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All Forum Posts by: Joshua Milam

Joshua Milam has started 7 posts and replied 10 times.

Post: Use a Credit Card to purchase furniture and supplies for our mid term rental.

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Hey everyone! Would you use a credit card to furnish your rental? And if so what credit card?

Post: Use your own Life Insurance Policy to invest in real estate?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Has anyone borrowed from their life insurance policy or used it as collateral to invest? I've had a few people that said this is a great strategy and to make sure I have the policy setup correctly. Working on getting quotes now. From what I've been told, a universal life policy is the best route. Looking forward to your guy's views on this.

Post: Finding other Real Estate Investors in my area?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Is there a website or a way I can look up investors in my area and their properties? I have posted in my local rei facebook page and not much feedback. Any help is appreciated, thank you!

Post: Creating a Mastermind for Rookie Investors?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Hey guys, I've been studying rei for a little while and constantly listen to the bigger pockets podcast and read their books. I am a real estate agent in Baldwin county, Alabama (south alabama). I do not have a lot of people around me that are interested in rei as much as I am. Looking to link up with like minded people and collaborate and hold each other accountable on our real estate journey's.

Post: [Calc Review] How can I fund this triplex deal?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20
Quote from @Greg Larson:

BP,


I'm located in Knoxville TN and I've found this off-market triplex deal that I'm looking to takedown and self-manage.  It needs approximately $50k in rehab.  (see below report)

I have $40k in my bank for reserves, so I'm trying to do this deal with no money down.  

Are there any lenders that can make this happen?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Have you looked into FHA 203k loan? It includes the rehab costs in the loan. Has to be owner occupied though.

Post: How do you take advantage of the equity in Seller financed deals?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Rookie investor here, I have been learning a lot about seller financed deals lately and seems like a great strategy for investors with not a whole lot of capital to start with and just a great tool to have in your tool belt. My question is, say you have a seller financed deal how do you take advantage of the equity that is in the deal or how do you refinance it when it is seller financed, compared to a conventional loan on a property that you have with a bank? Thank you for all the feedback!

Post: What to major in College for RE investing?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20
Quote from @Jack Mawer:

What college is your friend attending? It also would depend on what his specific goal is with obtaining real estate knowledge. In general, I would say any financial knowledge would be beneficial for real estate investing, and some colleges even offer a finance major that is strictly focused on real estate. 


 Auburn University in Alabama. They have a lot of engineering and agriculture students. I have a bachelors degree from there and have no idea if they offer anything related to real estate.

Post: What to major in College for RE investing?

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Hello everyone, I have a family friend that is about to go to college and is very interested in real estate investing and says that will be his future. He asked me what he should major in and I told him business administration, finance, accounting, etc. Although I am not 100% on what he should study. So my question is if you were dead set on going to college what would you study to help benefit your real estate career or what did you study that has helped you along the way.

Thank you!

Post: Buying a rental property before buying a primary residence

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Thank you very much! @Kimberly Elson @Dave Skow

Post: Buying a rental property before buying a primary residence

Joshua Milam
Pro Member
Posted
  • Real Estate Agent
  • Fairhope, AL
  • Posts 10
  • Votes 20

Hello everyone, rookie investor here. My plan is to use a first time home buyers program, FHA loan 3.5% down on a duplex or triplex from about a year from now and house hack the rest of the rooms. My question is if I purchased a rental property before I had my own primary residence (the duplex or triplex) would that hurt my chances of obtaining the FHA loan? I have already asked two lenders and they did not have an answer for me off the top of their head. Any suggestions are appreciated. Thank you.