All Forum Posts by: Lance Robinson

They will also put the mortgage debt against the DTI. Based on your experience, I don't think they will use any of your rent towards your DTI to help.

0 Votes

Originally posted by @Upen Patel:

Guys you are missing the point of a FHA loan. Yes, FHA has the upfront MIP and the monthly PMI. But it also allows you to buy a $1.2M (in some areas) 4-unit property with a measly 3.5% down. If you have the 20%-25% down for a conventional loan, then by all means, please go with a conventional means.

If FHA is the is the only way that you afford to buy a property, then have the decency to not complain about the associated cost. Its not like FHA is forcing you to buy with an FHA loan.

Agreed! I've leveraged the FHA loan twice. Once was for a 4 plex in LA that has made me a LOT of money!

1 Vote

Ali,

I don't buy in jacksonville, the returns aren't good enough for me. I wanted to chime in though that the appeal would probably be the appreciation potential. That's what I've heard from those that purchase turnkey in Jacksonville.

Lance

0 Votes

Originally posted by @Snehann Kapnadak:

Hello Everyone!

I'm a first-time investor looking to invest in a buy-and-hold SFH that has stable cash-flow in an A to B- neighborhood (any appreciation would be a plus, of course!). I'm looking for properties in the 60-80k range and narrowed down my markets to Memphis and Indianapolis. After some research, I found that both have stable and growing economies, a healthy list of available properties, and good job growth. Each market also has their fair share of "bad" neighborhoods and properties. So my question for you is: which market would you recommend for a first-time investor to jump into? Which zip codes would you recommend? What experiences have you had in these two markets?

Any feedback would be much appreciated. Thank you in advance!

I've reviewed both of those markets, among others, and personally decided for buy-and-hold SFH that I liked KC more than Memphis. I think KC is a more dynamic market than Memphis. in Memphis, I think it will be pretty stable and linear, but I thought that KC had more room for appreciation when looking more long term. Other than that, I think you can't go wrong with either. Don't suffer from analysis paralysis : )

In KC, I like solid A's for SFH because of the most demand for renters and appreciation potential. the properties I've purchased there have been between $90 - $125K. I think overall, Independence is a good area (you may have to check which parts of Independence.) Good luck!

1 Vote

I love this thread! Do you have an update or would you mind sharing your current portfolio and any numbers you want to around it? IE rents, net cash flow, value, purchase price, etc?

This is so motivating! Keep up the great work!

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Originally posted by @Michael Kugler:

Hello all, I am at the end of creating a website that will allow for peer to peer rentals. (similar to VRBO, HomeAway, FlipKey). I have came to an area though that I am confused on and really don't have any solid solutions. Since many here work in the industry I thought I would turn to you for your input and advice.

Essentially, there is a lot of fraud out there regarding home listings that are bogus. In fact, I would never consider a home on Craigslist for this reason alone.

I could require the owner of said property to submit a utility bill (scan or snail mail) before their listing is approved - but those can be photo shopped.

Same goes for a notarized copy of ownership. (Hassle of finding a notary, photoshop possible, etc)

Then I considered a sheriff's office form that could be validated, but a good friend of mine said the issue would be the sheriff's deputies putting a stop to it as it is outside the scope of their responsibilities.

Every idea has its pitfalls and I am frustrated. Would appreciate any advice on what you would think would be reasonable for the homeowner and convey sincerity to the traveler.

TIA, Mike

On a separate note - When is the website launching?

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Originally posted by @Laurence Walsh-Hodson:

Originally posted by @Lance Robinson:

Hey @Laurence Walsh-Hodson,

I have actually purchased 4 properties from them before and am in escrow on a few more with them now. I have had a great experience working with them so far. Let me know if you have any other questions!

Lance

Thanks Lance. Good to know. What area/city did you invest in?

No problem - glad I could help, please message and connect if you have more questions.

From him I have purchased 4 in Indianapolis and am in escrow now on 2 in Kansas City and 1 in Houston.

2 Votes

Originally posted by @David Hodge:

@Laurence Walsh-Hodson I have not used Narada but have heard good things. Marco Santarelli actually has a podcast you might want to check out called Passive Real Estate Investing. I believe Narada is a marketing company that just connects you with good providers who actually own properties. There are some bad marketing companies out there but Narada seems to be one of the good ones and could be valuable to a new investor. I'm sure you can find some people on here who have used him.

This is correct. They "promote" other companies and properties (which is a good thing because you have a bigger team and more people to yell at.) Norada is also involved in actually flips and selling in certain markets though too. So they do both. Marco has never tried to steer me towards his properties over others or towards certain markets over others other than for my own criteria which I like.

2 Votes

All Forum Posts by: Lance Robinson

Lance Robinson has started 5 posts and replied 123 times.

Post: 21 Year Old Buys His 1st and 24th Rental Home at the Same Time!

Post: Implementing BRRR in Order to meet 45th Birthday Goal

Post: Does rental mortgage count against DTI for personal residence?

Post: FHA LOAN

Post: Poll for Jacksonville Turnkey Buyers

Post: Indianapolis Vs. Memphis: Rental Market Showdown

Post: New Goal: Purchase 400 units this year

Post: Advice to validate home ownership on a vacation rental site

Post: Norada

Post: Norada