All Forum Posts by: Krystal Goode

Thanks to everyone for sharing. My wife and I are both high income earners and I never considered reducing my w-2 taxable income in order to offset rental income. Good strategy though now that I junk about it. My only concern is how reducing my taxable income would impact my ability to qualify to borrow more money from the banks. I do like the strategy one member mentioned about maxing out the 401k to borrow against especially for the low pay back rate. Reducing my taxable income is definitely something I will consider later but for 2018, I’m on a rampage to save as much as my earned income as a down payment on my first rental property.

I imagine if the deal is a deal you won't have trouble finding a buyer. You just got to get out there and hustle to find them. How long do you have to assign the contract? Is there a period of time or else you're stuck with the property? Make it work!

Thank you @Matt K.

Thank you @Tyler Mullen for that assurance! I needed that.

So here's where I am...I am in the process of lowering my DTI, improving my credit score, and saving money for down payment. I've been using this time to educate myself, listen to the podcasts, reading books, perusing the forums, etc. BUT, I am so ready to get started now! I am analyzing deals that I would buy now in my market but am not quite financially ready to dive in. It's frustrating because I wonder when I have gotten my financial house in order will there be any deals left??? Does anyone out there share my perspective?

Not speaking from experience here only what I've read. By my understanding is that you cannot borrow a conventional loan from a bank for a property that needs to be improved or made habitable. Your options would be private or HML. There may be some portfolio lenders out there that will let you borrow rehab money too.

nice! I definitely think I'm going the Portfolio lender route to fund the purchase and rehab. Right now, I'm vigorously paying off credit cards so my personal finances are in order for when I'm ready to pull the trigger. Thanks for your input! This has been helpful.

Welcome! I'm a newbie too from MD but Prince George's County. My plan is to also start buying and holding SFH and then expand into multi-family.

This is my exact situation. I would be interested in hearing what others have to say. Thanks for sharing!

Hi there, I'm a newbie seeking to score my first deal in 2018. I live in PG County Maryland. Right now, my goal is to save $12k more for a down payment on a SFH that I will not live in. I plan to buy in a blue-collar neighborhood with a conventional loan expecting to put at least 20% down. My question is if I only save up for the down payment - how can I fund the rehab costs? Is it common for investors to borrow that money from the bank too? What is some advice for how to cover the rehab costs?