All Forum Posts by: Josh Young

@Anirudh Reddy

Build equity and then turn it into cash flow later, start here: https://www.biggerpockets.com/...

@Brandon Seider

That is a great idea.  You can teach your son about real estate investing first hand, and he will need a place to live anyways so you might as well own it, you can either sell it after he graduates or keep it as a rental. Tempe (ASU) and the surrounding area has seen tremendous growth and will continue to be in high demand. He will be able to make friends and recruit your tenants while he is in the dorms. College kids can make great tenants, people get nervous thinking they all throw parties and trash properties, but that's just not reality and their parents usually pay their rent.  I'm a rental property investor and a real estate agent, so if you want some help analyzing deals I'd be happy to help.

@Austin Bull

There are a lot of us here that are Investor Friendly Agents in the greater Phoenix metro. I like to always recommend that you choose an agent who is also an investor maybe a few years ahead of where you want to be. I went from renting a room in a house at the start of 2016 to owning over $2M in real estate in under 6 years right here in Gilbert. This market is amazing and there are still great opportunities to buy properties. I’d be happy to talk with you and help you analyze deals, and if I’m your agent that’s great, if not that’s okay too, just make sure you pick an agent who owns rental properties themselves if that’s what you are trying to do.

@Brett Grz

Here are a couple posts that might help you:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

@Pranav Chunduru

I’d be cautious buying too old of a house, as you mentioned maintenance costs can be higher. However, the location of some older houses can be better since a lot of newer developments tend to be on the outskirts/fringe areas. I like to draw the line at 1980 and newer, that tends to cut out major issues like cast iron plumbing, some electrical issues, and lead paint.

 Do you also own the land that it sits on or do you pay lot rent? And is it single wide or double wide?

@Juyoung Cho

You need to find a realtor who owns investment properties themselves or at least an investor friendly agent.

@Bradley Medina

Buy a primary residence using a low down payment (5% or 3.5%).  Buy in the best area you can afford and buy a property that will become a rental when you buy another primary residence in a couple years. If you own a primary residence now keep it as a rental.

@Christian White

Talk to a lender, they will be able to help you create a plan, but this is my take on it.

If you did a cash out refinance at 75% LTV, is $225k, so you get a check for $50k because of closing costs, but your rate now is probably low and you'd lose that. I'd keep your existing low rate and do a HELOC, the rate will be higher than the refi rate, but I suspect the blended rate will be lower if you factor in keeping the original low interest mortgage in place and LTV should go higher on the HELOC, 80% you will get $70k because no closing costs. And the HELOC will be interest only payments during the draw period, use that as the down payment on the new property and then in a few years if rates go down and/or values go up look at doing cash out refinances on both properties.

Like I said though you need to talk to a lender, they have guidelines they have to follow and they will really help you create a plan.

@Jason Rogers

Most lenders sell their loans to fannie and freddie, so they simply follow the guidelines that are provided, it looks like it must be at least double wide and you must also own the land. https://selling-guide.fanniema...

If you don't qualify based on these guidelines you might try a local credit union, they might entertain the idea. I hope this helps.