All Forum Posts by: Joshua Thompson

If you're willing to you can househack for awhile to acquire the funds needed for the downpayment. Say you get a roommate that you charge $500 a month for one year. At the end of a year, you will have $6000 cash that you can use as a downpayment on an FHA loan. Move into the new property and rent out your old. This is a strategy you can use if you are willing to wait and don't want to refinance or get a HELOC. I would also check other websites to get an average estimate for your residence. Zillow, like all other websites can sometimes have high estimates that can be off or too low.

@Guillaume D.

You mentioned the best deals are the ones off the market. I would love to know how you're getting your deals?

@Guillaume D. That's a motivating story. Congratulations on your success man especially in such a short amount of time. 54 units in 12 months I can't wait to see where you're at in the next 12. Keep it up!

@Jason Hirko read my mind. Since the amount you need isn't an absurd amount I would recommend finding a private individual to loan from. Maybe a family member, friend, retiree, or coworker. Getting a loan from them and promising 12% + will save you money then getting a HM loan. HM loans can be around 12% + 4 points + a loan origination fee. The loan origination fee itself can come to around $2k depending on your HM lender. When looking for a hard money lender I recommend asking for references and talk to as many as you can find. Know who you are laying in bed with. I hope the ARV is high enough to cover the cost of the HM lender

The house looks good. Don't look at all the comments and get discouraged but instead get better. It looks like you did good on most of the major things but its the small stuff that makes a huge difference. If you don't believe that, paint all the wall bases (vinyl trim) in a room purple. Either you'll realize the difference once you're done or just realized they were there. I think with a few changes this will look even better. Good luck!

@Isreal Price  

I've done some reading and I'm pretty sure with the VA loan your cosigner must be a fellow veteran that is eligible for the VA loan or a spouse (said above). However, if you have bad credit increasing your down payment should help your odds. If you don't have the fund this is where your partner can come into play. He can loan you the money for the down payment (make sure to get everything in writing) and that should help your odds. If it turns out he won't spot you the down payment and you find out he can't be on the loan there for sure are other options. If you can't think of any, ask BP in another post.

I'm assuming this is a VA home renovation for a property you plan to live in for awhile?

Hey Trish,

Welcome to BP. Congrats on the new properties so fast it's definitely a good start. Most people take years to make the first move. What made you pick the New Mexico market living in Houston?

It comes down to time management and self-discipline. You can wake up every morning at 6 am, but if you spend an hour getting out of bed you might as well just slept in. On the contrary, if you wake up at 6 am and spend an hour on BP reading posts and learning something new, you just took a step in bettering yourself. It's what you do with your time that matters. I actually had to step back and look at my life and ask myself why do I let myself get 8 hours of sleep. I'm not where I want to be, I don't deserve 8 hours of sleep till I get where I want. If you're finding success in your schedule now, then hey man stick with it cause it looks like you have good time management. But think, if you are already that good with time management, image what you could do with one extra hour a morning.

@Georgui Kasaev Thank you! I sent you a request.