All Forum Posts by: Jeremy Nault

The answer to this questions is dependent on a multitude of factors.  What are your plans for the property? If you plan on living in it the simplest option may be to get an 3-5% down owner occupied type loan.  Seller financing could also be an option if the owner is agreeable, however conventional financing may still be cheaper, depending if you plan on living in the property.  As far as purchase price goes, I would NOT advise using the Zestimate. Look at some comparable properties in the area that have sold in the past 3-6 months and try come up with a price that you think would be fair.  I hope this helps! Good luck with your investing! 

Both options have their own advantages and disadvantages. I personally have been dealing with a very similar issues, and currently am leaning towards the HELOC option, but it all is going to depend on your rates and level of risk tolerance. There are a lot of good local lenders in the area, feel free to message me if you have any questions!

@Breontae Wharton First off congrats on taking the first step to changing your life.  While I don't have a lot to go on as far as where you are at, my advise would be to start saving for a down payment and try and get yourself into a house hack. Once you find a way to have your housing paid, you can than take that savings and continue investing in more real estate.  I hope the helps! Good luck with your journey! 

@Reese Chappuis NH has some great opportunities if you are looking at small multifamily properties.  I have a couple of duplex's in the Manchester area that I was able to purchase using the house hacking strategy.  These properties that you are looking to invest in, would you also be looking to live in one of them? If so this could open up a lot of doors in regards to financing. If you have any questions, please feel free to reach out! Good luck with your investing!

@Scott M. Yes that line was correct.  $500 dollars for various material, new blinds, paint, primer, cleaning supplies, etc.  The month timeline was from when it was vacated to when it was occupied again. I did all the work myself which helped keep cost's down, but of course took longer than if I had hired someone.  

@Sean Ryther Getting your first deal is never easy, but it sounds like you are on the right track! While cash offers may be nice its not the only way to get a deal in this market and there are currently people in every market making it happen on the MLS so don't get too frustrated, great things take time. Door knocking and direct mail are great ways to find deals off the market, you will for sure deal with your share of rejection but if you persevere through it success will come. A HELOC can be a good way to help free up some cash. I personally don't have much experience with rocket or guaranteed rate but it doesn't hurt to check out what they are offering and compare with some of your local lenders. Good luck with your investing!

@Isaac Lane As you mentioned, what needs to be done during the turnaround is largely determined by how long the previous tenants occupied the unit as well as how they took care of the unit. Some of the common turnover items in my experience include patching holes in the wall both minor and major, repainting the unit, deep cleaning the unit, and changing the locks. Cost can vary depending on scope of work but I have been averaging about $500 and about a month to complete the work.  That being said, that figure and time frame is me doing the work myself.  Hiring someone to do the turnover will likely be slightly more expensive, but should hopefully be a little quicker.  I hope this helps, and good luck with your investing! 

@Gavin Odell Southern NH has some great areas for Multi's. I have a couple of duplex's in the Manchester area.  If you have any questions about the area, feel free to reach out! Good Luck with your investing! 

@Ivan Maldonado I have found that keeping it simple, and realistic makes it easier to keep up the habit of budgeting. I personally use Dave Ramsey's app Every dollar and it has been a game changer since I started using it.  I know his philosophies are largely debated in the BP community, and I don't agree with everything he say's.  However, spending less than you make, budgeting, and not getting into consumer debt is in my opinion the key to financial freedom.  

Budgeting.  One of the simplest things you can do is to just keep track of your money.  I have always been somewhat of a financial savvy person, but was never a fan of restricting my spending.  Once I got on a budget, everything changed and I really started making headway towards my financial goals.  No I couldn't imagine my life without budgeting.