All Forum Posts by: John K.

I think that is great. Just like brandon turner talks about in podcast 01. It should be ran like a business and nothing else.

Maybe staying local will allow you to be persistent with the property manager and keep everything in check. Also allows you do verify or check up on maintenance or work that had been done. I thought about out of state. I am just skeptical when it comes to trusting people/markets i dont know about. Well with time and expierence you will find what works for you. I am looking forward to your sucess and future real estate success stories!

@Chaim Zigelman

Well at least you have somewhat of a plan in mind. Do you have income and time to support the time away to look at a home for a few days? You don't think it would be easier to stay in new York, but maybe a few hours away instead of states away? I am also from NY, and I understand how expensive the area is. As a 22 year old I thought I was doing well with my savings to get started in real estate, but after researching day after day I realize I will need more like 75-100k to feel comfortable about my investments.

I am not questioning your ability or dedication to what your plan is. I am simply asking for personal ideas and maybe give you an outside perspective as well. Either way wish you the best.

@Chaim Zigelman

Considering you are new to investing in real estate how do you feel about the risk with investing out of state. Also how do you consider a deal is good without even stepping foot on to the property. Do you have any partners or relatives in the area?

I am just curious on your thoughts, and what your plan is to start investing.

@Jacob Casarez

I am still new myself, but I have been learning as much as I can so maybe I can help. With a HML I do not really see how you can Buy, Rent, Rehab, Refinance. Considering a HML has very high interest rates and is mainly used for a short period of time. I have read that you can refiance a HML but you must look into your options before doing so. If you are in a situation where you are unable to obtain a traditional loan you will run in to some major problems. Again I am still new at this so hopefully more people will chime in.

You will not need a realtor license to house hack. 

With little down you can look into an FHA loan which i believe requires 3.5% down payment instead of 20. So please look that up on BP or a quick google search will give you much more. You can also look up a 203k loan which is very similiar but includes any rennovations that may need to be done.

You also have to look into your finances. You say you are working an hourly job is it going to supprt this type of investment? You have to count for vacancy, maintenance, closing costs , and some other fees. 

I would start looking in the area using trulia, zillow or even talking to a realtor to get an idea of what is on the market, and what you are able to afford. Continue to use BP and learn as much as possible about becoming a landlord and the laws and regulations that follow specific for your area. As always develop a plan to execute and also an exit strategy. 

Devin i am a little unsure of your credability on BP. It is ok to ask questions but it seems you ask a question and also do not respond. Also have multiple questions or ideas that are different from one another. 

I would say first sit down think to yourself what do you want goals, financials etc.. Then once you have that figured out find a plan that will support it.

Also you can find tons of information on VA loans. In regards to your question you should be more specific on what you are trying to do. Considering you are not a veteran you will not be eligble for a VA loan. Also your partner should know if he is eligible if he does not just do a quick google search for the requirements. Understand that with a VA loan you the property will have to be occupied by the owner. House hacking is what BP seems to use as the term.

Why use google when you have BP? I am on my phone so i am unable to find the link, but there is a section here on BP which can provide you with hard money lenders specific to the area you plan to invest in.

@Account Closed

Wow beautiful work! Do you do all the work yourself? Also if you wouldn't mind can you post the details of the purchase and sale. I am curious how it all worked out after 9 months of work. Did you use a hard money loan? Again this is awesome work, and motivation!

@Christopher Abernathy

I am sorry no one has came to give you any help. Although I am a newbie myself maybe I can help give another perspective.

For option #2 you talk about putting 20% down on a single family flip in the 50k range. Well in order to do this you are going to need more capital like you said in #1. With flipping houses you can look in to a hard money loan. Most hard money lenders will cover 70% of ARV. If you have not yet heard of a hard money loan please do.

You can also look into a 203k loan which allows for a lower down payment, but must be owner-occupant. I do not know the exact details on this, but I believe you only need to occupy the property for one year. You may be able to refi and or sell. Again I am not positive but it is an option you can do more research on.

You also have to consider the fact that you and your partner are across the country, and what will you need to set up to protect yourselves. Such as forming an LLC, and or an Umbrella policy etc... Well good luck I hope I was able to at least help a little.

@Christopher Gibbins

I think you should post what you are looking for in particular. Otherwise you might get advice that is irrelevant to your needs.