All Forum Posts by: Grant Greene

Alexander:

Good afternoon, and welcome to BP! As you start this new endeavor, I would highly recommend sitting down with a mortgage/financial professional to come up with a plan to help you achieve your short-term goals that will give you the proceeds and resources to pursue and achieve your long-term goals. Many new investors start off "too hot" and end up overdeveloping their first property or spending their money too fast - either of these behaviors will preclude you from achieving even your short-term goals and may knock you out of the game. If you don't have a mortgage/financial pro, I would recommend connecting with a number of investors who have been successful (for more than 12 months) and asking them for a referral to their money person.

I wish you the very best!

Grant

Irina:

Good afternoon, and welcome to BP! As you start this new endeavor, I would highly recommend sitting down with a mortgage/financial professional to come up with a plan to help you achieve your short-term goals that will give you the proceeds and resources to pursue and achieve your long-term goals.  Many new investors start off "too hot" and end up overdeveloping their first property or spending their money too fast - either of these behaviors will preclude you from achieving even your short-term goals and may knock you out of the game.  If you don't have a mortgage/financial pro, I would recommend connecting with a number of investors who have been successful (for more than 12 months) and asking them for a referral to their money person.  

I wish you the very best!

Grant

Stephen:

Good afternoon, and welcome to BP!  Here's something for you to consider - don't worry, this isn't a sales pitch (my company doesn't lend in Florida, so there's no ulterior motive in my sharing this with you):

You may want to look at the option of purchasing a multi-unit property (let's say a fourplex) and financing it with an FHA loan. (Just FYI: in the state of Arizona, on a fourplex, the loan limit is $521,250 - significantly higher than the traditional $271K that everyone thinks of when FHA is mentioned.) The stipulation is that you will need to live in one of the property's units for 12 months. The advantage to the FHA option is that you can get a loan with only 3.5% down (which can be gifted), and the closing costs can be gifted. Most investment properties have a MUCH higher down payment requirement.

After just twelve months, you could bring in a renter and seek out a SFH for yourself and have positive cash flow from your investment.

I wish you the very best!

Grant

Collin:

Good afternoon, and welcome to BP!  You may already know this, but if not, I hope you find it helpful:

You can get an FHA loan for a multi-unit property with only a 3.5% down payment. In Arizona, for example, you can get a loan for a 4-unit property up to $521,260. Since you're planning on living in one of those units, this could be a very viable option for you - and you don't have to put down 15 or 20%. Food for thought.

Grant

Josh:

Good afternoon, and welcome to BP!  Here are my two cents (from the mortgage side of things):

Approaching a mortgage broker will give you this benefit: he/she will ask you to share your short- and long-term goals with him/her so the two of you can come up with a plan/path that will enable you to achieve your short-term goals that will result in obtaining the resources you'll need to then pursue your long-term goals.  Quite often, new investors start off "too hot" by either overdeveloping their first property or spending their money too fast - either of these behaviors will preclude you from achieving even your short-term goals, and then you're out of the game.  If you don't have a mortgage broker, I would recommend approaching a number of investors who have been successful over a longer term than just 12 months and ask them for a referral.  

You asked a short question, and I gave you a long answer - my apologies.  The shorter answer, which is less satisfying, is that I don't believe this is an "either/or" type of decision - you will benefit from having both as your allies and partners.  

I wish you the very best!

Grant

Charles:

Good afternoon, and welcome to BP!  May I offer a piece of advice?

As you start off on this new endeavor, I would HIGHLY recommend you meet with a mortgage/financial professional.  He will/should ask you to share your short- and long-term goals with him so he can help you construct a plan that will enable you to achieve your short-term goals and reap benefits from those goals that will provide you with the proceeds and resources needed to pursue and achieve your long-term goals. Quite often, new investors start "too hot" and either overdevelop their first property or spend their money too fast - either of these behaviors will preclude you from even reaching your short-term goals.  If you don't know a mortgage/financial pro, I would recommend seeking out a couple of investors who have been successful and asking them for a referral to "their guy".  

I wish you the very best!

Grant

Jose:

Good afternoon, and welcome to BP!  May I offer a piece of advice?

As you wade into the real estate investment waters, I would HIGHLY recommend you meet FIRST with a mortgage/financial professional.  He will/should ask you to share your short- AND long-term goals so he can help you construct a plan that will enable you to reach your short-term goals that reap resources that will enable you to pursue and achieve your long-term goals.  Many new investors start off "too hot" - they either overdevelop their first property or they spend their money too fast.  Either of these behaviors will seriously limit your ability to get the benefit you need to achieve short-term and pursue long-term goals.  If you don't know a mortgage/financial professional, I would recommend seeking out two or three investors who are successful and ask them for a referral to their "guy".  

I wish you the very best!

Grant

Ben:

Good afternoon, and welcome to BP! May I offer this small piece of advice?

As you're about to embark on this very exciting new endeavor, I would HIGHLY recommend you meet with a mortgage/financial professional and share with her both your short- and long-term goals. When you do this, she will be able to help you construct a plan that will enable you to reach your short-term goals and reap benefits that will provide the resources you'll need (and want) to reach your long-term goals. Many new investors start off "hot", and they end up either overdeveloping their first property or they spend their money too fast - either way, they short-circuit their plans and end up sort of scuttling both their short- and long-term goals. A mortgage/financial pro will be able to give you the guidance you'll need to avoid those potential pitfalls. If you don't know a mortgage/financial pro, I would highly recommend seeking out two or three RE investors whom you trust (and you've seen them with a successful track record) and ask them for a referral to such a professional.

I wish you the very best!

Grant 

Steven:

Good afternoon, and welcome to BP!  May I offer this small piece of advice?

As you're about to embark on this very exciting new endeavor, I would HIGHLY recommend you meet with a mortgage/financial professional and share with her both your short- and long-term goals. When you do this, she will be able to help you construct a plan that will enable you to reach your short-term goals and reap benefits that will provide the resources you'll need (and want) to reach your long-term goals. Many new investors start off "hot", and they end up either overdeveloping their first property or they spend their money too fast - either way, they short-circuit their plans and end up sort of scuttling both their short- and long-term goals. A mortgage/financial pro will be able to give you the guidance you'll need to avoid those potential pitfalls. If you don't know a mortgage/financial pro, I would highly recommend seeking out two or three RE investors whom you trust (and you've seen them with a successful track record) and ask them for a referral to such a professional.

I wish you the very best!

Grant 

Loukas:

Good afternoon, and welcome to BP!  May I offer this piece of advice?

As you're about to embark on this very exciting new endeavor, I would HIGHLY recommend you meet with a mortgage/financial professional and share with her both your short- and long-term goals. When you do this, she will be able to help you construct a plan that will enable you to reach your short-term goals and reap benefits that will provide the resources you'll need (and want) to reach your long-term goals. Many new investors start off "hot", and they end up either overdeveloping their first property or they spend their money too fast - either way, they short-circuit their plans and end up sort of scuttling both their short- and long-term goals. A mortgage/financial pro will be able to give you the guidance you'll need to avoid those potential pitfalls. If you don't know a mortgage/financial pro, I would highly recommend seeking out two or three RE investors whom you trust (and you've seen them with a successful track record) and ask them for a referral to such a professional.

I wish you the very best!

Grant