All Forum Posts by: Heather Gates

Thank you all for your input!! It is really helping me with this process. @Nicholas Covington, I don't have the 25%. However, the current owner has offered some owner financing so my offer has been a little "creative". I hate to pass this up if I can purchase it under market. 

We are newbie real estate investors. Currently we own a single family in prime downtown area that is renting and are about to close on a quadplex later this month. I have stumbled upon a group of duplexes (8 doors plus property with electric and sewer ready for more) for sale in a very desirable developing area of town. They have been poorly managed for years so there is no history and I am not even sure they submitted the income on taxes. Yikes! Anyway, The banks won't touch the funding without history. Where can I find funding for them for about a year while I get the history and management side taken care of before refinancing with the bank? It is possible I can get a pretty awesome deal on them. I hate to throw in the towel and pass it up.

I don't believe my husband and I are going to make it after all. He got held up on the job site and don't believe we will have enough time to make the drive up. We will try again next month.

Thank you for setting this up! This will be our (my husband and I) first meetup. We'll be driving 1.5 hours one way. We might have the fever! I'm a newbie and ok with that. We have bought our first deal, single family. And currently buying our 2nd, quadplex. Hearing other stories is so interesting to us. But it's time to get off our YouTube butts and meet like minded people. Plus its FREE like you said. No Excuses! THANKS, Derek.

Thanks, everyone! Yes, it would be owner financing. This a property that a friend is needing to get rid of. I would love to help them and are trying to build our real estate portfolio ourselves. Just wondering how we can make it work for both of us. I am new to the game. Thank you for your input.

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I thought about that but I'd still be expecting to account for any debt when closing on the new house mortgage. I'm thinking I'll have to find an investor who'd be willing to buy it, I do all the work, and then I buy it from them in 6 months or so. 

Hey everyone! Newbie here. So my husband and I bought a house as investment property that we moved into over 5 years ago. We had not planned on staying in it that long but health issues kept us here. We got a great deal on it and owner financed it. Then we added a lot of value by adding square footage. Currently we are building the house we plan to move into so that we can rent this house out. It is in prime rental area. So I don't foresee having to wait long before it's rented out and our ROI will be awesome. When we switch the construction loan to a mortgage loan we will have a good bit of equity in the new house and property. We already have a good bit if equity in the future rental house. So a heloc should be easy to obtain. I'd really like to purchase another property on the cheap to start renting asap but we can't put anything in our name until we get the mortgage (debt income ratio). What would you all recommend I do to obtain the funds for this house and small amount of rehab?