All Forum Posts by: Daniel Green

Long story short, my wife and I found a great deal on a duplex that would easily cashflow $600+ each month. After viewing both units and talking it over, we decided to go for it. However, when we talked with our lender we discovered we wouldn't be able to get a conventional mortgage because we didn't have enough income to offset our current mortgagSse + the duplex's mortgage. That thought never crossed my mind.. Newbie mistake.

We looked into private lending [our mortgage broker also runs a private money company], but didn't feel comfortable with the narrow margin we would have financially at such a high interest rate. So, for now, we are having our broker give us the max amount we can afford via a conventional loan so we don't waste time on anything too expensive.

My questions are:

1) Even if we do secure a cheaper property via a conventional mortgage, employ the BRRRR strategy and refinance a year later, won't we run into this same issue again?

2) If so, how do we avoid running into this problem without going to private money?

3) How are other investors able to purchase multiple properties using conventional financing without running into this issue? I'm having a hard time comprehending how this is being done without constantly increasing your income by $1000+/month each time you go in for another mortgage.

I'm quickly learning how naive I can be, but our experience with this duplex is raising a lot of questions I can't seem to figure out on my own. My wife and I are extremely appreciative of any advice you can send our way.

Email sent.

I've recently been presented with a deal involving four 1/1 houses for one price. My question is this:

If I were to purchase these four properties at one price, would I need to use a commercial loan? And, if so, can I refinance each property individually down the road to get my cash back out?

This is a type of deal I've never really considered, so I'm in very unfamiliar territory. Thanks for the help!

I'm looking for a creative tax advisor to work with as my wife and I start our investing business. Must be familiar with real estate tax and be an investor as well.

Anybody up for the gig? =)

I haven't purchased any properties yet, but my biggest source on leads has come from building relationships with realtors and getting on their mailing lists. They can set you up with specific criteria and provide you with a daily email of new listings within your parameters. For instance, I have a daily email of SF homes under $75k in a couple of specific neighborhoods.

Finding a realtor you trust can take you a long way.

Other than that, network like crazy and build relationships (here on BP as well). Everybody is here to help one another, so take advantage of it!

Best of luck.

Following this thread.

I'm definitely following this post. I could use some recommendations as well.

I'd love to get some thoughts on this situation/idea. There is a house in interested in purchasing from an out-of-state seller. While researching the property, sales records and owner info, I discovered the seller also owns the house next door to the one I'm interested. This is when I had a thought. How can I get in touch with the owner to negotiate a package deal for both houses at a discounted price? What does everybody think? I would love to get two SFRs under my belt with one package deal. The issue is only one is for sale. Any ideas on how to approach this? Thanks in advance!

I'm a beginning investor and I'm always interested in gaining knowledge and experience from other investors. With that in mind, I am a professional videographer and photographer as well as a graphic designer.

If anybody is interested in trading time and knowledge or even letting me tag along throughout one of your deals for some of my services, please message me. I'd love to connect and see if there are any ways we can help each other out.

Looking forward to hearing from you.

Wish I would have known about the meet up today. Is there a board or group one could join to be updated on these events?