All Forum Posts by: Ivory Hayes

Hey Vicki. Check imortgage. They might be of use. As a matter of fact I have a number to a rep for them and her name is Vicki as well. Let me know if you're interested.

Happy Investing...

@Cody Hensley you can also do small things to help increase your credit score and credit profile while you're in limbo on the purchasing aspect. Obviously a better credit score will put you in a better position if you make the decision to buy. One idea is to get a secured credit card, that way you can't hurt yourself with going over your limit. Also, this doesn't look as bad as going out and applying for unsecured credit when lenders pull your report while trying to apply for a mortgage, and as long as the financial institution that you go through for secured credit reports to the bureaus this does nothing but help your credit when you use it right.

Every little bit helps, right!

Happy Investing...

Another question you want to look in the mirror, so to speak and ask yourself is "What type of investing do you want to do..."

A long term investment with a possibility of appreciation and more stability or are you looking for a less costly option that will bring residual income but has more of a demand for an active landlord/manager. The good thing about the ladder is, if you do choose to finance it (provided you can find an institution that will finance 50k and below. You might want to also look into a personal unsecured loan or line of credit if you're credit is good) it'll be paid off sooner than a higher costing property and you can cash flow better, sooner. Example... Provided that your financial institutions offer such products, You could get an unsecured loan or line of credit for 25k @ about 9% for 1-4 or 5 years. You will have paid nothing out of pocket, kept your money for reserves and will have that borrowed money paid off in about a 4 year period. That way you cash flow better, sooner.

On the other hand you can purchase a more expensive property, have a more traditional 30 year obligation which may have decent returns and appreciation that could very well be apart of your future but true return will come in the sense of selling. Or paying off the loan about 20-30 years later, depending on if you pay the mortgage down quicker with the possible profits.

There are tons of directions to go and tons of vehicles for use to go down those directions. The main thing you want to ask yourself first is... What kind of investing are you looking to do?

Happy Investing...

So it's more of an instance where you'd purchase a multi-family and live in one side and rent the other(s) out.

I'm a buy and hold investor so I probably wasn't the best individual to explain it to you, lol. But again, you're in the right place because any piece of information that you're looking for answers on, you'll more than likely be able to find it here. Happy Investing...

House hacking simply put is buying a property, living in it for a certain period of time, putting tenants in place for rent, you move out and buy another to repeat the process. But even within that process there's a whole education of what type of property is best to buy, the location to buy it in, possibly having to fix it up and repair it and a boat load of other things that require an extreme amount of due diligence regarding the subject. You're in the right place being on BP, but dive in a little bit more by reading different posts and forums and gain as much knowledge as possible.

Happy Investing...

To piggy back off of Joshua Maestas, understanding real estate investing is key. Knowing what kind of investor your brother would like to become will help in understanding the direction that should be taken to become just that. There are soooo many areas to dive in to that plotting out the best one for yourself starts in understanding what you're looking to receive from investing. Wealth that comes in the future after a significant amount t of time money and efforts have been invested or short term quick money that that you can reach out and touch immediately after investing or a steady residual income method where you're putting your money in position to work for you and not the other way around. These are all options along with so many others. I would definitely suggest your brother first figuring out what his goal is then he can figure out a plan of how to get there!

Happy Investing...

I'm learning something new here so I have a few questions... We're talking about mortgage insurance right? So first, I thought that you could only receive fha loans on owner occupied properties, unless  @Mark P you occupied the property for a period then moved on and made it a rental..? Secondly, I was under the impression that after 5 years of owning a home with mortgage insurance and living in it for at least 2 of those years you could simply call up your mortgage company and request the mortgage insurance to be taken off.

Am I sadly mistaken about the information above or am I somewhere in the ball park but simply misguided? Please help...

Welcome... First thing's first, you will need to decide what type of investing you'd like to do. There are many avenues and knowing your strengths/weaknesses and resources will assist you in choosing what route you'd like to pursue. Once you do that then I believe you can fully dive it to a plan on how to execute effectively within that realm.

Happy Investing...

Way to go Sean, that's awesome! Here's the million dollar question... Now what? Figure out the answer to that and you're well on your way.

Happy Investing...

You could approach the situation with private money or hard money lenders and have them back your financial needs. Or you could find someone else on the same page and enter into a joint venture with them and share the cost. Both of these are options to achieving your goals but I would obviously do as much homework on both options so that you know as much about each process before jumping in. I hope this helps.

Happy Investing...