All Forum Posts by: Duncan McGehee

I'm trying to come up with creative solutions for financing a rental. Scenario is you get owner financing and get attorney to go ahead and get property put in your name (w/ no money down). The owner I'm working with is actually considering doing this to relinquish the property. They're actually the one that mentioned this. So, in this scenario the owner would oblige. After 6 months or whatever the bank time policy is, go to the bank and do a refi. I've heard of this being done several years ago. Not sure if the regs have changed since then. Was going to see what kind of reactions I got on BP before I went to the bank (somebody I know well) tomorrow to see if it can be done. Has anybody actually ever done this?

That is a feat of accomplishments @Brian Washington! Maybe I can be on your level one day. The more and more I think about it, the more excited I get wanting to jump in there and buy a property. I just don't want to jump too soon. I think I need to just find somebody that is willing to let me work with them (not necessarily make any of the money) on 1 or 2 properties so that I can get my feet wet. I learn better by going through the process and doing. Good luck to you though. I hope your success remains plentiful!

@Warren Helmer I love the honesty you share. A lot of reading that we do (the majority of the time) only focuses on the good that can come out of investing in real estate. They never focus on the bad. I know your initial investment wasn't one that you would have normally done, but the circumstances permitted you to do so. Kudos to you for that, I hope everything worked out for your friend, including his marriage.

I work in Ridgeland, so if you would be available to share some more insight with me I'd love to meet up and learn as much as I can from you. I know you said you're not claiming to be a mentor, but I consider a mentor to be any person that is willing to share their knowledge with someone eager to learn. In saying that, if you would be willing to meet with me, please send me a DM so we can arrange something.

Forgive me if I'm being too forward, but are you all financing all these properties and just counting on the rents to come every month in order to pay for the separate mortgages? If so, in your (all of your) experiences, does that work out the majority of the time? I would do that, but I'd be nervous to have to pay several mortgages for an extended period of time if rent didn't show for a certain month(s). Since I'm new to this, I guess I just worry about that. When I read about the "BRRR" strategy (of course it works in a perfect world), I realize that one just finances every property in order to get their capital back for the next one, but that just seems like a lot of risk (thinking as an accountant, sorry). I know, sometimes you have to take risks to reap the reward, but some of these people are taking huge risks, whether they're using an LLC or not. I just feel like a need a mentor lol. If I'm wrong on this, please explain. Again, I joined this site to learn as much as I can about this so any insight is very much appreciated! Forgive me if I'm sounding like a "know it all", because I don't intend to AT ALL. Just genuinely concerned and want to learn as much as possible before I jump into my first rental property. Thanks for any input you all may have!

Thank you Andrew!

You should be proud, Susan!

Hey Warren, thanks for the insight! I'd love to hear about this "formula" you have lol. Congratulations on your move to Ridgeland. I actually work in Ridgeland. I can do all the research in the world and advise people on what to do, but the hardest part is taking my own advice and jumping in their with the best of them! For my first rental or fixer upper, I want to look around and find a good spot. I guess I need to do like you and find a good real estate agent and build a relationship with them. I definitely want to get into this sooner than later!

Great to meet you Mark! I'm going to learn all I can!

It's nice to meet all of you!! Maybe, one day, we might end up on some future projects together. @Susan Maneck , are those 30-35k houses you speak of livable at the time of purchase or do they require a lot of work? That would be a great return otherwise! Maybe, you can show me the ropes lol. ;)

@Susan Maneck