All Forum Posts by: David V. Stephenson

I put in a bid on my first RE Investment property. It's owned by the bank, it has been on the market over a year and it's in need of some serious TLC. The bank is not in a hurry to sell and I would rather get traditional financing versus hard money.

My thought is to offer a long escrow period with a very large earnest money deposit with the contingency that I can use this money for rehab while in escrow. If I can't get my financing approved, the bank gets all the repairs. However, when I get my low rate financing locked in I get my first brrr property ready to rent.

Will the bank allow this? Is this too risky? 

I agree that faxes should be made obsolete. In the mean time, we can help the U.S. obesity rates by faxing documents so that government workers can get up from their desks and walk to the fax machine.

I got an account at eFax.com which came with a fax number and I can receive 10 pages a month for free. When I need to send a fax I go to FaxZero.com and can send up to 3 pages for free (with logo on cover page which is just fine by me) or one can pay a minimal fee for larger documents.

Hope this helps! Happy Facts-ing

Hi Raymond,

I'm in a very similar spot as you; just starting! As mentioned previously, income based repayment will lower your monthly payments for your federal student loans. This will help save for that down deposit. I bought a SFH and am renting 3 rooms out and boy does that help with cash flow!

I'm in the waiting/saving phase like you now for my next place. It can be discouraging at times and you feel like you're not progressing. Two things that help me with this are reading books and saving more. Books (and biggerpockets.com) will help you get more comfortable for when that day finally comes. When you stay in and learn and don't spend money going out you really feel like you're taking action now! Action and progress are what help keep me motivated for sure.

Best of luck on your endeavor!