All Forum Posts by: Leigh Jones

Hey Jonathan, welcome to NWA. There are awesome investor groups here for you to get quickly connected -- there's a Bigger Pockets meetup (1/month), an InvestHER meetup (1/month), as well as a larger REIA group (4/month). I can put you in touch with the leads of any of them.

@Account Closed  where in AR? I am in Northwest Arkansas.

Cool, Matt!

I, too, did Brandon's 90 day challenge back in 2019. 

So were you able to buy a cash-flowing deal right off the MLS in St Louis? Or did you find an off-market property?

To answer a specific question of yours; If he stops paying, you are still 100% liable. If yall miss a payment or part of a payment, the bank will report it on BOTH of you.  If he stops paying, you are 100% on the hook. If you stop paying, HE is 100% on the hook.  

Found an article that pretty much sums up the pros and cons. See below. If youre willing to take the risks, I would say get the biggest house you can and rent out as many rooms as you can.  Would be cool if yall could even qualify for a duplex with 6 beds total... 

If you decide to go in together, write down ALL of the "what-ifs," who will pay for what,  and if you get into disagreements, decide ahead of time how they will be settled. Like, 1) 1 person loses their job and cant pay their share....  2) lawnmower breaks -- are you going to replace it with a $50 mower or a $3,000 mower... 3) one of you gets a girlfriend that is now spending 5 nights/week there... 4) one of you decides to move OUT or gets moved with a job... 5) are you going ti open a joint "account" to pay for all the misc expenses for the house (there will be MANY)... 6) who's going to cut the grass? Fix the leaky faucet? Buy the lightbulbs?  .... you get the picture. 

Just think of it ALL ahead of time and agree to solutions ahead of time. Then theres no question how to solve problems.

Delay Closing until you get all the answers you need. If the seller collected ins $ but didnt fix the problems, then lower your offer price.   If you dont get all the answers you need, pull out of the deal. Dont buy a bad deal just bc you've already paid for the inspection. 

Im considering buying in an area with very low property values, say, $50k.  I would initially buy in cash, then finance it. 

I know some banks will not give a mortgage for something this small. 

If this is the case, will they still lend a Heloc against it? Or a home equity loan? 

Whats the smallest conventional loan, HEL, or HELOC you've ever gotten?

You dont have any money invested! Id call that a home run. You took out a big loan, someone ELSE is paying it off, and at the end, you get a 'free' asset. Its totally okay to have properties that are a pure CF play. 

I use Allred. They dont charge for tenant placement and they have great systems (marketing, in-house maintenance, etc). The only thing that isnt 5-stars is their communication...its not great. 

Probably Not necessary unless its seriously affecting your debt to income ratio. Which it probably isn't. 

Also, the Dems  might erase 10k of student loan debt. Id wait to see of that happens.