All Forum Posts by: Kevin Pfeil

@Leo R. Thanks for all the specifics with what got you a solid MB! That's a lot to work with. 

@Braydin Mehnert   That example in there that you used was very helpful! Thanks for giving both the pros and cons of using a MB!

@Al M.  That sounds like solid advice not only for MB, but life! 

Thanks everyone for all the help here, there was a ton of solid information!

@Grant Shipman thanks for the input! So if I am reading your post right, since most MB can't get a portfolio loan and you're saying that an FHA loan is normally a portfolio loan, will a MB be able to find a FHA loan for me? Or did I misinterpret that? Love the name "beyond house hacking strategy" btw and glad it's something that has worked for you for a while now!

@Leo R. Thanks for the advice! Very good points with not all brokers are created equal. I guess the most logical question is how did you find a good one for yourself? I am looking on findamortgagebroker.com but I'm not sure how to tell the different brokers apart. There's a solid list of brokers for the Madison area, however I'm only seeing one person who has an actual review. What would you recommend in trying to find a solid broker?

Hey everyone, 

I'm moving to the Madison, AL area and looking to buy my first home to live in and house hack. I currently have two other properties in NY, one that was bought with a conventional loan, and the other was bought in cash. I'm looking to get an FHA loan for this next property that I will live in, so I can pay a smaller down payment (I have the means to pay more, but I like have money in reserves in case something comes up). My question is whether or not I should use a Mortgage broker to help find a loan for this property, or should I just call around to local banks and credit union to get my financing. I'm curious what are some of the pros and cons of using a mortgage broker since I've never used one before. Thanks in advance for any advice or help.

@Andrew Syrios That seems like a smart path forward. Also I just listened to your podcast episode on bigger pockets and it was a great episode! Seems like your family has worked great together. It was an entertaining episode and very informative and easy to digest. I liked the IDEAL acronym that your dad uses. Anyways thanks for all them help and information!

@Steve Morris Thanks for all that information. That all makes sense. Yeah before I get into any deal I plan on being pre-approved for a loan so I know what I am getting into. I understand not having debt, however I think leveraging your money is quite beneficial in acquiring properties. Definitely need to make sure you don't over leverage and have sufficient cash reserves, but I think we have a great system here in the states as far as our loans go. I did enjoy the points about property management and selecting the area you want to invest in. All those items you looked at in an area seems like it can really add to the appreciation of a property and lead to quality tenants.  

@Stephen Fryer thank you for a very descriptive overview of how you run a flip and rehab! That's all great information to know. Seems like the systems you have in place is what has made you so successful. That with a clear outline of how the draws work and the communications that you establish with your team all seem easy to duplicate and follow. I think the point that I like the most in that entire write up was the fact that you go to South bend not so much to scope out the properties, but to make relationships with the people. I think that is your make or break for a situation like that. If you have quality people that you trust in place, you are bound to succeed! Thanks so much for that great insight!

@Andrew Syrios 81% is still pretty solid in my mind. Leaving ~6 % of your money in is much better than 20 %. Makes sense your numbers weren't as tight starting off, seems natural. Is your group still doing the high volume that you normally produce with all the uncertainty that Covid has brought us?

@Steve Morris thanks for the advice. I do think there is potential to be taken advantage in long distance, however with adequate research and cross references I believe you can find a property manager that won't screw you over. I do agree I would prefer to do something locally, however since I am never in one place for a long enough time (my last two years looked like this Japan 5 months --> Washington 6 months --> Japan 5 months --> Washington 1 month --> San Diego 10 months) I can't exactly do the traditional local route. With this in mind, i'm curious what your thoughts would be for someone in my shoes on how they should go about getting involved in Real Estate Investing? 

@Stephen Fryer that makes perfect sense! Seems like the best way to leverage the team that you have! So since you leverage your team during the rehab process, do you leverage them when you purchase a place? Aka are you having them help you with your due diligence and inspection? Also how often are you physically there throughout the project (if you're even there at all?)