex/triplexes you could live in one of the units and rent the others. This would have you living for free hopefully, if not close to it with two properties being paid off.

If a traditional conventional loan won't work for you, try a DSCR (debt service coverage ratio) loan. It is what I am doing since I haven't had 2 years of work history and enough in reserves for traditional loans.

Hope this sparks some ideas!

Check out debt service coverage loans. It is what I am using to scale faster than getting multiple traditional mortgages. DSCR loans are approved when the propery's income covers all the property expenses plus some. Usually 10-50% more than the debt on the property.

I am not the most experienced with propstream. I just got the free trial and ran a list to try it. I am not the biggest fan. I have yet to get correct contact info for the lists generated..

Looks good! Just make sure all sorts of expenses are accounted for. I would bump up some of the monthly expenses like gas, electricity, water, etc. Just to be safe.