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All Forum Posts by: Christian Lautenschleger

Christian Lautenschleger has started 8 posts and replied 72 times.

@Jonna Weber Thanks!  It's on my ever-growing to-read list!  It looks great!

@Conor Hesch Thanks! I own a primary residence condo, which may make FHA loans more complicated. I'm looking at private, creative investing. I will keep you posted!

After a little hiatus from real estate, I'm back!  To make a long story short, cashed out on a duplex to deal another day.

I'm back and I'm thinking more strategically.  I want to purchase buy and holds for passive income on multi-units then commercial properties.

What are the least expensive ways to do that?  I've heard of people looking for and negotiating deals then finding an investor to pay for  deal, then splitting the revenue.

I know there are a million ways to close a deal, with "little" money out of pocket.  

What say you?  Thanks in advance.

Post: Next Property, as Owner-Occupant: Homepath?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18
Originally posted by @Aaron Montague:

Remember, you can flip out of an FHA loan as long as you make enough to pay it off. The FHA gets a 1.75% fee tacked onto the front of your loan (100k borrowed becomes 101.75k loan). So they don't really mind if you pay it off early.

 Ah, good to know.

Post: Next Property, as Owner-Occupant: Homepath?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

Yeah, I've heard that, too.  It's something else to factor in as well.

Post: Next Property, as Owner-Occupant: Homepath?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

I should add that I'm trying to set up meetings with a mortgage broker or two regarding what I've mentioned. 

Post: Next Property, as Owner-Occupant: Homepath?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

Hello BP,

I have a free evening, so I hope I can get some good responses and ideas for my next property.

In April I closed my first property, a duplex in which I "inherited" two long-term tenants.  I live in an apartment, which lease is up in September, and I'm looking at trading my rent for a mortgage.

There are a lot of routes to take when looking at an owner-occupant: I could because a landlord living in a duplex, I could buy a property in which I want to live for the long term, or I can buy a fixer-upper.  I prefer the latter.

I would like to do a rehab of some sort for my next property.  Preferably, I would like to do a flip in which I purchase the property this fall and fix it up during the mean time to put it on the market during the spring when the market heats up.  And flip (hopefully!) again, and again, and again.

From looking at government programs, I could become an O/O for 3-5% down, depending on if I do an FHA or Homepath loan. FHA looks great, but I don't know how much I want to be tied down to a 1-year stay if I do decide on flipping it (now, if I find a place I want to live for awhile, that's a different story). Homepath has renovation mortgages, which requires much more red tape and leg work on my part (I suppose the same with 203K loans), but...

I'm trying to look at REI from a more corporate, long term stand point. Ostensibly I need to do more legwork at the beginning because I don't have the experience or money to just hand everything off to someone right now. However, if I do some renovation project and need contractors and bids, it wouldn't be the end of the world, because that is something I want to do eventually anyhow; it'd basically be pushing me to do it now, instead of a few years from now. I'm kind of thinking out loud with that. I don't believe Homepath reno loans are for DIY.

I could do a conventional loan and pay for the rehab out of hand, or from a HELOC from my property as well. All-in-all I'm looking for advice to flip my first property, as an owner-occupant. No, I don't have experience at this, but I've never had a problem with teaching myself to do things on my own. I'm still in learning mode, but I obviously want to make good deals and make money while attending the school of hard knocks.

I live in Columbus, Ohio. I really have no qualms with living anywhere decent in the metro area. If I do a 1:1 rent:mortgage, it'd basically need to come out to 500/month PITI.

So, BP, your thoughts?  

Thank you for your replies.

Post: New from Northwest Ohio

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

Welcome!

Post: What do you guys think of these doom and gloom types?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18
Originally posted by @Rejean Julien:
I think those articles are great. Would be a really good resource when negotiating with the owner of a high end home :)

Plus articles that propagate fear can really cut down the competition. The truth is, as an informed investor one needs to be able to make their own decisions based upon valid and sensible information.

I especially love how there is an avertisement for a book called "the housing trap" at the bottom. Nothing like fear to sell a good book.

Yeah, always watch out for articles that are book plugs.

Post: How do you determine the value of an idea?

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

Wait a day or two after first thinking about it. Most "ideas" I have seem silly, unfeasible, or undoable a few days after I first think about them.

Post: Advice on Historic House.

Christian LautenschlegerPosted
  • Investor
  • Columbus, OH
  • Posts 72
  • Votes 18

Awesome find. Good luck!