All Forum Posts by: Grayson Warren

My wife and I are planning to (hopefully) close on a property next month in the OKC area. We have 20K set aside for a down payment. We have spoken with a lender who has tried to educate us on the pros/cons of both acquiring a traditional mortgage versus a commercial loan. The lender has told us both will require 20% down; however, the commercial loan gives us an option of folding in a renovation loan. With the commercial loan, the lender also mentioned that after 5 years, the loan would be renewed but would adjust to the interest rates at that time.

We want to start with a "win." Something that will have decent cash flow and that isn't necessarily too risky, though we understand there is inherent risk in any investment. 

What are your thoughts? Should we go the route of personal mortgage at a 4% interest rate (probably finding a turnkey property), or commercial bank loan (with the rehab loan) at 5.5% interest? 

Additionally, if we did a traditional mortgage, would putting this first investment property on our credit hurt our chances of getting a car loan or personal home loan down the road? 

Hello Everyone,

I am curious to know if anyone uses any kind of organizer or checklist of things to stay on top of everything in each step of the property search & buy process? This could be an excel file, PDF, etc. Thanks!

@NaDean Bowles thanks so much! Just shot you a direct message!

@Jonathan Greene unfortunately house hacking is out of the question for now as my job has me living the majority of the year out of country. Is obtaining an FHA loan pretty straight forward, or are there some tips and tricks needed to secure this type of loan?

@Jonathan Greene that makes sense. I appreciate that wisdom! Specifically I am interested in the BRRRR strategy. Given that the buy in is going to be higher here in North Dallas, I have been looking in areas with a lower price point. However, if I could come up with the funds, perhaps Plano would be feasible. That brings me to my next question: what tips would you give a beginner for creative investing? I don't think we'd be able to put 20% down out of pocket right now.

I am a beginner looking to purchase my first REI property and have a couple questions:

Is it wise to jump around to where the hot markets are to look at properties to invest in as opposed to sticking to one city or zip code and becoming an expert there?

I have several colleagues who have been obtaining 0 down construction loans in the Little Rock, AR and Conway, AR areas. Is this realistic for any city to obtain these types of loans? What are the pros and cons of this?

Thanks so much!