All Forum Posts by: John K.

@Thomas Mark

That's awesome! It must be a great feeling having started and now onto your second property. I just have a few questions if you don't mind answering.

With this purchase for a fix and flip foreclosure did you use a hard money loan? If so how long do you expect to actually flip the house?

Also you say it is 10k to fix and comps are from 90-100k. What if you find unexpected problems and are now paying 20k, and closing costs and everything else you end up with around 5k in profit. Is that still a decent flip?

I am just asking because I am trying to get my feet wet. Trying to get ideas of how others think in the industry, and what defines a good and bad deal. Thanks!

@Jonathan Twombly

Like I have read plenty of times, and as you stated it will be close to impossible for a bank to approve of a mortgage under an LLC with little to no history. Then you proceed to talk about how the whole world is a potential creditor.

I am a little confused on this point. I am still very new but hoping you can help.

Without the property being financed under an LLC. How would it benefit me? Would I still have the bank accounts and everything else under the LLC? Using your example if someone were to fall and sue how would an LLC help me if the property is still under my name? Sorry if it is a bad question but I scrolled through five pages briefly and did not see any relevant information.

Well I guess disregard my last question I did some more research and found the answer. Well anyway I hope I helped Aaron. Welcome to BP!

@Aaron Gaskell

As stated above 3.5% if you were to use an FHA loan. Correct me if I am wrong BP but generally people who can not afford a traditional 20% down payment will look into an FHA loan. So it seems this would benefit you being a college student and probably not a lot of savings. Before you jump into it obviously like everyone else said do your research.

Also I have a question in regards to his situation. Someone stated that he can use his financial aid to help cover the mortgage. Is this true?

I hate to jack your thread but I feel it fits. I am getting out and my only income will be from the G.I bill which the banks do not count as income apparently. Is it possible to still get a loan with G.I bill and greater then 30k in savings? With my G.I bill I will be getting paid way more then I will need for a property nearly 2500 dollars more.

Considering I am new I do not know much either, but over the last few weeks I have learned a lot. In this situation maybe it is plausible to find a partner to help. For instance the partner can purchase the property under his name, and then you guys can talk to a lawyer and write up a statement stating how you will split.

Not really sure of any other way how to purchase a property and not using your credit or income, but I am sure someone will assist. Well anyways good luck, and welcome to BP! Continue to do your research especially here as you will find a lot of great information.

Welcome hendrick!

As you can tell i am also new, but looking to start investing in to real estate soon. Of couse we both have a lot to learn and mistakes to be made but this website already has motivated me enough to continue my path in real eatate.

In reagards to your question i do not know much about your area. I do have a friend or two that i work with that i can talk to tommorow who is from there. Also have you tried using trulia? I find it to be a good website to get an idea of what is currently on the market and what the average price is in the area. You can also check out zillow and realtor.com. If this is not what you are looking for i am sure soon someone will be able to assist more. Good luck!

linda i apologize for asking a question here but i feel it fits well.

I have the same idea of purchasing a multi family, and i was wonder how you were able to find one that alredy has tenants. Currently when i am doing my search i am only using websites just to get an idea. Were you able to ask your realtor specifically your are looking for a property that is already occupied. Again i apologize, but i am hoping you can give me an idea of what you did.

I am 22 years old, and currently doing my research so i can start my investing plans in 2016. This is a great topic as i have gained some knowledge and motivation from the others who are around the same age and some even younger. 

For my first investment i would like to purchase a multi-family home. The idea behind my plan is like most of you to create passive income. I would also like to have some properties to fix and flip. I noticed just starting to learn about this future of mine is you need to have the right contacts and networking is key. Well Good luck to all hoping to learn more from you.

Thanks for the reply bill. It seems you have been around for quite some time. What exactly do you mean by 1-4 family dwellings. Maybe I am using multi family wrong, but we are looking at homes or dwellings with 1-4 units to rent out to tenants.

I was under the impression multi family homes with more then 4 units is then considered commercial. Can you please elaborate. Thanks for the advice we are going to have a talk tonight so I will bring up the points you have made.

Today is just another day I am learning more and more about real estate investing, and I hope soon I will be able to share some light through out the forums. For now I am very new to this area and still need some advice to get me on my way. I do have another post asking a few other questions if any of you feel like looking it up that would be great!

Well today I sat down and really started to think of the how. So the situation is me and a friend/business partner are starting our real estate journey together. He is currently making a substantial amount of money where I am still getting paid by the military and will soon be getting out.

My question is how can we really divide this so it works for the both of us? He has not told me exactly how much he has to put down but he has more then enough for a down payment. In about 6 months I will have about 25k to invest.

We are looking to purchase a multi family home, and hold for several years. The idea is if the first one works out we will obviously grow and purchase more over the years.

I have a few ideas.

1. He shells out the money for the property and puts the mortgage under his name, and then I pay any extra costs and manage the property.

2. We both find a property where my 25k would be 50/50 of the down payment, and then we both manage the property.

I really do not know I am actually stuck on my plan. The thing is when I get out of the military here in a few months I will most likely attending school. With that it allows me to use my G.I Bill which will pay me 3700 a month for 36 months. That sounds good and all but the bank does not count that as income, and obviously will hurt me in the process of getting approved for a loan. I also do not want to hurt the future of me getting a loan for my own home in the next five years. 

I am sorry if it is drawn out. I tried to be as clear as possible, but I am confused myself on what my options will be so we both benefit from this business idea we have.