All Forum Posts by: Joshua Davies

@Aaron Misiph if you have an understanding of Real Estate Investing and just need more knowledge on estimating repairs/rehabs, I would strongly recommend reading @J Scott book on estimating rehab costs. You can find it on the BP Store.

@Michael Huang you need to contact @Chris Mason he is the man when it comes to lending in CA.

Michael Pitsos can you refinance the first house to a 30 Year note? I don’t know the numbers but it’s likely you will then have a little bit of positive cash flow.

Arturo Fuentes you could look at the FHA program for 3.5% down if you plan to owner occupy. As long as you can cover the monthly PITI payments whilst you are looking for a tenant I wouldn’t worry too much. Depending on the deal, you may end up being able to live there for free, giving you a lot more chance to save. Good luck!

@Jesse Smith I find that there is not much difference in them really. If you don’t mind me asking, what rates were you offered on what type of property? Rates will always be higher for investment properties but for me it isn’t anything that would kill the deal. 

Jesse Smith the rule of 4 mortgaged/financed properties is an overlay. Fannie Mae clearly states you can finance up to 10 properties, not including your primary residence. There are plenty of investor friendly lenders out there that will guide you through this.

Daniel Rutledge Congratulations on the first one! Great to hear that you stepped out and did it... nice work!

@Colin C leamy I would identify a few markets that you are interested in (if you are interested in investing somewhere other than where you live) and start networking with investors/agents/lenders in those areas. You will be surprised at how many people are willing to help.

@Sean Rhodes I would need a lot more information on this to even hazard a guess. For example:

What area is the property in?

How much cash do you have for the deal?

What is the condition of the property? Does the property need a new roof/HVAC unit/Structural repair etc?

What is your income/credit score like? (Will affect mortgage rates etc)

What are the property taxes?

Insurance estimates?

Will the tenants be paying all of the utilities?

There are a lot of variables that go in to analyzing a rental property, however without the basics, nobody would ever be able to tell you if a property will cash flow.

@Colin C leamy is is difficult if you don't have the money for a deal or the experience. However, with that being said, if you can learn as much as you can in the next 12 months and then present a "hypothetical deal" to an investor they may be intrigued. Numbers don't lie and as long as you know what you are talking about and stick to your and the investors criteria, there will always be one person who will give you a shot.