All Forum Posts by: Jacob Forbis

Thanks @Jon Klaus and @Cal C. Just out of curiosity, why won't a hard money lender loan to me if I plan on living there. What would keep me from approaching it like a flip and then saying..."Oh, gee, its so nice, I think I want to live here." I wouldn't actually do that because I wouldn't want to lie and burn bridges for the future, but it seems like a weird restriction. Would it be better to do a FHA 203k loan or something?

And Cal, you make a good point about the moving frequently. I'm not in the military, but did move around quite a bit growing up. However, my fiance has lived in the same house her entire life. We'll have to see how we feel after moving the first time. I just know that where my house is now is not the best of areas, and once she moves in I won't feel good about her being here by herself ever.

I would plan on not moving out of my current house until all the rehab work is done. I'm not much of a handyman and don't plan on doing any of the work myself.

Hello folks, still new to the forums, so please let me know if this thread belongs in a different topic. My question is around purchasing my primary residence.

My fiance and I are getting married in October (woo hoo!) and when we do she will move in with my at my current house. My current plan is to shortly thereafter move out and rent it out. We would then look for somewhere else to live.

What seems to make sense to me is to approach this purchase as if it were a flip. Try to find something at 70% ARV after repairs, that way in a couple of years we could move again, roll over the equity in a new purchase and repeat the process.

Has anyone else done this? Does it make sense? Can I use a hard money loan to acquire the distressed property and to do the repairs and then refinance into a conventional loan?

Any thoughts on this strategy would be greatly appreciated.

Thanks for the welcome! @Brandon Turner I actually started listening to the podcast a few weeks ago and am going through the backlog. Love it! I appreciate the in depth and specific questions you ask the guests, and all the detailed information. Thanks for the great resource!

Thanks for the welcome, @Guatam Venkatesan!

Hello everyone! My name is Jacob Forbis, and I am a 26 year old real estate investor in San Antonio, Texas. I have been renting out the spare rooms in my personal residence for almost 3 years now, and I purchased my first investment home in April of last year.

My full time job is doing corporate video production for a technology company here in San Antonio. I also do some contract video production work on the side. I use the money I'm able to set aside from my full time job and contract work to fund my real estate investing.

I'm trying to learn as much as I can, and because of that I am always open to new and better strategies to fit my goals and personality, but at the moment my investing goal is to obtain enough passive income to quit the 9-5 job and be able to build out my freelance business with less stress and worry. I am hoping to obtain this goal through the purchase of cash-flowing single family homes. Because I don't have a large amount of capital to fund deals, I am looking for distressed properties that can be purchased at a discount, fixed up, and then rented out.

I was hoping to have purchased my second rental house by this time, but due to some issues with my current house, I haven't been able to save up the resources for my second purchase. I am hoping I might be able to do that by the end of this year.

I am interested in networking with other investors in the San Antonio area, learning and sharing real estate knowledge and strategies, deals and private loans.

I am looking forward to being a part of this community, learning from the vast knowledge within, and contributing back where I can!