All Forum Posts by: Kyle Penland

I want to build as much debt as possible because I purchase the property right!  If it doesn't make sense then I don't go forward.  So with that said all of my properties have debt, but they make great money.  Its whatever your personal preference is.  I would use that money and buy another.

Sell your home if you want to make the most use of equity.  Then rent until you can buy another and do it again.  Like you said buy low, sell high, make sure there is a clause in your lease that you can break it to buy a house...

You can never have enough...I would recommend finding a price range that you are comfortable with, and talking to some hard money lenders...Once you find out how much they will finance it will enable you to better plan and budget for it.  My first flip I bought for 73k, and put 10k into it.  I was owner occupying it, so I put down 3% and funded the flip out of my pocket.  Each flip will be different.  I would recommend since it is your first to partner with someone.  

You should read up in the forums and listen to the podcast to begin your knowledge.  Save save save.  College is normally a HARD time to save money so good luck!  If you see a deal you like run it by the forums to get input.

You can't buy for appreciation in 2 years.  Next year we could hit another major recession which would cause your 2 year time plan to go out the door.  My last live in flip, I made a lot of money on for two reasons.  We lived in and made our renovations out of pocket instead of borrowing against the home, and we waited for the exact time to sell it.  The time where it peaked.  So with that said, live in flips are GREAT, but you have to be flexible enough to know that it may take 5 years before you can sell it for top dollar or could only take 6 months.  Basically it will all depend on your timeline and when you are ready to bring it to market.

In some states you can break a lease for a home purchase...Not sure the insight on that.  When I was younger, I did this and my apt complex let me off the hook once the apt was re-rented.

If I were in your shoes, I would purchase a multifamily...Since you can get one with little down and that way you are solving two issues...A place to live and investment property...Then do it again after your FHA loan allows you to move out. Good luck!

I'm doing a lease with purchase option on 5 units as we speak...I recommend them though as I have learned from a previous post, I can trigger the due on sale clause...Don't know much about that but will learn as I go.

I think beginners should use hml.  They will keep you from making a bad decision...Hml will evaluate the property itself and make the call as to its value which will be very valuable to you starting out.