All Forum Posts by: Kameron Patterson

Can you get a line of credit against a mobile home community like you can an apartment?

Happy Sunday BP, Looking at my first investment. I plan to house hack. I found a duplex. the numbers work according to my analysis (it grosses about 1% of the purchase price). however the house does not have central heat and air, nor does it sewage. should I run on this deal and my first investment?

Happy Sunday BP, Looking at my first investment. I plan to house hack. I found a duplex. the numbers work according to my analysis (it grosses about 1% of the purchase price). however the house does not have central heat and air, nor does it sewage. should I run on this deal and my first investment?

Good Evening BP,

I would like to reintroduce myself.  I was an active member of BP years ago but my dreams of being a buy and hold investor were put on hold when I was burned in a business investment once I got out of the Navy.

I have mostly recovered.  I am back on the pockets and hope to buy my first multi-family investment in the next couple of months.  I have access to about 40k in capital, I make a decent money (relatively speaking), I live in Indianapolis and hope to invest in my market or Louisville or Cincinnati.  

I just tied up my VA loan in July. I am currently house hacking this by renting bed rooms but can rent it out completely to house hack. My mortgage broker tells me that I need to wait about a year before I can re use my VA loan. My plan is to buy a property conventionally this year and to house hack a multi family after July.

My goal is to invest in units that are C-class.  Typically 500-600 a month and average around 30k or less per door.  

Interested in deals, networking, advice, etc..  

Originally posted by @Matt K.:

If you're long term.... and you keep the gf off your loans you can extend out the 10 limit to +10 in her name. If you cosign it counts as 1 ea.

As far car, since it's a Grand Cherokee I'd probably get rid of it too and something more sensible. It's not the most reliable car and you probably have a five year loan and it's only 3yr 36k warranty. If you got the ext warranty you might be able to get some $ back. If you had a more reliable car, not suv I'd still say keep it. 

Get like a lexus es those are cheap and no client will complain about it... and it's reliable.

 I meant she would finance the first few in her name without me as a cosigner. Then once I get enough income from commission I could start working on my ten. By that time I could claim rent as income and improve my dti even more. 

Originally posted by @Matt K.:

hold up, are you going from w2 income to 1099... because if so your DTI probably won't matter, it'll be the lack of 2 years of income history from your 1099.

 I plan to do this eventually. That is my 2 year plan. Hope to get a few deals before then and leverage my girlfriends RN income if I need to wait a year or so longer. 

Originally posted by @Joel Owens:

It's all situational.

I have a nice SUV but could pay cash many,many times over with no problem.

I have clients that have 2 million dollar house but worth close to 100 million. So for their worth 2 million house is nothing.

As you increase cash flow and wealth you can up how you live without feeling it much if at all generally. The key is to not overextend yourself for where you are currently at. That is where people tend to get into trouble.

 I should have followed the kiyosaki, buy an asset first method but wanted something reliable and sacrificed the ability to save more capitol in doing so. I have two appointments for offers tomorrow and have it listed on Craigslist.

Once I reach a certain point I may buy a nice car again but it's definitely a lesson learned. 

Originally posted by @James Barnes:

If you haven’t already...check out the sticky that Josh had on flips...be vigilant on the extra costs that one usually doesn’t think about. It includes a spread sheet and list of items.

 I have not come across that yet. I'll definitely check it out. 

Originally posted by @James Barnes:

28 years old here too and what’s important is that we’re asking these questions and evaluating life and “if we’re doing it right”. Get that first property under your belt! Get rid of the “wealth” killer. NOTHING will kill your wealth quicker than buying a depreciating asset(oxymoron?? Lol). Stick to cars that are 3 years and older. Good luck man!

 Currently looking at a flip opportunity with a 40k purchase price and an arv of 90k. I have a contact of a portfolio lender that will allow me to refinance at 50% dti. 

Let me know how the real estate career works for you. I should be licensed in January and the realtor I worked with to buy my house is a flipper and property manager and will hang my license. 

Originally posted by @James Barnes:

Hmmm Rat Race...has someone been reading Rich Dad Poor Dad? I think it’s awesome that you are considering the sacrifice of dumping your car and going against the normal. I look at most with NEW cars and chuckle a bit..jokes on them(if they financed of course)

Honestly for me, I would respect you either way whether you showed up to a listing appt in a rundown Honda Civic or a brand new Jaguar. That being said..most “normal” people probably like seeing their agent in the latter??

I’ll have my RE license in May so I guess we’ll see if they like rolling around in my PAID for beat up F150. Shouldn’t matter as long as I know my s***.

I agree with the other posters about your DTI.

Haha yes and I currently wake up every morning dreading work. When I say get out of the rat race I don't mean sitting around watching dancing with the stars. I am referring to full time real estate agent with solid passive income and the occasional flip. My girlfriend is a nurse and in the interim she could qualify for the refinancing (BRRR)

currently reading the millionaire real estate investor and that is changing my mindset as far as depreciating assets go