All Forum Posts by: Joshua Janus

I would definitely pretend like you make 30-40k, live on that, and dedicate the rest towards the funds required for real estate investing after taxes. It is possible that you can qualify for a loan just with the 70k job offer without full time history, but consult with a lender as I am not one. 
Are you looking to house hack with an FHA loan as an example, or buy a separate property just to rent out or BRRRR? Figuring out your strategy for the first deal as early as possible will allow you to best prepare for it.

Good luck, Josh

Hey @Shaun Inniss! Congrats on this deal that is under contract, and for taking advantage of a low FHA down payment. Have you broken all the numbers down including management fees, insurance capex, maintenance, PMI, etc. to make sure that it will cash flow after you move out with a reasonable vacancy rate for the area? You are also in an area that appreciates well so that is advantage to you.
If you are confident it will cash flow once moved out given the worst case scenario, it is a solid deal in my eyes as you are still benefitting from the other factors of owning investment property which includes loan paydown, tax benefits and appreciation. Cash flow will allow you to get into your next deal quicker so keep that in mind. 

Good luck, Josh

This looks great whether this is your first or tenth project. That's good you found a reliable team to work with. 

In Ohio, you need to first make a legitimate contact to the tenant and provide them a reasonable opportunity to reclaim their belongings. After that, you can throw out or sell the items as you wish.
I would probably stay consistent with this route as there isn't much room for other options after you have already contacted the tenant and received a null response. 

It is going to be tough for you to find a high LTV conventional loan through a bank or credit union with a property in that price range. If the numbers will still work for you, I would suggest looking into the private or hard money route.

I am not a lawyer and you should seek professional legal advice on this.
But from my experience, property tax liens do survive the foreclosure process and take precedence over any other lien in Ohio. 

Here are a few books that will help you out:

The book on Rental Property Investing by Brandon Turner

Managing Rental Properties by Brandon Turner

How to Invest in Real Estate by Joshua Dorkin

Investing in Real Estate with No or Low Money Down by Brandon Turner

The ABC's of Real Estate Investing by Ken Mcelroy

Rich Dad Poor Dad by Robert Kiyosaki

Columbus, Ohio is a great hybrid mix of appreciation and cash flow. 

I would definitely say refinance! Are you just following the BRRRR Strategy?

You could possibly file the previous 2 years' tax returns with a tax professional in order to qualify for a conventional or FHA loan. I am not a tax professional but I did this with my taxes last year as I was also self employed.