All Forum Posts by: Dillon Francis

@Lawrence Zhou thanks for the direction! I knew that people could co-sign on a loan with you, but I didn't know you could have a co-borrower. That is something that I have been researching since you mentioned it. Thanks again for the advice Lawrence!

@Nic S. solid words of advice! I am currently working on a plan that will protect us both if something unfortunate like that happened. @Nicole Heasley Beitenman made a great suggestion about creating a contract, so I am looking into how I can set that up!

@Nicole Heasley Beitenman I finally got the tagging down lol. Sorry for mentioning you three times, for some reason it wouldn't work on my phone, but I had no problem tagging you on my laptop!

@Moises R Cosme thank you for the tip! I think that is a great idea, and I know she has a great network and list of clients at her disposal. I am betting she will be a buyer agent for an investor sooner than later, and when that happens, then she can start a relationship with them that goes beyond her just being a buyer agent for them. That initial relationship could open the door to so many more possibilities.

How would you propose someone, like herself, who doesn't have investing experience approach an investor who is open to such a partnership? What kind of things could she say/offer them to show her value as a partner?

Hi all,

I have a friend who is a real estate agent in Portland, Oregon, and she has expressed her interest in real estate investing. She sees the amazing potential it has to change her life, but she isn't sure how to get started. I have referred her to the BP podcast and the forum, but I don't believe she has made the time to check out either resource. I think she needs a little motivational push, just like I did when I first started.

Does anyone have any tips that I can share with her on how she can get started and use her current profession to her advantage when building her knowledge base, network and portfolio? How about any suggestions on how she can obtain the motivation/confidence to take the first step? I know that everyone has their own unique motivating factor that got them started on this journey, but maybe some of those can apply to her and her life circumstance. 

As always, thank you for your time and wisdom my fellow BP members!

@NicoleHeasley not sure if I tagged your name right! Still figuring out if you can use a space in between first and last name lol

@Nicole Heasley thanks for reply! So just to clarify, my girlfriend and I would be able to use both of our incomes combined to qualify for a larger amount, even if we are not married? We are looking for a property in the 400k price range. As individuals, we probably wouldn't qualify for that high of an amount, but together, I believe our income would be enough to qualify us to borrow around that much.

Also, I really like your recommendation, and I know my girlfriend would as well. You never know what the future holds, but I would like both of us to be protected. How would we go about creating a contract like you mentioned?

Hey BP members. My girlfriend and I would like to purchase our first property to house-hack within the next 6 months. I would like to get pre-approved ahead of time, so that I know how much I am qualified to borrow. This will help me establish a more accurate budget, as well as be more prepared for when I do find the right deal.

My questions are: how does the pre-approval process work if you have a significant other who plans to go in half with you on the mortgage? Do you have to be married in order to use both of your incomes to qualify for a higher amount to be borrowed?

My lender hasn't responded to my questions about this yet, so I figured I would reach out to you guys. Any advice is appreciated!

@George Blower that is great to know! So do you think missing out on market gains and compound interest by borrowing against your 401k is a valid concern? I am only wondering because that is the first thing that popped into my mind when I was told about 401k loans.

@Tanner Sherman you couldn't have said it better man! Ever since I started saving with a purpose, I have done so much to start living frugally and really paying attention to my finances. Its amazing how much you can change your lifestyle when you are really motivated and driven towards achieving something.

I have been meaning to give that podcast a listen to. I am still catching up on the many episodes of the normal BP podcasts.

What an interesting strategy. I didn't know you could refinance a credit card like that!