All Forum Posts by: Joseph Garner

@Shahdan Calcuttawalla Shahdan, I would talk to another HVAC contractor. I would always buy new equipment to ensure you have your warranties. Also, it sounds like this guy is just trying to offload inventory, I would tell him you want he equipment sized properly. He can do this by doin a manual J or heat load calculation. Worst thing you could do is pay $2000-3000 and it go out in a couple years and be back to square one. I do Sales for a local company in Utah. If you need help with anything, let me know.

Hi, I’m trying to find a place to start building a portfolio. I’ve really Been interested in the central Texas market. I will be out there next week looking at multi family units. About a week ago I was going through cities on Wikipedia, and found Kokomo Indiana. After looking at SFH’s, multi family and complexes it looks as if though multi family wouldn’t be a bad option. Now, I’ve done some research on the city itself. It’s like the 12 or 13th largest in Indiana, has roughly 56k population. I understand that Chrysler has a facility there which provides the city with a good amount of jobs. However, when the American car companies went through hell just to stay opened. Cities like Kokomo struggled, had unemployment up towards 25%. My question is for people who are local, have they been adding different job sources (pushing for small business, getting in other big corporations with steady work, expanding in general) or have they still been relying heavily on Chrysler? Thank you, Joseph Garner

@Stephanie Potter I have been up front with my lender, she knows what we are trying to accomplish. Since then we have been able to work things out properly. She even says she can help me with a re-fi when that times comes, and has even gone over those fees. Thank you for your feedback.

@Jim Cummings That is a good rule of thumb. Appreciate it

@James Stevens Not a bad idea James! Thanks for the advice

@Jackson Pontsler Thanks for the input! I am closer and closer to pulling the trigger, have my financing in place. 10 or so properties I’m going to look at out of 100’s I’ve gone through. Now time to pull the trigger

@Jim Cummings Partner has assets and no w-2. However realized they just wanted to be assured I had the down payment and wasn’t getting that money from someone else. First time buyer for investments.

I am going in on a four plex in Texas, and I am having a partner in with me to make the up front cost more manageable for me. However my lender says that he has to be on the loan with me. Now I am getting charge .8% more interest for it being an investment property rather than owner occupant.

I remember when I bought my first home with an FHA loan the lender looked through my bank account and grilled me on any type of income coming in. There thing was they didn't want investors to be in on my new home and trying to make money off of my situation. However, this is different then the deal I am trying to close now. Since I am upfront and saying investment property I feel my lender is confused.

My question is, if I take a conventional loan out for an investment property. Why does it matter where my funds for down payment, closing cost, and rehab come from? 

Anything helps.

Thanks,

Hi everyone! This is my first post on here, and probably on any forum come to think about it. I currently reside in Clearfield Utah, a city about 30 minutes north of Salt Lake City. I’ve been interested in real estate for the past 5 years, and unfortunately have let a lot of good deals pass me by. 4 years ago, a friend and I were looking for homes in my area. At this time the market was great for investing. We had found 3-4 homes that we liked. However, he got cold feet and we never went in on a deal. Today those homes have doubled in cost, which would’ve made for a nice cash out refi (just recently have heard of BRRRR method) to invest elsewhere. Since then I have been hot and cold on the idea. For 3 months I do research, for 6 months I get stuck in the traditional work life flow and never do anything. At the beginning of the year my wife told me she was pregnant with our second boy. I am more and more excited as the time comes for his birth. It has me thinking that I don’t want to work 40+ hours a week until I’m 65 to retire and just whittle away. I want to live life and enjoy he time with my babies now, and as they grow. I have been looking out of state as in state it is hard to really find a deal that can yield the 1% rule. I have had my eyes set in Killeen Texas. Reason why is because my sister used to live that and has a couple rental properties. I’ve talked to lenders, real estate agents, I’ve ran numbers on over 50 deals, I’ve came up with 4 different scenarios on 20 of those deals with different numbers on rent, rehab, repairs, escape plans, etc. I am getting closer to pulling the trigger. However, I’m getting nervous. I’ve recently been reading “Long Distance Real Estate Investing” by Mr. David Greene, and it has me looking at other things. Mainly crime rate. Killeen has the 7th highest crime rate in Texas. So all these numbers I’ve ran, I think. Is it worth to rehab a place in a city with such bad crime? I look at other places on my street and they look the same they did when they were built. Is that because investors know it will just get ruined? Anyways, it’s great to be here and hopefully I can figure all this out so I can move forward with Killeen, or move forward in another city. Either way, I’ll be moving forward. Any advice would greatly be appreciated. Thanks, Joseph Garner