All Forum Posts by: Dustin Mathenia

@Alfonso Simmons

Ok so the deal is you have to live in the property for a year or 2 check with the bank before you can rent it also to refinance out you need to have 30% equity in the property but after you refinance I guess you could get another FHA's loan but this would be a very slow strategy. I would suggest buying a 4plex with an fha loan, house hack that improve the property while you live there. If you can cashflow while you live there can't go wrong but be sure you have reserves. No money is a concept not reality when owning rental properties. If you dont have access to money you can lose the property very easily.

@Tristin Sellers

I was denied my first pre approval because I had no credit score. I went to the bank got a secured credit card which means you put up 500$ for a 500$ credit limit credit card then use it keep it around 50% and pay it off you get the f500 back after a year.

Step 2 get a better job . Become an agent is a good idea where I live if you have a car and can show up and work you could get a 12$ construction job in a day learn a skill and get paid double that

After you have a job money and credit house hack also being in indy you could be boots on the ground for out of state investors doing something ..looking at houses, taking pictures etc.

I know I've been looking for someone like you who would work for me and has the interest in learning . I'm sure you would have no problem finding someone to teach you especially if you can bring them a deal

@Dylan Thomas

I started with a house hack/live in flip bought for 112k $7500 out of pocket lived there for free as I used my money I was saving to repair the house sold 4 years later for 200k. A rental is nice but 200 a month for 4 years still wont get you that kind of return and like people have said 1 hvac going out will take years of cashflow..my hvac did go out in the first month but I had a home warranty so wasn't too bad .

@Aaron K.

I obviously don't want to take advantage of anyone. But I also would like to make sure no one else takes advantage of them. I would be happy to just stay near the deal help where I could and learn the process maybe be involved in the next one .

So I am in DFW TX. I recently sat down with 2 guys who are very interested in getting involved in real estate. They know I have flipped a few houses and told me they the would like to partner some how, which I thought was a great idea knowing they have a good amount of money. After talking to them about what I do (which is maybe 2 flips a year. Far from an expert) it was pretty clear they had no knowledge of real estate...like 0% (they moved here from China maybe 3 years ago). Basically they wanted to fund my deals at 7% and do a 50/50 split. I explained I don't need the money I can get money at 12% and it's not worth half the profit for supplying just the money . Then they told me they have plenty of money and want to build a multi family apartments...(I'm listening lol)...I, still being a newby have never done new construction of a multi family property told them I would find an expert in that area and we could all sit and talk about it . So my question I guess would be after I find this person how do I bring them together and stay in a deal if one is made ?

@Johnoson Crutchfield

How did your ARV go up 100k?

@Jeff Byrne

You do you! I house hacked/ live in flipped my first house. Lived for free for 4 years fixing it up walked away with 100k cash in my hand. More money than anyone in my family has ever had, then I bought a 2% 40k rental. Did a flip and back to having 100k in the bank. It's not easy or a get rich quick but also not rocket science. Better than working till your 65 and living on peanuts till you're dead lol

@Charlie Moore

Pay someone to clean or pay to clean up after a dirty tenant. Pay now or pay later your choice.

@Adam Higginbotham

Getting your hands dirty is not the way to make profit. Trust me, it will only cost money and time. Instead, spend your time finding the deals. Don't trust wholeseller’s numbers—always offer what the property is worth to you. You never know what they have it locked up at—people are greedy and might be trying to get a 50k wholesell fee. Drive for dollars is an easy one to do. It’s free to knock on doors even though it’s something no one wants to do—but you might get lucky. Direct mail could work too but mailing the same list as everyone else would mean you would still have to get lucky. There are deals out there—just get creative and find them!

@Nicho Pruett

If they didnt flush it just replace the toilet if the did get a gallon or 2 of muriatic acid will eat through the concrete then flush with water no worries