All Forum Posts by: David Marino

Good Evening all.

Been a little while since I posted last with a question in the "starting out" section.  Since then I have been trying to do my research so when I do start I make a smart decision on my first property.

I've narrowed down my first goal is likely to get a multi-family so I can house-hack.  I need to move closer to my new job and, to be frank, it would be nice to move out of my parent's house.  

However, my job is located in Northern New Jersey (Linden) where the prices are approaching the "out of budget" levels - at least with a turnkey property.  So it seems like a rehab might be on the cards.

I've been listening to podcasts, trying to read in my spare time, and started going to REI meetings. But I'm still confused on the getting financing portion.

Can you get a traditional loan to finance a BRRRR? My understanding from some of the people I've spoken too and what I've heard is banks don't like to go a traditional route on distressed properties. But on the other hand, to get a non-traditional loan it is preferred you have some kind of proven track record on these types of properties - which I clearly lack.

So the question is - how should I go about getting pre-approved for a loan? And if I can secure a traditional loan on a BRRRR property, can I refinance it later on once I have put some forced appreciation into a property? And where should I be looking for these loans?

This also feels like a bottleneck since I don't have any kind of pre-approved loan I don't have an interest to use to calculate the mortgage payment and run the numbers on any properties I might be interested in.  

These are probably pretty simple questions - which is why I haven't jumped into anything yet since it's still over my head.  But I'd like to learn so that I understand the process, can then at least get a pre-approval, and then can at least start practicing running the numbers on prospective properties - even if I'm not ready to buy - so I will feel more confident in myself and the numbers I ran when the time comes to pull the trigger.  

Thank you to anyone who is able to help!

@Kiera Underwood Oklahoma City is very much not on radar but that would be amazing! I honestly don't know how to do any of what you outlined so any knowledge sharing would be greatly appreciated!  Thank you!  What would be the best way to go about contacting you for that?

Thanks everyone for the replies! Lots of good information to go through here. 

Definitely will continue reading and learning and picking up the podcasts (and going to some REIA meetings).

Luckily my finances are pretty good.  Minimal debt (nothing so bankrupting as student or medical debt), currently a low cost of living, and the job I have at the moment pays well.  Hopefully the transition pays within a decent reach of it.  

My family has worked with a realtor for a very long time that they trust completely.  I can start there and see what recommendations they may have for contacts (or even if they themselves are willing to help).

Thanks again for all the advice! Looking forward to starting on this journey!

Hello all.  I started reading many of the free resources available on here and have learned a good deal and that I also need to learn a lot more.  I plan on making a career shift soon (still within the same industry, just a different aspect) and with that I wanted to try and make my money and assets work for me as best as I can.  So I thought a good starting point would be some kind of multi-plex with myself living in one of the units.  

However, because my transition is still very much in flux I don't have any grasp on where I will end up location-wise (as well as other aspects like what my income will be, work schedule, travel requirements of the job - which is very possible - or even a definitive timeline) I cannot really look into the market of a certain region or make great projections.  What would you recommend to someone like me to do to try and prep - as best as possible - for making this a reality?  I also have a grasp on that the market is well, not great at the moment.  Interest rates are very high and prices haven't gone down all that much.  What should I be looking for as an indicator that things are starting to shift in a better buying direction - or to look for in opportunities that may offset the current financial situation?

Other kind of small question - I saw a lot of podcasts available that are from respected members of this community.  However, a lot of them seem to go very far back.  Are there any that you would recommend? And if so, how far back into the podcasts show records should I start listening?  Will I find some of the information out of date from say - 2-3 years ago?

Thanks to anyone who is willing to help out!