All Forum Posts by: Landon Bleau

Not impossible to reach but will be very difficult.  Most difficult part will be high cashflow and high appreciation, though it is possible, will be very difficult to find, especially under $100k (assuming 100000k is $100k and not $100M).  If you take away the 3% appreciation, you can find those deals in many Midwest markets.  

Start with your network and ask around for suggestions and if people will give you their CPA's contact info.  If you don't have a network of investors built up, attend local RE meetings and stay active within the local BP forum of the area you're investing in.  

Abigail, if I had the cash to purchase a property outright, I would utilize that to get into the property, then refinance and get your money back out.  For example, a seller might be more inclined to accept your offer if you don't have the financing contingency, so offer them all cash.  Then once you close on the property, refinance it to get most of your money back out.  

You could also BRRRR since you have the money on hand. Essentially you flip a house but keep it and rent it out as opposed to selling it. If you do it perfectly, you can continuing pulling your money out and buying the next, building the portfolio!

If they were not separately metered I would make sure to include those numbers in the deal as well.  If it breaks your requirements, then I'd steer away from it.  As I'm sure you've know, people tend to not care about how much gas/water/electricity they use if they're not paying for it.  

Other than that, the biggest reason not to invest would be exactly what you mentioned, not having the demand to meet the supply of the park.  

Corey, I personally would call every bank and credit union in the area and see who can offer better than 67% LTV, that seems rather low. I've heard of HELOC's as high as 95% with exceptional credit, so there are definitely other options out there for you. Best of luck!

Great question! I personally would say anything in sales would give you a great foundation to getting involved in real estate, it's a relationship game as many will say.  You have to be able to connect with others a provide a solution that will work for the both of you, which I believe is what sales revolves around.  I got my degree in finance and I believe it greatly helps me with real estate, however, by no means is it necessary.  I could've easily learned everything on my own in regards to the financing/running the numbers/different metrics/etc.  As for you being a sophomore, meet with as many people as possible and learn everything you can, as well as don't think you can't get approved for a mortgage right now.  It is possible to get started even without W2 income, just have to get creative.  Best of luck to you man!

Joshua, would you consider moving into the property in order to complete your goal?  I'd suggest house hacking so you can get into the property for 3.5-5% down, assuming you can qualify for the mortgage.  You'll have to live there for a year, but in order to get started in real estate you have to make some sacrifices.  Best of luck to you brother!

FHA 203K loan is going to be the route you'll want to go. You'll have to pay PMI but can refi out of it into conventional later on assuming you've added enough value.

Ed, assuming you're looking for higher cashflow, anywhere in the Midwest with a good PM company is a solid choice. A lot of people are flocking to STR in Gatlinburg area right now as well as there is high cashflow there if you get a good price, as well as a STR market that nearly all feel will continue being STR friendly, as opposed to some cities cracking down on them - check out BP podcast 364 if you have any interest in this.

Start by learning anything and everything you can.  You should be listening to every BP & BP Rookie podcast and reading as many books and blogs on real estate as possible until you feel comfortable. I would try to approach a parent or family member as see if they'd be willing to partner, they get the loan in their name and you maintain and manage the property and tenants.