All Forum Posts by: Jeff Byrne

@Justin Crosby that’s great! Have you had any issues from landlords? What areas of Louisville have you been successful in?

@Jake Steele I appreciate it. I know Louisville is becoming very renter friendly and protecting the renter. Southern Indiana has been a viable option for a while. Let me know how it goes in NA

Has anyone in Louisville, or the Midwest, had success renting a home from a landlord, then airbnb’ing the home out? This is a strategy we are considering but not sure of the legal ramifications of this, as well as the viability of it being a thing in a city where people are migrating out of.

@Scott Beal

Thanks for the insight. I plan on living in the property for at least 1 year before moving on to the next location or the next deal. Do you need to have the downpayment on hand in order to be pre approved for a conventional loan?

I understand that an FHA loan will finance the purchase of a fourplex property. My question is what if those units are 2 bedroom units? Just curious to see if there is any insight on this. I would assume that yes they would be covered.

@Brian Van Pelt how long would someone have to live in the unit before they had to move out that would not break the mortgage agreement? 

Just curious right now, but has anyone had success in using a VA loan or multiple VA loans to finance REI deals? I know that they have a ton of upside, however I am unsure of the rules/regulations surrounding them and possible limitations surrounding how many one can take out. In my current situation I won't qualify for a VA loan for another 5 years or so, but in the mean time I would love to understand more so that I can be ready to use that down the line or possibly help someone take advantage of that opportunity now.

Hi @J.C. Everett I am in almost the exact same situation! Personally I am saving money to put down on my first deal here in the next few months. I plan on house hacking a duplex or a single family home with a live in renter, however that may change depending on the property. Like you I am in the military as well, although I am in the National Guard and it seems you are active duty. Some books that I've read that have helped quite a bit are Hold: How to Find, Buy, and Rent Houses for Wealth and the BP Book The Book on Rental Property Investing. Both of these books have helped me game plan how I want to attack my first deal once I secure financing. 

Just skimming through this there's been a lot of great advice. Personally as someone whos 9 to 5 is an accountant, I would encourage you to use Excel first if this is your first business purchase. You will be able to categorize expenses easier and since this is your first business purchase any way you can cut costs it would be wise, IMO. The extra fee that you pay towards Quickbooks Online could go towards something else, but again that is totally up to you. It is an extra deduction come tax time as I'm sure someone has cleared up in this forum long before this. I am currently in the process of saving for my first deal and I plan on using an Excel spreadsheet that will track all of my expenses, cash flow, as well as mortgage details. 

@Ezio Sanchez what did you look for in purchasing your first home?