All Forum Posts by: Jenna Lee

I am a new investor that's really trying to get into real estate investing and I am so happy to have found this forum.

One of the market that I am looking at have tons of distressed properties that are either a teardown or in need of major rehab. 

So as an investor, when you go into a potential house that you want to purchase how do you estimate the repair cost? Do you usually bring a contractor with you when looking at potential homes? Is there services that you use that give you those figures? Or is there a software that you use help create cost estimation for you?

It really all depends on whats important to you.

Whenever I purchased my primary residences, I always looked at it as an investment and they have always been a good one, but I had other things that weighed in when I purchased them... 

When I look at investment properties I look at cashflow and its appreciation potential and make my decision based on that, but with primary residences its a bit different.

My last house that I purchased, I could have bought a larger home with a lot more rooms, in less expensive area and had my mortgage paid for that way, but I chose to purchase in more trendy/expensive area with less room. The house that I purchased was so small having roommates was not an option, so I paid a lot per month to maintain the house, but I really enjoyed living in the area with lots of amenities near by. In the end, it was still a good investment because the house appreciated a lot in value and I ended up selling it for a huge profit .... But I could have saved alot more on monthly payment if I had chosen to live in a bigger house at a different location. 

If, gaining most bang for your buck is the most important to you, I would try to purchase a home with more rooms (More rooms, more rent) and I would also do some market research to see what the rooms are going for in the areas of interest. (I would think West Seattle would be higher than Shoreline) Shoreline is known to have great school district, so you will probably attract more families... If this is the type of demographic that you are looking to rent to in future, maybe that would be a good place for you...

@Caleb Jordan hi thank u so much for the info..... I am going to actively pursue this as this is the only thing that’s preventing me from being able to Purchase more positive cash flowing properties.

@Caleb Jordan thank you for all the advice. So I do have additional question. Do u need an LLC or business set up to try for a portfolio loan? Or can u obtain one under your personal name? Also, what are the criteria that they look for if they don’t look at your income? And how much downpayment do they usually require?

@Brian Garrett thank u Brian for the kind response. I did some research on portfolio lending, I am going to start calling banks. Thank u thank u 😬

Hi, I have been passively learning about real estate investing, but have not really aggressively pursued it. Now, I feel like I have learned enough and want to really get into the game.... but I am currently staying home due to personal circumstances which is preventing me getting a traditional loan. 

I have a house in Atlanta that I paid cash for and renting... I wanted to cash out refinance so I can purchase some more properties. (Positive cash flowing ones) and slowly build my portfolio, but I am currently not working nor have a business with 2 year track record where I can prove to a bank that I can pay the mortgage.

Does anyone know of any creative ways to finance properties? Any insights will be greatly appreciated. I have heard of companies that loan money based on Cashflow instead of your income. Can some folks recommend some of those companies? Or if you have other better options to share I would appreciate it so much!!