All Forum Posts by: Kyle Scofield

Is it legal to offer real estate agents a bonus for finding you investment property? Just to give them more incentive to bring you deals? 

If I'm looking to use private money with person doing it for the first time, is the interest-only payment that I make to my private money lender taxable for them?

Hello BP!

I am a college student looking to get started with house hacking. I've went into the bank to see how much of a loan I could qualify for based off the amount of income I'm making while working part-time through college. The amount I qualify for isn't quite enough to buy a good house so I have started looking at other creative options.

My question is this.. If I can get the bank to give me a loan for the amount I qualify for, would the seller second mortgage be considered when calculating my DTI for the bank's loan purposes? If my loan is required to pay off the rest of the seller's mortgage to open up seller financing, does the bank care that I'm not purchasing it all right away and now will be making the remaining payments to the seller?

Thanks in advance to anyone who helps! If there is anything confusing, please let me know and I'll try to clarify.

What would be the agent's benefit if the buyer and seller agree to owner financing? Assuming the buyer and seller were brought together by the agent and agent did all paperwork that goes with it? Do they still get a commission?

@Nicholas Moffett I agree with what you said! Nothing like real world experience.. But if you're trying to at least learn something before you jump in, books are a good place to start

You can search your county records. Very good way to find abandoned homes, other landlords, people that don't have mortgages on their homes, eviction records, etc. etc.

Hi @Allie Bloyd .. I am not a house flipping investor but a GREAT place to start would be by purchasing "The book on Flipping Houses" as well as "The book on estimating rehab costs" .. Both by J Scott. Excellent books for someone just starting out

Finance is a good major for real estate investors absolutely. It's all about risk analysis and seeing if the investment is worth it. I would definitely advocate majoring in Finance, I'm doing the same! Accounting is also a good major for reading the numbers of a real estate business. 

That being said, these degrees are not necessary. Many successful investors don't even have a business background! Let me know if there's anything else you're curious about.. Good luck!

Welcome to BP! it's a excellent resource with education materials all over the site. 

It's not all about networking right away. Educate yourself, find your niche and learn as much as you can before you can dive into the real deal. Start with the ultimate beginner's guide here on BP. It's an amazing resource!