All Forum Posts by: Kyle Martinez

@Amy Aziz I didn't think it could be so easy. Thank you.

If you had 40K to work with, needed a place to live, and wanted to start investing in RE, how would you do it? My wife and I need a place to live (obviously) and want to begin investing with something ideal for beginners. I appreciate any and all feedback! In our market area, the average SFH is going for about 290-350K and I can get a 2-4plex for anywhere from 280-500K depending on the condition of the building. The rent to mortgage ratio is also pretty narrow here, as rents have gone up and the cost of ownership is now sometimes cheaper than it would be to rent! Rent near me is 2200+/mo in some SFH's and our current mortgage is only 1600$ before utilities and services.

Total noob question, just wondering how I properly link to someone as a reply when responding to them. Thanks.

@Jaron Walling Thanks for the response! Our market is absolutely insane right now and home values have really shot up recently. The average home in my area now prices around 300K+ and if anything hits the market below 300K it's gone almost immediately. My annual household income is 90K right now. I was looking at buying a 4-plex instead of a SFH because it's only priced at 450K and is in the same neighborhood i currently live in, where values have gone up about 7.5% per year over the last 3 years. I posted in another forum about securing financing for that. I think a duplex or 4-plex makes more sense right now given my future goals, but securing that kind of financing on a 90K salary is tough. My wife and I were able to pay down almost all of our debt, we were struggling for years with close to 25K worth of total debts and found Dave Ramsey's financial plan to be a huge boon for us when we finally stuck to it! I appreciate your response.

I need to secure financing for a 4-plex in my community and it could easily make me 3x the mortgage with tenant occupancy. Would a hard money lender take into consideration the potential income gains? Is there quite a bit of variance in requirements when it comes to these lenders? The property would easily have a ~7% cap rate. I am having difficulty finding a lender willing to go beyond 350K for me. Thanks.

New to this website so I'll throw out my random newbie 2 cents and contribute. I think money is the biggest hurdle for me. My household income is 90K annually and the bank I like to use has only approved me for up to 350K. The average home in Western Washington (in my area anyways) is now going for no less than 300K. And when a home pops up close to that, it is immediately snatched up by the big sharks that constantly lurk in the Real Estate waters. I would like to find a lender that could lend me 450K so I can buy a nice 4-plex down the road from me...Live in one unit, rent the others. Turn a profit, and a good starting point on my journey to financial self-sufficiency, IMHO.

Hello all, new BP user! Just looking to be sure that I am taking a step in the right direction here. I live in WA and was lucky to utilize the State's down-payment assistance program and purchase my first home in 2017 with ZERO down. I received an offer on my home today, and am keen to accept. The offer was 67K above my current loan value (we refinanced in September of 2019; received a 3.125% interest rate), and I am going to be walking away with close to 40K if all goes well with inspections and such. Interest rates right now are low and we should be able to receive a 3.25 or so, should we purchase another home. My wife and I put in an offer on a home today that is in excellent condition, was recently renovated. Anyways, I don't mean to bore you with semantics. I just want to be sure my next step will be in line with my future goal of purchasing another home in 2 years time, when capital gains are not taxed and the home's value increases. I will be putting ~20K down on the new purchase if it is accepted, and the plan is to Re-fi in 2 years time and (hopefully) have the equity to pull some and purchase another. Does this plan seem sound to someone with experience in this field? Should I make this move, purchase a newer, nice property, with this kind of plan? Appreciate any and all feedback. Let me know if I am headed the wrong direction; I am good with critical feedback. Thanks!