All Forum Posts by: Joey Palmer

Hi Clark, 

I'm working on a much smaller scale project;

90k purchase price

+

50k renovations

= 140K total

(Non-owner occupied / duplex)

It took a while for me to find financing for the loan. Found Wells Fargo, they have a loan product for this type of project. I would suggest calling them to see if they could help you out. If not, ask them if any one else does. Many of these lenders have worked at multiple companies and have a good understanding of other companies' offerings. 

Best of luck Clark.

Mark, 

An FHA loan was how I purchased my first duplex. 3.5% down with an incredibly low interest rate is the perfect way to start your investing career! It's a low risk way to learn all your first lessons.

If done correctly you can "house hack" (look up term, very common on BP) utilizing these low down payment FHA loans. You can only have (1) FHA loan at a time so the idea is to refinance the home with a conventional loan then repeat the process.

Best of luck Mark. My motto, jump in and learn as you go!

Reginald, 

Thanks for sharing this with the BP community. I've been more involved in multi-family over the years but I have colleagues who have been involved in single family. They're numbers never have looked this good. It sounds like you have a good understanding of the market. My advice is "jump in" and learn later. Just understand, typically, the numbers are never as good as you think. It looks as though even if your numbers fall off a bit you will still be cash flowing. 

Best of luck Reginald. Keep posting deals.

I've been fortunate enough to have started a very lucrative career directly out of school 8 years ago. However, I was never excited to wake up and go to work. After starting my RE investing career, I wake up excited! REI has unlocked me from the paralyzing anxiety I got from the one-way fits all corporate ladder climbing that I was stuck in. Every facet of my life has improved due to this new found confidence.

I've been at the same company now for 8 years. Over 8 years you can imagine that I have developed quite a bit of equity with the company over that time. In the past year I've turned down multiple promotional opportunities due to the fact that they would be interfering with my real passion RE. They wanted me to take positions that would include a lot more travel and prestige in the company but the $ per hour when all said and done is lower. In many companies if you don't tell them to "hit the brakes" you'll find yourself moving up that corporate ladder with no time to pursue RE. 

I finally told my bosses what my goals are outside of work with RE. I prefaced the conversation with the fact that these activities were pursued exclusively outside of work hours. Though it is hard for some to understand that "the ladder" isn't everybody's end game they complimented me on my drive and promised to revisit me in 2 years with these same opportunities to see if my mind had changed. 

If you have a good reputation at your job/company I believe you should share this with people you work with. These same people could end up providing you with private $ when you break out on your own.

Eric,

My partner and I just closed on our 2nd home with knob and tube wiring. You need to have it all "replaced". As long as none of it is active then it no longer poses a fire risk, removing is not essential. Leaving even 1% of it active makes the property almost uninsurable or at rates that will not help your bottom line. Paul is right, they have companies that do this.

Best of luck Eric.

Hi Chris, 

Welcome to BP! I joined 4 months ago and have learned more in these 4 months than I did in the previous 5 years of learning on my own. I'm a buy and hold investor as well. I've found simply posting questions/ideas to the forums is the best way to find quick and detailed answers from people in all different stages of they're real estate investing careers. 

Happy hunting Chris. Welcome.

Hey @Bryan C. 

Unlimited Contracting

Krista / Dean

513.678.0206

They seem very professional so far and were quick with a detailed quote.

I haven't had any work done yet as we haven't closed on the property requiring they're assistance yet. 

Very good so far. Hope this helps!

I'm in!

Hi Kenneth,

I'm undercontract on a duplex that is going to be a buy & hold for me. The house needs extensive work I mean extensive. I decided to investigate my 401k lending options and found that there are ways to "borrow" from yourself. My 401k is with Prudential and you are able to borrow with out penalty from it. I'm being charged 8% but the great part is that 8% is going back to my 401k so essencially I'm my own bank. 

If you have any questions please feel free to reach out. I hope this helps Kenneth. 

Joey