All Forum Posts by: LaVonna Shannon

Hi everyone. My family and I were presented the opportunity to purchase an old tree nursery. My father had a landscaping business in the past but not up and running now. So, there is someone who has experience with this line of work. Anyway, the price of land is almost 1M but definitely overpriced. We have one investor who will put in 100K (possibly more) and of course need to find other investors to help as well. My family doesn't have the money personally, but can get business funding to help with the deal and/or use HELOCs. My question is, who do we talk to about helping us structure the deal and to make sure every thing is fair in regards to the investments. We are trying to get on the ASAP because the property has been on the market for almost 1 year. We need guidance to make this work. Please point me in the right direction. Sorry if I gave a lot of unnecessary info.

@Evan Poole I would love to connect with you to get some more insight on things. I'm open to learning as much as I can.

@Wes Woodhouse thank you so much for breaking it down and answering my questions. I definitely appreciate your input.

I'm not saying that I am an expert but I have been listening to quite a few podcasts a week, and listening to real estate books. My husband and I work full-time jobs and are currently saving a little more aggressively. Maybe I threw too much info out there at once, but I just wanted to see what feedback I could get. Also I am not referring to a VA loan. NFCU offers 100% financing, for 1st and 2nd time homeowners. Thanks everyone.

I know that it can be done. I am learning day by day. I don't believe I. someone tell me to wait it out. I will get this done. I don't have to have thousands of dollars coming in for me to get started. I have been doing a lot of research. My methods may not be like yours, but that's okay. I listen to BP podcasts in my car everyday and so.e people started with a lot of debt, unlike myself. Thank you all for your input.

Javier, I have done a lot of research in obtaining business credit. So are you going to start out with an LLC for your first deal? Do you know which episode of the podcast went into this topic?

Julius, I'm not sure I understand what you are tying to say.

I called my credit union, Navy Federal and asked them some specific questions about their mortgage programs. Here is what I found out: 1. Only a SFH qualifies for 100% financing. 2. 100% financing can't be used for investment properties. 3. There is no length of time that I would have to live in the home before I could rent it out. 4. Navy Federal does not give a mortgage for anything more than a 2 unit property. So right now we really do not have enough money saved to do a down payment currently for the FHA or conventional loan. But we are buckling down to save more aggressively. We want to get started in real estate by putting one foot forward. I'm tired of procrastinating, making excuses, and watching everyone else more forward. Here are my questions: 1. Should we wait until we have saved enough money for a down payment on a multifamily or just purchase purchase single family home as our primary residence with 100% financing? 2. If yes, should we fix and flip this home to make money for the down payment on a multifamily, or buy and hold for income? (which this could also help to save a down payment for the next property and continue with building equity and bringing in month income.) 3. Lastly, after purchasing a property, where do you get money to fix it up? Credit Cards? Personal Loan, Extra money from personal income? Thanks in advance for all suggestions and advice!!

Hi Stephanie, I am a new investor in FTL. Welcome!! You can connect with me at anytime. 

Thank you so much for all of your responses. So I think what I am getting from your feedback is we should save first for the fha 3.5% downpayment before moving forward. I totally agree with this, but I was also trying to get a first time homeowner downpayment grant. I'm not sure which are actually legit or if I'm just signing up for a scam. Is that a route that some investors take?