All Forum Posts by: Justin Peters

@Account Closed Absolutely love and respect the hustle you have going on.

Regardless of the holidays or anything else that may be going on in this crazy adventure we call life, I like to live by a simple quote that one of my mentors taught me. "Spend a few years doing what others don't, so you can live the rest of your life like others can't".. With any endeavor, sacrifice and outworking the competition is going to give you that edge over everyone else. 

The one thing we can control as human beings is our effort. Sometimes that entails doing things you don't want to do. Much respect Nick. Keep up the grind! BIG  things are coming for you and anyone else out there who has a strong mindset like you have. 

Justin Peters

Real Estate Professional 

Dallas/Fort Worth

MERRY CHRISTMAS BP COMMUNITY!

If you could go back in time, knowing what you know now, what would you do differently in regards to taking advantage of your real estate endeavors? 

Kind Regards,

Justin Peters

Real Estate Professional

Dallas/Fort Worth

@Shaun Weekes 

Okay, I figured there was a twist somewhere in there that I was missing. 

When it comes to the HomeStyle loan, what can a borrower expect to be different in comparison to a conventional mortgage? 

@Shaun Weekes 

*HomeStyle. Not HomePath. 

@Shaun Weekes 

I've heard that you can get a rehab estimate of up to 50% of the ARV.

For example, if you are using HomePath and have a $200,000 house (as is condition), you can repair up to $100,000 worth of repairs (luxury included). 

It seems like a great loan for anyone who has the credit and down payment available. 

Does anyone in the BP Community have any input on the Fannie Mae HomeStyle Renovation Loan? 

After doing some brief review, it seems like an ideal loan for any buy/fix/sell investors. 

Any feedback would be greatly appreciated! 

Happy Holidays!

Justin Peters

Real Estate Consultant 

Chris, 

First and foremost, congratulations on starting your investment ventures, I'm sure your ecstatic to get up and going! With the passion you have, the time, and due diligence you've put forth thus far, i'm certain you'll reach the success you're aiming for. If I had any advice for just starting out, it would be to stay patient and persistent... treat each failure as a learning experience and keep pushing forward regardless of the set backs. In the end, 'the more you learn the more you will earn'. 

When it comes to an all cash transaction juxtaposed to leveraging hard money (or any other type of financing), I keep a simple analogy in mind to help me understand the benefit of diversification. 

"Don't put all your eggs in one basket" 

Why is this analogy important? 

As we all know, life can be quite capricious, throwing us curve balls when we least expect it. When I first started investing in real estate my mentor asked me, "Justin, would you sleep easier at night knowing you had $100,000 in the game or $10,000-$20,000  in the game with the same end goal being attainable?" I tell you what Chris, when I was was asked this question, it  hit me like a ton of bricks. If I could get the same benefits (appreciation, depreciation, tax-write offs etc.)  from using the most powerful tool in the world, OPM (Other Peoples Money), while not having to tie up ALL of my cash to get the results i'm looking for, why would I not take advantage of this? I want you to ask you the same thing, "Chris, would you sleep easier at night knowing you had $100,000 in the game or $10,000-$20,000 in the game with the same end goal being attainable?" 

This is the power of diversification. Instead of taking on just one project at a time, diversifying gives you the opportunity to take advantage of 2-3 at a time.  But what if one goes completely wrong?  You have 2 more to balance it out. What if you tie all of your money up into one property and the investment goes south? Exactly. 

I hope this helps man! Best of luck to you in your endeavors Chris! Go get em. 

Justin Peters

Real Estate Professional 

Jonno,

Glad to have you a part of the BP COMMUNITY! 

Seeing that you're looking to buy and hold, I would have to say that having reserves is the most critical, especially when first starting out. 

There are a plethora of horror stories from investors who jumped in too soon and then were underwater within just a few months due to unexpected occurrences.  

In short, have reserves put away for anything that may come your way. If not, you could end up questioning the beauty of investing all together. Hope this helps.

Have a prosperous Merry Christmas and a Happy New Year, 

Respectfully,

Justin Peters

Real Estate 

BP Community!

First and foremost, I hope each and everyone of you have a prosperous Merry Christmas and Happy New Year! 

I'm sure most of you have already heard about the FED's raising the interest rates this past week. 

What are your predictions as far as  what we can expect in the real estate industry? 

Will this hurt/help the market? 

What does this mean to home sellers/buyers?

I look forward to seeing what you guys have to say about this interesting topic! 

Respectfully,

Justin Peters 

Real Estate Professional 

BIGGER POCKETS! 

I hope this discussion finds you well! I wanted to reach out to anyone in the BP community and see if I can get some advantages/disadvantages when it comes to FHA 203(k) loans. I understand bits and pieces when it comes to these "K" loans, however, I am looking to lean towards someone who has a broader understanding on this subject.

Any feedback would be greatly appreciated! 

Best of luck and HAPPY HOLIDAYS! 

JUSTIN PETERS

D/FW 

REAL ESTATE INVESTOR