All Forum Posts by: Ilan Szulik

Hey there BP. Was wondering if anyone has any knowledge/expertise about properties in Wendell, North Carolina? I'm looking at a couple of single-family house buy and hold deals in that area, but am unsure about how much rent could go, appreciation, etc. Would love to talk to someone who has experience living or investing in that area. Anything will help!! Thanks!

@Stephen Lofthus Thanks for all your advice. House hacking is definitely the plan for Senior year. Just tough for next year (Junior year) because I'm spending half the year abroad in Italy. 

One more question I'd love to get your 2 cents on: I've found a lender who gives mortgages to people with no credit, like me. I don't think the terms are very desirable though, but I'm new to this so I'd love a second opinion. From what I know now, it seems it would be a 7-year arm at 4.75%, and would require at least 40% down. This would be for a 100k property. Thoughts? Thinking that if I were to do it, I could maybe refi or sell before the 7 years are up. 40% down is a lot though. What's your opinion on putting a large percentage of money down? By the way, getting the money wouldn't be the problem. Thanks again for your help Stephen

@Stephen Lofthus My goal is get to my first deal done and cash-flowing by the end of this summer. Once school starts back up in September, I'll have a little less time to devote to this. However, I've never been one to shy away from my passions. I'm committed to doing this, so I'll find the time. 

Hello BP. I'm currently looking at SFR in the 80-110k range as a rental property. Problem is, as a College student, I very recently just started building credit. At the moment, I actually have no credit score/history. Additionally, aside from a paid internship I have this summer, I do not have income. Therefore, I'm not the most attractive candidate to lenders. Let's be honest, they want nothing to do with me. However, I refuse to let this stop me from beginning my REI journey. Additionally, in today's market, deals are going quick. Time to act.

I recently spoke to a mortgage broker who recommended the following: My father, who has excellent credit history, has openly told me that he would love to support me as I begin this journey - given that I provide him with a certain return, obviously. The broker thus recommended that once I find my SFR, I have my dad be the one to buy it with a conventional 30-year loan. With his credit/income, he would easily qualify. Meanwhile, aside from managing the property, renovations, tenants, etc., I focus on building my credit. Once my credit is good enough - I'm guessing a year or two down the line - I BUY the house from my dad. I believe this is called a non-arms length transaction. I'm a little confused about what this part would look like, and was wondering if anyone could shed some light. What would be my options in acquiring the property? What would financing look like? Does the fact that we're father-son affect anything in the transaction? Could we just re-finance his mortgage, but sign me on and take him off?

Overall, any advice would be appreciated. I've read just about everything on REI, but never about this particular situation.

Thanks BP!

@Dawn Brenengen Thanks, just checked the date/time of this month's event and added it to my calendar!

@Brett Snodgrass, @Luke Jones. I couldn't agree more. I definitely started to find that I was becoming very educated in general real estate investing, such as terms, methods of financing, etc., but my knowledge wasn't specific enough to actually purchase a property. However, in the past week I've narrowed my focus and have taken my first real steps: getting a real estate agent and a mortgage broker. It feels good to have my head out of the books, and in the action. Thanks guys! 

Hello BP Community! I'm excited to be here. I've been thinking about real estate investing for the past couple of years, and about a week ago decided it was time to turn my thoughts into action. I've been reading everything I can get my hands on and have already met some really great people in the industry. 

I'm young - 20 years old - and go to WashU in St. Louis. However, my permanent residence where I grew up is in NC. I'll be here all summer, and am looking to get my first single-family deal in the next couple of months. 

Open to meeting anyone in the Raleigh-Durham area. I'd love to learn from you and see if there's any way I can provide value. Any golfers out there? Let's get a round going.

Happy to be here.