All Forum Posts by: Jonathan Godden

Hey folks, I joined the forums almost 7 years ago thinking I was ready to begin real estate investing but in reality I don’t think the timing was right for me. Since then I’ve earned my engineering degree and have been working for a few years, while at the same time growing my family by 4 kids. I’m once again looking to get into REI but not sure which path to take based on my current financial situation. I’m not looking to leave my job so I won’t have too much time to do rehabs myself and due to my family size I’m not sure house hacking is an option. I do know that I’m looking to supplement/replace my income with cash flow at some point in the future but am open to anything that makes sense. Based on this I would think the BRRRR would suit me but maybe there’s better options? Current situation: -200k mortgage on our primary house -16k left on our car loan -14k student loans -Within the next 6 months I’ll probably have around 15k in cash saved I’d like to ask your advice on what the best way for me would be to proceed with the my personal finances to put me in a better position to begin my REI career. Try and pay down my student/car loans to lower my DTI ratio or try and build up as much cash while paying the minimum on my loans? Other info: -My wife and I both work, me full time and my wife part time -combined we probably just break 6 figs, so we don’t have a ton of disposable income right now factoring in our loans above -I have ok credit (700ish) and my wife has bad credit -We’re in the Oklahoma market. Sorry for the info overload, any advice is much appreciated. Thanks!

I was under the impression that 203k loans were strictly not for investors?

I'm pretty sure it was uninsurable =(

Thanks for the replies guys

Hey guys,

So recently I had the winning bid on a hud home, the home was a little out of my budget but I could afford to buy it, I would have just needed to make a loan for the rehab materials using the property as collateral. I was told by many including my estate agent that i'd have no problem doing this, so I went ahead and bid on the home thinking it would be no problem.

After I won the bid i've been trying everywhere to lend 15k against this 60k house I have under contract to buy, but nobody i've tried will lend on it. The one HML I tried said they won't lend less than 60k which would eat 50% of our profits.

Long story short if I cannot line some kind of financing up before I close I would like to know if there is some way I can pull out of the deal without losing my earnest money?

I still want to buy the home, but it just makes no sense to follow through with the purchase expecting things to change if i can't get financing lined up now.

Any help is greatly appreciated

Hey guys,

I was wondering what you guys do about popcorn ceilings if you trying to sell your house in the $100k - $110k range...just leave and paint? remove and retexture? Any other options?

Also, i'm wondering what color goes best outside with that brickwork thats naturally orangey/rusty and all different sizes.

I'll try and post a pic if that description doesnt help lol

Thanks in advance for any replies.

I'm actually in the same situation, I assumed a bank would lend you a % of the property's value if you own the property free and clear and are using it as collateral...is that not possible?

For those of you in states with harsh winters, are you still actively looking for homes to flip and do you have rehab projects running?

Hey Michelle,

Another South African here, good luck being a real estate investor in South Africa =)

WOW!!!!

I don't know whether this is motivating me or scaring me lol

What an incredible job, pretty amazing to have the vision to turn what you started with into that.

Please share some numbers with us if you don't mind, and whether you've done any projects this big before.

If he's being foreclosed on now, why would you want to give him a lease option once you buy it?

"The very best way to get started, instead of buying a guru book or programs for example, is to go to a local RE attorney and pay them to do one. Then copy the thing providing blanks for the parties involved and use it over and over and over again. Might cost $200 for the first one, but after 200 deals, that's just a buck! "