All Forum Posts by: Jordon Mayo

Matt, Thanks for your response! I have not looked at the rent vs purchase price. I honestly was just hoping to find a market that it is realistic for 100k - 1500 a month rent. Is there a website I can check this? I was going based off rentometer but used all the free searches so now I’m stuck. As far as money down goes, does the same apply with owner financed? Or is this case by case . Thanks for your time!

So I am currently in the Marine Corps and will be getting out in about a year from now. I will be looking to buy a home for 100k with 7k down. My concerns are, 1- not being able to produce the rental income I will need to in order to come out with $200 cash flow 2- the property sitting vacant more than 2 months. 3- I still need to learn more about upfront costs other than the down payment. And finally I am not sure what The course of action would be if a tenant destroyed a home due to being evicted. My goal is to have a 100k home with 7k down with a payment of no more than $550 mortgage and rent set at 1,500 this should cash flow nicely with taking into account, ($200) property tax ($120) insurance (?) 6% management 5% vacancy 10% repairs What expenses am i missing? I am aware that to get 100k home to rent for 1,500 is going to take some hunting but i think it is realistic. Any advice would be greatly appreciated. Thanks in advance!

Nice! I am 21 and also looking to get passive income and be all in by 30. I have a few questions, if you don’t mind answering. What exactly is Amortize? how much did you finance one the 6 unit deal? Also if you don’t mind me asking what is your main source of income that got you approved for a large loan even through seller financing? I am at a 720 and don’t foresee myself getting much more than 110k approved. Thanks! Keep up the good work!!

Isn't wrapping taking over the loan without being approved? which i believe is now a no go now. 

It sounds like a great idea just with lots of boxes that have to be checked to make sure it is done correctly. 

@Account Closed

with no rehab?? 

@Arlan Potter 

@Account Closed

what is bullet? 

and why the 1 shot deal? if thats the case i wouldn't do it until i am financially stable enough to fail and still survive? 

@Account Closed

@Mike Wright , thanks for the support! 

I will be living with a roommate in North Texas, using my housing allowance from GI Bill to pay rent and savings to pay for vacancy on my property. 

i would like to house hack but i feel like a duplex or any of the sort is just out of the price range. 

How would i go about finding someone who has a VA loan already? and I could take over their loan?

Hey! I am going to try to avoid being like most newbies that just ask "where do i start?" or "how do i begin?" instead i have a few questions and numbers i would like you guys to evaluate for me and let me know if they are realistic or not for the amount of money i have. 

I am currently in the Marine Corps and have about a year before i get out and move on. When i do get out i want to buy my first rental property (single family).  i will have a total of about 32,000 without any other source of income due to the fact I plan on being a full time student to utilize my benefits to their full potential. My benefits will cover my personal expenses as far as living goes until i graduate and begin working, so the 32,000 is strictly savings. 

Is a 60,000 loan too big for that amount in savings ? assuming i put 20% down puts my savings to 20,000 

What does "under contract" mean? 

Are those of you that have multiple properties taking out multiple loans? 

when you sale the properties are you paying off the loan right then or just continually paying on it? 

i apologize if these seem like common sense, i tried to learn as much as possible by reading forums and watching BP just still couldn't figure these things out. 

 Thanks in advance!