All Forum Posts by: Kaitlyn Beard

Hey Tyler!

I am Active Duty (AMMO) just north of you, stationed at Dyess! If you have orders to Nellis, I would not get your license in Texas unless you plan on moving back to Texas shortly after your assignment to Vegas. If you were to have your license in both states, you can help your troops and fellow clients in San Angelo. Another option as well is tapping into your referral network. With agents that are in the military referral network, I would claim it's almost more efficient (time wise) to do that rather than holding a license in both states, especially with how far Texas is from Nevada. That's just my opinion. I have a close friend of mine who is a Tech. He was at Dover, then got orders to Whiteman. He was an agent in Delaware and was the one that helped me decide the same predicament you are in, licensing in this or that state that is. He told me about how it was a pain having to do it twice. With that being said, if you decide not to be licensed in Texas and need someone to help you out in San Angelo, especially VA buyers/sellers, I am always willing to help out other fellow veterans in this area! I am always looking to expand my network as well, so if I have referrals out in the Vegas area, I can send them your way as well!

I would like to bounce off of what Bruce said. I am not dissing his comment, but would like to add that if you want to become an agent, do it because you want to! This year, and last, is a wild time to become a new agent, but there are a lot of benefits that come with it, even if you are not making millions in sales each year. Some of those being sales tactics, MLS access, network for investing, market data, insider industry partner networking, obviously extra income to supplement your USAF income, helping fellow vets/servicemembers and any buyers/sellers at that, and not having to pay an agent when you are accumulating properties as well.

Hopefully this helps! Feel free to reach out if you want to talk more! 

Kaitlyn Beard, REALTOR 

Interest rates and your DTI will be most important in my opinion. We all struggle this battle of balance. It's just a matter of priorities of importance to pay off. I would sit down with a lender to see their opinion, as your debt isn't always a limiting factor of being able to buy property. Too much debt though, can be.

Joshua, 

May I ask... what do you mean by doing assignments? 

Brandon, 

If you don't end up using a hard money loan, maybe see if this is an option... see if you could get some kind of renovation loan where you can incorporate the renovation costs into the loan. If you plan on doing the work yourself, though, it may be tough to work that out because lenders typically require licensed contractors to do the work. That may not help you much, but that's where my head is at and it's what came to mind. I have to add that when I cash out refi one of my first properties, this is something I also plan on doing, so I am curious to see where you guys take this. I would love to hear your success story and how you did it. Good luck! 

Austin,

You have a good head on your shoulders. Here's the deal.. if the decision AND numbers make sense to you then do it! When you say a "safe" home does that mean safe neighborhood or safe as in code or physical status safe (hazards, etc.)? I ask because FHA loans have to qualify with specific standards due to health and safety concerns. It is much harder to cash flow these days so if it helps, don't worry too much on if it will cash flow right away but the other factors as well such as:

Is the property in a safe desirable area? How hard will it be to find tenants due to the price and status of the property? Is the area appreciating? There are so many factors so don't feel too wrapped up in one. Hopefully this helps, and welcome to the BP community! :) 

I absolutely love this! Sometimes we get caught up in our own head about how we can be better. Comparison is the thief of joy, HOWEVER, it also makes us our own hardest critics. This can be leveraged into growth if controlled and utilized "safely." Thank you for sharing, as we all can use the reminder! I sure hope everyone is okay after the dog fight, haha! 

To further answering your question, since you are wondering what to ask a lender, I would like to add that you should (if you have not already) find the right lender for you. Start calling different lenders to see what they offer for lending. Feel free to ask questions posed as "I want do ___ can your services support it?" or "theoretically I were to do ____ is that possible? Simply, call them up and kickstart a conversation. Give time, after talking with multiple you will hear different answers on whether or not they can support that. If we get more info on what exactly you plan on doing, then we can provide some more detailed questions to ask!

Hey Tyler!

First off, that's super exciting! Getting your first deal is a, no pun intended, BIG deal! One of the things I will first ask is... do you plan on making this a "quick" BRRRR? I ask because it will differ on how you plan on financing them. Do you plan on living in the property as a primary residence during what's called the "seasoning period" or do you plan on putting down 20% for a conventional loan? Do you plan on getting a hard money loan, etc.? There are endless ways to fund a deal. I'll share a little of what I do with my BRRRR strategy, because you can always tweak a common strategy for it to best fit your situation and/or goals or needs. Some people BRRRR a property with hard money loans and refi to get the capital they put into deal back to reinvest and repeat the process. This can be a couple months, or you can BRRRR a property over a couple of years. No one ever said it had to be quick. I actually was just listening to one of the BP podcasts and I think it was either Brandon or David who said this. As I know this already, I had to remind myself, because I get so eager to get the next deal, because as I mentioned earlier... it's EXCITING! So off with the tangent, I purchase homes as my primary residence (0% down with VA loans, but you may qualify for conventional at 3-5% or FHA at 3.5%). I then live in the house for 12 months and during that time, I renovate the property. I also "house hack" which is having people live in it with me as roommates and they essentially cover the mortgage. This is a VERY effective way to get these things done especially when you are on a budget and are trying to maximize your earnings/investment. After the seasoning period of 12 months, I then rent it to whoever and move out. Sometimes that means ending the lease with the current roommates and finding a new set of tenants, and sometimes it means those roommates get to stay if the rent numbers make sense. After time, I will refinance and repeat! With the VA there are some rules to refinancing so if you're curious I can go into it. Overall, it would be better to know exactly what you know your options are and/or what your current plans are. If this is your first home, it's fairly simple to qualify with a lender. It starts to get more complex, per se, when you have multiple properties or are tapping into creative financing. Hope this helps, and let me know if I can help answer any of your other questions!

Hello Paul, 

I am SO glad you have made the decision to be active within the BP community. This is a wonderful place of support, knowledge, creation of ideas and so much more! I would recommend reading some of David Greene and Brandon Turner's books. Personally, I read Brandon's book first being "The Book on Real Estate Investing" and secondly his book "The Book on Real Estate Investing with No and Low Money Down." After those two, I dove into David Greene's book "Buy, Rehab, Rent, Refinance, Repeat (BRRRR)." If you have not done so already, then thank not me, but them, as all books go DEEP into details with their story and how you can make it happen as well. Welcome to the BP community, and good luck!!!!

Hopefully the following questions will help others understand and help contribute to better your situation:

Are you currently with a management company? Did you start your own company? Is this for properties you own and are personally managing yourself?