All Forum Posts by: Joshua McMillion

@Phillip Tamez

I recommend starting with Brando Turner's book "investing in real estate with no (and low money down." You have several options, but I am by no means an expert on this topic. From my understanding, you can use OPM or other people's money to fund the deals with private or hard money. The downside is refinancing the property with a conventional mortgage. For the BRRRR strategy, refinancing is how most people pay off the note. You can also continuously pursue other creative strategies, like subject to or seller financing and taking out the bank altogether. 

Link to the book

I also recommend Jeff Stephens as a resource in seller financing. Below is a podcast to start will. 

RLTW, 

@Sindy Zheng

This is not solely focused on underwriting, but Best Ever Apartment Syndication Book by Joe Fairless is an excellent book. 

@Erickson Sainval

Do you have any book recommendations, brother!? 

Sincerely, 

@Joe C.

You could always look into commercial lenders that will lend up to 80/20 LTV. I have thought about going this route with the BRRRR I am actively doing, but there is a catch. The catch is that the rates are higher, and there are typically balloon payments at the end of the loan. 

I'm curious, why are the banks telling you that you can not REFI? From what I am seeing, a cash-out REFI is 75/25 LTV. If you do not have equity built into your home, you can not pull it out. 

Here is an article to help. 

Sincerely,

@Scottie D. Mullins

No worries, brother, and always glad to help fellow service member achieve their goal and become financially independent. Assisting homeless veterans is fantastic, and I am trying to do the same thing by volunteering and helping service members with PTSD. Keep pushing, and I will see you at the top! 

RLTW, 

@Dan Wynn

I have been stationed at Fort Benning twice, but I do not know anyone actively investing there. You might want to also try the military forums on Biggerpocket. 

RLTW, 

@Scottie D. Mullins

I am unfamiliar with the Jacksonville, FL market, but I would be more than happy to step up a call and go over any questions you have. Because you are in the military, you can use the VA loan, which will allow you to purchase a one to four-unit residential property with little money down. If you plan to live in the market you want to invest in; you can also house hack. Meaning you rent out some of the rooms or apartments and essentially live for free while investing the delta. That strategy, in my opinion, is the best way to get into real estate. 

As for other strategies, you need to sit down and determine what your why is. Why are you investing in real estate, and where do you want to be in 5 years. Come up with some crystal clear criteria, and once you have your vision take action. There is no right way to get started. That depends on the market, the property, and your goals. 

RLTW, 

@Cheryl Burd

First, let me tell you congratulations on the property and your first post! You are doing it, taking action, and working on your path and not someone else's! Let me know what market in Alabama you are in, and I would be more than happy to share real estate professional POC's (PM) if you are close. Keep pushing forward...

Sincerely, 

@Caleb Burky

I'm assuming you are speaking about the subject to or buying a home that is subject to an existing mortgage where the buyer agrees to make payments on the seller's mortgage. One way of targeting properties like this is using a RE software tool like PropStream. Propstream allows you to apply specific filters that will help you find motivated sellers. Below is a quick resource. 

Sincerely, 

@Corbin Dallas

I have purchased two homes with the VA Loan so far. In my opinion, I would look at refinancing to see what the return would be once you rent out the home. It also depends on the market your home is in. If you are in a market that is expected to appreciate, you may also want to keep it for that reason. I recently sold our first property because the market was not going to appreciate compared to the market we are currently stationed in. I am now solely focused on one market versus purchasing a home at every duty station. 

Depending on your VA eligibility, you can purchase another residential property when you move. 

Sincerely, 

@Vatsal Patel

I will send you a DM. 

Sincerely,