All Forum Posts by: Josh Mitchell

@Travis L. Congrats on taking the first step! I think the MFH is a better option for you, especially since you have prior management knowledge and experience. Would you rather get 4 different loans, appraisal, inspections, etc. for 4 SFH homes, or do that once for a 4 unit property? Good luck and keep us posted on what direction you go!

@Liz Rogers why would it be hard to get the financing for the duplex? Are you already at your limit for properties? Are you AND your husband both at the limit or can you do the duplex in just one of your names to get the property? A duplex should be just about the same process as getting financing for a single family home, so I am not sure why it would be hard to get financing for it.

Like @Joe Villeneuve said there is a big difference in using and spending. By using your own cash, and being able to invest in properties, you can use the same money over and over again. I think the OPM model helps most people who can't pay for properties in cash, or who need help financing. If you are able to buy a property in cash, do some fixes, refinance out the money, and then do it to another one, you will just be ahead in the game.

@Chris McNeal Joliet is very different from block to block. I am not sure what type of investing you are looking to do, but it provides a lot of opportunities for flips. Hope this helps a little. Good luck!

@Amy Zemser if you are planning to live in the place in which you are getting the FHA 203k loan then it could work. However, you cannot have more than 1 FHA loan at a time, so you would need to refinance it. If you get the HELOC it could be used to purchase a property in cash, and with it being an interest only payment, it may provide a good way to get that next rental, have the rent pay the interest only payments, and build your portfolio.

@Account Closed You have def come to the right place to learn and grow! There are a ton of resources here. I would suggest going to the "Learn" tab and just digging around and reading up on various items! Welcome to BP!

@Cory Shannon check out other listings, make calls to places that are similar to yours and act as a potential renter. Check out newspapers, craigslist, rentometer, etc. There are plenty of ways to go about getting an idea of what to charge. Good luck!

@Zack Karp Welcome back to the game! Good to know that the "itch" never goes away!

@Account Closed with a lot of research, analyzing numbers, re-analyzing numbers, finding the right property/location, and then re-analyzing your numbers.

I'm excited for today, as I will be meeting with a local investor in my area who currently holds 15+ properties in his portfolio and is looking to sell some, if not all of them. I was connected through a friend who told me that he was looking to sell these properties at a good discount, and is open to discussing seller financing on the homes. The great power of networking!! Hopefully the meeting goes well, the numbers work out, the houses are in ok condition, and I am able to get a few properties out of the meeting when it's all said and done!!