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All Forum Posts by: Henry F.

Henry F. has started 4 posts and replied 33 times.

Post: How did you get your first deal?

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
@Dmitriy Fomichenko You are absolutely right. And a lesson learned the hard way. My lender nor I were familiar with this process and at the end Im going to be paying for it. Thank you for noting it. This was a post more so to answer how I bought my first deal and didn’t really want go further into details not having to do with the acquisition of that property. Kind regards,

Post: How did you get your first deal?

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
@Stephanie Pieri TurnKey from the MLS. I have/had no money so I moved my small retirement account of 30k to a Solo 401k account with checkbook control. I used this money to purchase a property from the MLS (TurnKey). Conventional at a low % down) Decent price, good buy. Not a steal by any means however it did appraise for more than what I purchased it for. Got it rented and cash flowing. Besides that, I’ve pulled out a HELOC from my mother’s house (40k) in order to have funds readily available if another purchase were to present itself. Im always looking. As Im researching and learning I may go a completely different route. I like the BRRR strategy, just haven‘t found the right players to do business with yet. Just getting started and looking for creative ways to build wealth via buy & hold real estate. Good luck, Henry

Post: Opinion on EQUITY PRO? Good first investment property?

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
@Shane Adsir Im in the same boat. Wondering if anyone has worked with Equity Pro ... Did you end up doing anything with them?

Post: Equity Pro Orlando

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
@Jonathan Tonn Im in the same boat. Wondering if anyone has worked with Equity Pro ... Did you end up doing anything with them?
This will be EPIC! can't wait to listen!

Post: What sacrifice have you made for down payment?

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
I started pressure washing roofs on the weekends to make extra cash to pay off credit card debt. I wasn't making a dent so... I'm not sure if it's considered a sacrifice or giving up something but just recently I moved all my retirement money from a traditional IRA to a solo401k and then borrowed from my solo401k to pay off all my credit card debt (this is where I am today). My plan moving forward is to get my credit score where it needs to be and then pull a HELOC on my home to use for down payment into my first investment property using a FHA/Fannie Mae loan, a hard money lender or private money. And apply the BRRRR strategy where I see fit. Thanks for your post. I hope it helps others like me just starting out put things into perspective. And learn from others examples of how they got started. I can only hope to come back on here soon and share my success story and more of what I had to do to make it!
This is a very inspirational post. Thank you! Im expecting to jump on my first investment deal in the next few months or so. Will start bank shopping asap! Using local banks to help guide my direction as to how their loans work. I'm thinking a 4 plex to start and going the FHA route or Fannie Mae but Im also considering pulling a HELOC out to help fund a deal with private money or a HML. Thanks again for your post. You have already help many just by sharing your story. As I don't have a deal yet, or a request for any loan structure. How should my conversation go with just bank shopping my local banks for loans to buy my first multifamily unit?

Post: Looking for Miami or South FL Multi-Family Realtor or Broker

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
I am local and will be reaching out to these banks in our area soon. I appreciate the tip.

Post: What would you do? FHA, Fannie Mae or HELOC

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
How are they regulating wether you are owner occupying the property? What regulations are in place for this? Or better said, how would they know if you're not renting out the property.

Post: What's Brewing - BPP Meet and Greet in Miami

Henry F.Posted
  • Homestead, FL
  • Posts 36
  • Votes 8
When is the next meet up?