All Forum Posts by: Jasmine Z.

This is beautiful. Any tips for newbies getting started in flips? If you could go back to your first 1-2 years and real estate what advice would you give your former self? Thanks!

Navy Federal Credit union has some good options for business lines of credit and investor loans. If you have a spouse, child, grandchild, parent, sibling or grandparent in the military. Even if they are deceased, you can still join as a member. Step parents also count!

They have investor loans for 25% down and will do investment loans for as low as 10k.... but the house cant be a flip and has to be "move in ready. They offer 15 year terms. A lot of people dont' know about this! I just called to confirm this information yesterday.

Thanks for the advice guys. Anymore tips? Thanks!

-Jasmine

Thanks guys. I went with the advice of using MD for lenders and just being Jasmine to everyone else! Thanks!  :)

Hi, I'm semi new to real estate investing (2 years) but looking to make my next move.

I'm looking for advice on what to do next.

I look at real estate investing like chess, I have to calculate each move carefully.

Here's my situation:

2 years ago my hubby and I bought a duplex. We have lived on one side and rented out the other. We also currently rent out our basement to a family friend. So cash flow is nice.

In January of this year, in the process of doing a wholesale deal, I decided to buy the property for myself instead. (a condo on lake resort vacation property valued at ~70k, that I was able to buy for 10k due to distressed seller). The condo currently rents out seasonally for week long or weekend rentals (May-November).

I'm looking to make my next move. Should I try to get home equity line of credit on that condo? If so, what would I use it for?

Should I try to house hack my way into another owner occupied duplex?

Should I try flipping?

Is there a way I can use other people's money to acquire more properties? Or should I keep trying to do the traditional lending route? Right now, I don't have that much money to put down and I also have a lot of student loans. (I am aware it is true that one should have all debts paid off and a large amount in savings before acquiring more property, however, I'm willing to take on a little risk. I'd like to become prosperous in real estate investing so that I CAN save up lots of money and pay off debts).  

Also, the current duplex I live in is on a 7/1 ARM (year 2). Before I do any of the abovementioned things should I try to refinance that into 30 year fixed while interest rates are low?

Can I find a bank that will allow me to refinance my existing mortgage, get a line of credit on the condo, and take out a whole new mortgage for second property all at same time? Will any banks let me use some of the equity on the condo or on my current residency to be used as down payment for a second property?

Finally, a guy I talked to (kinda like a coach) told me I should look for a for sale by owner for a duplex and ask him for seller financing for a 4 year contract. He would take a second mortgage on my home or on the condo. Is this a smart idea?  

Sorry for all these questions but I have a lot of thoughts racing through my mind. Just want to make the right decisions and the smartest next moves. :) My goal is to replace my income over the next 3-5 years with passive income. I want to net 5k each month via real estate.

Even if you can't answer all these questions, even answering 1 or 2 will be very helpful! THANKS SO MUCH!! I've listened to so many podcasts and ask BPs that my head is spinning. I'm SO excited for my career in real estate but want to know the best next move.

My pros: I have good credit (740+, no delinquencies, long credit history), combined income with me and husband including our jobs and real estate income ~90k/yr (for now. will be increasing in 1-2 years once i'm done with my current training). I'm eligible for certain 100% financing loans due to my career.

My cons: I have a lot of student loan debt. I work 60-80 hours each week so don't have a lot of time to devote to finding "good deals" , doing wholesaling or flipping (which I'd LOVE to do if I had more time). I don't have a big down payment.   

ANY help is appreciated! Thanks! 

Hello,

I am fairly new to real estate and am just starting out. I have been following bigger pockets for a long time but this is my first post. I'm excited to jump in the action.

My situation is that I own a duplex that I currently owner occupy and have much success with that over the last year. I am now moving into wholesaling and am working on getting together my marketing material. I'm wondering how I should do my signature on emails. I am a physician so on all of my other communications I sign my name with an "MD" at the end. But in the real estate setting should I disclose that I am a doctor or not? Potential pros: people may give me credibility given how respectable the profession is and may also think I have a lot of money (which I don't yet because I am just finishing up my training. lol) and will trust me to come through on deals. Potential cons: Since people may assume I have a lot of money, they may charge me higher prices.  Can you all think of other pros or cons. I'm so used to putting my full signature, but I'm willing to not disclose that personal info if it will negatively effect me. I'm interested in others input. Thanks guys.  :)