All Forum Posts by: Evelyn Castillo

Hi BP! I just got off the phone with Chase bank and spoke to them about their first time home buying loan called, “dream maker” it is a 3% down loan. They told me that as a part time employee I need 2yrs of work history in order to qualify for a Loan...So I would like to hear people’s experiences and how they got a loan sooner (if possible) only working a year in a part-time job? This is currently my situation and I am wondering if anyone can suggest any other bank loan types that have worked with less than that? I know it’s a far fetch but I’m curious to see what others have experienced. 

@Julie Dunlap didn’t know that, thank you for the heads up! 

Hey BP! So my current strategy is house hacking. I plan on buying a home that is livable so I won't have to invest much in it and rent it out while I live in a camper in the back or front of the property. Has anyone done this strategy/ or is currently doing so? I would appreciate any tips or heads up about this. My original plan was to purchase a multi-family but in my market, these are tougher to come by; single-family homes are much more abundant. For instance, I am currently looking at a property that is $295,000; move-in ready (It is close to me and I saw when they started the remodeling process). It has 4 bedrooms and 2 bathrooms. I was considering a rent-by room scenario but this home is not located near any universities and I feel like it would rent mostly to families.  I know I am all over the place but I want to hear what everyone thinks based on their experience. Thank you in advance. 

Hi BP! So I am brainstorming different ways I can house hack...I am really drawn to the idea of purchasing a camper and placing in front of rental property. I think this would work way better with my market. Can anyone speak on the kinds of loans that could work with low money down besides a hard money lender? FHA would work beautifully but I understand that I would have to live in the property for at least a year. Any experience with this? Or ideas? Thank you in advance.

Hey BP! I am practicing on the rental calculator but I am a little confused about finding the comp. properties. So I read through the article and it mentioned how comp. properties should have been sold 3-6 months ago but in my market, I am having difficulty finding these. How much can I deviate from this time period and still be, "safe" if you will? I would appreciate any input on the ARV portion! Thank you in advance.

Hi BP! I read through the article on how to estimate ARV but I noticed that they mentioned that a real estate agent is needed for this step? I'm wondering if anyone has been able to find comps on their own without an agent? And how can you know if you are accurate? I am in the phase of mastering these calculators. Specifically, the renting calculator.

 Hey BP! Looking for local investors in Homestead, Fl area? Trying to make those connections and build a team. I’m at the very beginning stages. I’m currently reading “The House Hacking Strategy” by Craig Curelop. My plan goal is house hacking in a multi-family unit. Feel free to reach out! (: 

Hey BP! So I am looking around for homes where I see the possible potential... But I am having issues with the order of the steps I need to take since I have never purchased a home before. Okay, so say I find a home that I like and I am working on the analyzing portion of this potential deal but then I come across the ARV portion of the calculator and other estimates on the calculator... Should I be pre-approved before calling contractors, agents, or even analyzing anything? I hope this question makes sense. I have all of these steps mixed up in my head when I practice with the calculators. I've seen how Brandon Turner will sometimes estimate repair costs, etc using his experience but I have none and I wouldn't know how much it would cost to paint the interior/exterior of a house for instance. Thank You in advance.

Hey BP! This might seem like a silly question but I am having some trouble here. I am practicing on the BP calculator. I am working on the portion of the expenses... My question is, where would I go to find the electricity/light/taxes and all the other expenses? I know this is usually on realtor.com for instance but I am looking for the exact #... I just don't know whom I would contact exactly? Or how would I do a search for it? I'm trying to do a search on it but I am getting all kinds of different information. I'm looking to just contact someone. Thanks in advance. 

@Dustin Mathenia Thanks for your insight! At this point, I am investing in education and saving more than half of my pay (I'm a part-time employee) so I can have some skin in the game. But yes, I know there is a lot of money required for this thing so I am just searching for ways to fund deals while investing in myself and in my bank account. I am having that same issue with trying to build my credit up. They denied me for GAP and other cards that I applied for. I plan to get a personal loan and pay it off as well as get a secured credit card as you mentioned. Just out of curiosity, could is profitable to use hard money lending for the long term? Or are they better for fix and flip deals?