All Forum Posts by: Jeremy Nault

Hi @Brenainn Kilchoer You definitely have a lofty goal and will by know means be easy.  When looking at your goal it sounds as though the main goal is to be able to "retire" on passive income.  With that being said, gross income shouldn't really matter that much.  The more important metric to look at would be the passive income that each property provides.  How much money a month do you need to live the life you want? That's the number you need to figure out and that's what you need to shoot for.  I hope this helps and good luck with your investing! 

That Awesome @Mark Leclair Congrats!

Hi @Daniel Richards I recommend checking with your lender as I am not one, but you should be able to find conventional loan program with as little as 3% - 5% down depending on credit, location, price, etc..  If your lender say's there are no such program's I would try a different lender.  Hope this helps and good luck with your investing! 

Hi @Zak Leonard I don't know much about the Richmond area but I love your plan! House hacking is in my opinion the best way to get started investing in real estate.  Good luck with your investing!  

Hi @David Marks While I am by no means and expert when it comes to electrical. I personally would choose to rewire the entire property while you are remodeling. Paying the 26K up front will of course not be fun, but it is always better to do preventative work compared to remedial work which would likely be more expensive. Probably not the answer you were looking for but I hope this helps! Good luck with your BRRRR.

I would definitely recommend looking at the area and demographics of the area if you are not familiar with the area. Make sure you are taking into account all expenses related to the property including maintenance, vacancy, Capex, Property Management, utilities(Does landlord pay or Tenants), Etc. Good luck with your investing journey.

@Christian Rios candelaria  It sounds as though you are looking to house hack this property, so if you are willing to move a little outside your area to a less competitive market I am sure that wouldn't hurt.  Other than that, my advise would be just to keep an open mind and stay consistent with your search. Don't let a few unaccepted offers get you down.  Keep pushing and your will get there.  

Hi @Mohammad Fanaei I have still yet to use an FHA loan for either of my house hacks. I definitely recommend shopping lender a bit to ensure you get the best loan option possible. In regards to the House hack you are referencing, I was able to qualify for a 3% Conventional Loan, and as far as the no PMI and Grant went, I was able to make that happen through persistence. I checked with multiple lenders seeing who could beat who as far as loan options go and was able to find one that offered no PMI with a grant at closing. I would love to say I knew exactly what I was doing, but that would be a lie. I was just young with little money and a goal to get into a property using as little money as possible. All in I ended up getting into my first property for just over 5K. I hope this helps! Good luck with your search and feel free to reach out with any questions!

@William Than This is going to depend on if you plan on occupying the property or not.  If you plan to owner occupy the property than you should be able to qualify for a lower money down loan.  If you are planning to purchase as an investment property you may have a tougher time getting below 20% down.  I would reach out to your lender to get a better Idea of what you would qualify for.  Good luck with your investing! 

Hi @Madeleine Austin I agree with Bob, inform them that you do not wish to renew their lease, and give them the allowed time depending on you state laws to vacate the property.  Once you have the property vacant do the rehab and get your own vetted tenants in there.  Might suck in the short term but will be far better long term.  Good luck with your investing!