All Forum Posts by: Garrett Ranous

Hello @Katherine Blazer. Would you mind explaining that a bit more? How does that lending structure work? Sorry for all the questions and thank you so much for the response =)

Hello. I recently started working as an independent insurance agent and at the same time, i started that journey I became aware of bigger pockets and investing in RE. I have become more and more interested in investing and would like to continue insurance as it is a good source of residual income however it means I am not eligible for a traditional loan for some time.

I know that many people quit their jobs in order to focus on RE and part of me considers doing that as well but still unsure on how to go about doing that with producing an income stream first or keeping a W2 job.

If anyone has any suggestions on this it would be greatly appreciated.

@Marlen Weber Thanks for the response and I understand that syndication is basically crowdfunding like a REIT or something like that. Is that correct? Any suggestions on how to get involved in those kinds of deals?

Hey Jonathan,

I am new to investing and recently moved back to the US after teaching abroad for a few years. I want to possibly buy a rental or flip a house with the money I have (about 40k) but not sure what I would qualify for. I am starting fresh work-wise and I know that will be the biggest hurdle. 

I know this is a rookie question but just wondering what you would suggest I do? I would like to start wholesaling full time but I understand that it would take me 2 years being self-employed to qualify.

If you have any tips or advice it would be greatly appreciated.

Thanks

Garrett

Hey Constance,

Yeah, I can get that for sure. I am sure that much of this can be figured out on your own but the upside to paying for a course or mentorship is that it will add structure and put your feet to the fire to take action which is something I have struggled with

Hello all. I am currently looking into a few different courses to help me get started and there are several I see advertised constantly on FB and youtube. I have been looking into Jamil Damjis course, Pace Morby's Course and Lauren Hardy's course for virtual wholesaling and flipping.

I am attracted to Pace Morby's course because it is not simply wholesaling but also airbnbs and flipping and pretty comprehensive. However it is really expensive and before thinking anymore about it I would like to hear from anyone currently or previously in the course who can tell me about their experience.

Also if anyone has experience with any of the other mentors (Lauren or Jamil) it would be appreciated to hear your experience.

Thanks!

Hello all! I am interested in getting into wholesaling but like many, I have a full time job and curious if anyone has had any success in trying to wholesale part time. I am thinking that by making some calls early in the morning I can target markets in different timezones. If anyone has any suggestions on this it would be greatly appreciated.

@David M. and @Kerry Baird thanks so much for the feedback. I didn't really know about the dti ratio part of it and how that would be affected. I really appreciate the help and clarification =)

Hello everyone. I am considering using a turnkey company to rent a property and due to the covid and my current switching of jobs I can really only get an interest-only loan. Both the mentor and loan officer kind of explained it to me but I m hoping someone else might be able to put it into lamen terms for me and maybe clear up any more doubts I have before getting into it.

I am looking at properties that are roughly 100k and 7% interest (about) and was told I can get a 2-year interest only loan. However, does this mean that the interest is front loaded into those first two years and after the first two years I will have way less interest to pay? Or would I be just paying the interest at the normal rate? For example, if my mortgage (under a normal loan) were to be 1,200 dollars per month and the interest would be $84. Would I just be paying $84  per month for those two years or would it be a higher amount and I would be getting all of the interest out of the way faster so that the remaining term of the loan would be mostly principle? (ex. I still pay $1,200 per month but it is all interest and I am wiping out all the interest really early?)

Another question I am trying to understand is, if I am on a 2-year interest-only loan, can I refinance earlier than 2 years in if I get it leased out? Lets say I get a tenant into the house in 3 months who will be on a 1 year lease or longer can I still refinance and leave the interest only loan?

I am sorry if my questions are to much. You can probably see I am new to this and just trying to get a better grasp on this. I am reading through other posts about this and have gotten rid of many doubts so far but still feel like it would be good what else anyone has to say.

Thanks!

Garrett