All Forum Posts by: Kalvin Seidl

Hello!

I was hoping people could share their success stories of their first deal or two. I am just getting started and looking for ways to find and finance my first deal.

1) What market are you in?

2) How did you find your deal?

3) How did you finance it?

4) What problems did you run into along the way?

Looking forward to hearing some stories!

Thanks to everyone who posted! Seems we got others who joined in and asked more questions. Love the community. Stay safe everyone!

Hello BP community,

I am looking to complete my first deal within the next 3 months in the Saint Paul, MN area. I have found a few properties I would like to purchase to buy-and-hold. I have my eyes on two duplexes and three SFH. To start, I want to pick just one. The low-end price of my wishlist is $240K and the high end will be $310K

My problem is, I work a base + commission job, where I don't have a long enough commission history and my base (guaranteed) salary isn't high enough for a conventional or FHA loan. What are my options to follow through with a deal, even though I cannot get a mortgage? I hear about "creative financing" options but don't know where to start.

I am open to hearing advice or success stories on how people secured financing from similar siutations. Looking forward to hearing replies!

@Armin Nazarinia @Daniel Anshus thanks much! I will definitely be reaching out in the near future.

@Ryan Hill I believe now is a good time to start, as I am making a comfortable income and want to put my money to work. To start I want to own a few rental properties and operate them myself. My main strategy will be buy-and-hold until I feel comfortable enough to branch out. My 5-year plan is to turn this into a full-time business and retire from my corporate life

@Corey Hawkinson I feel the MSP area is a great area to get started in. I know the market fairly well and is close to home. Thanks for your reply!

@Stephanie Haggerty Thanks so much! I am always looking to expand my network

@Brian Loibl thanks for responding. I am looking to purchase my first property in the St. Paul area. What was the biggest take away from your first deal?

@Noah Chappell Noah this is great info thanks! The podcast and reading has taken over my free time, minus my bike rides. I feel now is a good time to purchase as many people have seen slight decreases in property prices. Unfortunately, I don't feel I have enough to qualify for conventional loans, but don't have enough knowledge for private investors, cash buys, etc.

I understand this knowledge will come as I research/study more. But I would hate to lose out on some opportunities and I want to start building my portfolio ASAP!

@Dmitriy Fomichenko thanks Dmitriy! There is so much more to this website than I originally thought. It's a rabbit hole, just when you think you're done, you find something else to dig into.

The BP podcast has been great so far and it's all I have been listening to.