All Forum Posts by: Account Closed

Good point made by @Sean Tagge it may be alittle difficult to do being as the the low return for not much giving. But however in some cases %4 is better then 0.

@Michael Washington The Great thing about the Brrrr method is that in the worst case scenario you could always turn it into a rental property if you can not refinance or get a buyer to match your price. It all depends on your situation. If you need fast cash for your flip then it may not sound to pleasant. But there is always a bright side to every dark moment. You will be fine. Keep at it!      

@Leah T. Hi Leah, Great question. There are multiple ways at going about it. You could acquire an FHA Loan which is great for first time home buyers and also if you don't have the traditional 20% down payment. There are also programs in various states that will grant you down payment help. I know here in Maryland they have various first time home buyer programs that will grant up to $5000 for a down payment. Maybe Chicago has the same thing. Just have to do some digging. if you plan on House hacking your first investment which is not a bad idea at all depending on your situation, You can put down as little as 3.5% for the FHA. If the numbers add up, you would potentially live for free with some cash as well. The great thing is once you move out of the units you were living in. You could then rent that unit out and increase your cash flow. The great thing about the FHA loan is that you can use it more then once. Either way I would say depending on your situation in which I don't know fully. Going the house hacking route is a great way to get your feet wet in the game. Along with giving you the hard knocks teaching of becoming a land lord.

Good Luck on your journey! You can do it!  

@Joi Johnson Welcome to BP! Congratulations on your accomplishment of graduating. Good Luck on your journey. I wish you much success. You can do it! 

I would say it all depends on your income and situation. Your Income can solve a ton of problems. Me personally I Focus my attention in order of 90% playing offense, and only 10% on defense. Which is 90% On my Income/net worth and just 10% on my Expenses/liabilities. You can't win a championship by just focusing on defense. I would say do what you feel Is best in your situation. But my opinion I never borrow money for Depreciating items. I just buy them outright. Good luck on the Decision. 

@Hien Pham Would that be possible, I'm Not quite sure how I could by pass the broker and go directly to the seller If the property is listed with a broker. 

@Nathan Click Thanks For the Feedback and well detailed information. That's the only road block I am running into which is the Down Payment. But once I break through that barrier I will be well on my way. I will find a way. 

@Account Closed Yea imma give that a shot for sure. Busting into the commercial sector is quite Interesting 

I found a deal that I have potential interest in. However I am having trouble on going about how I would structure this deal. It would be my first Commercial Multifamily Property. It's a 7 Unit that is priced for $450,000 with a 8.30% Cap. I am seeking advice from a seasoned commercial investor or from anyone who has knowledge on commercial loans. I know I can not FHA due to the fact it's commercial. Seems kind of difficult to break the barrier into commercial, especially when it comes to funding. Has anyone had the same problem. Thanks BP! Looking forward to knowledge from you all.

@Brie Schmidt Thanks Brie! That's a Great Breakdown analysis. Now Question: Does the DTI Ratio come into play when it comes to having multiple properties with mortgages on them? Do Banks make that assumption as to DTI? I state this because once you reach a certain limit the banks will stop funding deals.

@Shaquetta Chittams The Guys down at Millennium Plumbing are Great! They are 24hrs. And far as price wise they are pretty good also.