All Forum Posts by: Eric Mckune

@Caleb Jordan thank you for your feedback. To your first point, you're basically spot on. I can't use rental income unless there is already a tenant or I have one lined up when I purchase. Only thing about that, if I want to fix and increase the equity, how do I go about doing that if there is already a tenant? Without doing any rehab the only way I can think of increasing equity is by buying under market value. which I would want to do anyway. 

I will look more into private lenders and HML. I've already discussed HML with a lender but I will see what other options they can offer and to see if that will work.

I think for my first deal partnering may be the easiest route, but having a partner makes me a little more nervous because there's more pressure to not screw up. If the deal doesn't work out it's not just bad for me. But hopefully with the right partner they can help make sure that doesn't happen. I have some handyman skills and time to put in some sweat equity. So that may be an option if I can find someone. 

I have not looked into private lending. I don't know any private lenders. I have talked to my lender about doing a hard money loan to buy the property and pay for the rehab and then refinance with a FHA or conventional loan.

Yes, I would be using a loan to purchase a property in need of rehab and then refinance for the ARV. The only upfront cash I am able to pay is for the down payment.

I am just starting out. I have been following various YouTube channels, books, podcasts to learn what I can. I have been in contact with a lender to be pre-qualified. But I ran into a hurdle. With my income I don't qualify for most of the opportunities out there. My plan up till now has been to finance a 2-4 unit deal under market value, occupy one unit and rent out the other unit(s) after finishing cosmetic renovations. BRRRR strategy. I barely qualify for a SFH, especially since I was going to find one that could use some rehab and finance those repairs in my loan.

What advice or suggestions do you guys have for getting my first deal? Finding a cosigner so far doesn't seem to be an option for me. I really want to get started but I don't know how to get past the financing. I have turned some of my focus to learn more about flips to see if that may be a better option for my first couple of deals. Since I am new, I don't know if partnering would be an option either.