All Forum Posts by: Logan Lambert

Hello I am new to the investing industry and have been reading/listening to podcast and reading forums. I went on Craigslist today and found the post attached. I decided to reach out. He responded with

“Hello this is Felipe wholesaler in Orange County
Nice to hear from you hope your event went well

I have motivated cash buyers
That love places in distress or properties that aren’t listed in the market”

I’m wondering how legit this is if he is a wholesaler and truly has buyers he is working with. Should I meet this person over coffee? Any advice would be appreciated..before I meet a stranger from Craigslist 

Apparently, getting a DSCR loan for a rural property (horse farm) is much more difficult than anticipated as many of my normal lenders do not loan on properties categorized as rural. Does anyone know a lender that does in the Middle TN area?

I'm JRod, and I'm thrilled to join this vibrant community of real estate investors. While I've been focused on buy-and-hold strategies, I'm eager to elevate my game and explore new investment opportunities. I'm looking to connect with local investors for meetups, collaboration, and sharing valuable insights. Super excited to learn from all of you!

Best regards,
JRod

Hi Everyone,

I've been saving up and now have over $150k in liquid funds. I'm looking to get into the BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy but want to build a strong team and could use some guidance. Any tips or advice would be greatly appreciated!

First post on BP, hi all.

I'm engaging Memphis agents so I can attempt a first BRRRR. This will be a long distance BRRRR (I'm located in California).

I've got 8 turn-key SFRs but now want the money to work harder.

Do out of state BRRRR investors have tips on getting started and/or pitfalls to avoid?

Memphis investors, is it realistic to expect deals where I can buy a SFH for $100,000, spend $40,000 on renovations, and then have it appraised for $170,000+? Trying to start small, learn the process, then do a few of these a year if it's successful.

Hi all,

I’m excited to finally engage more with the BiggerPockets community! I discovered BP about 3-4 months ago after reading Rental Property Investing by Brandon Turner. Since then, I’ve been listening to BiggerPockets, On The Market, and Real Estate Rookie, and I’m currently reading The Multifamily Millionaire by Brandon Turner.

A bit about myself:

I'm a 31-year-old software engineer looking to become a long-term multifamily real estate investor (REI) and achieve FIRE (Financial Independence, Retire Early). I want to spend more time with family while growing my portfolio. Currently, I'm working on clearing my debt and saving as much as possible, with plans to start my journey by house hacking with my partner. While I'm based in California, I'm looking to begin house hacking a duplex, triplex, or quadplex in Houston, Texas, and build from there.

I’m looking forward to continuing to learn, becoming a property owner, and taking full control of my time and life to eventually quit my 9-to-5. I’m excited to make connections along the way!

Thanks for reading.

Best regards,
Hector Rosario

Hello!

I am 24 years old and I just moved to the Lakeview area in Chicago, IL. 

I've recently become interested in the idea of Real Estate Investing for a few reasons. I have two friends who own rental properties and they are successful with their properties, I read Rich Dad Poor Dad twice along with Rental Property Investing and Power of Habit, I've been told by multiple people apart of the Baby Boomer and Generation X that they wish they invested in Real Estate at my age, I was a Resident Advisor at my University and I enjoyed that role so some of the skills are transferrable, and lastly this is the best time for me to take a risk. I don't have any debt and I don't have kids or much going on outside of my 9-5 career. 

I NEED all of the help and support that I can get to take action and make it happen. I'm not one to take risks but I feel I am capable of becoming a Real Estate Investor as long as I do my due diligence. I'm reading up on books and articles on how to do this but sometimes it's easier to join social groups or talk to people close to me that have done it before.

Right now my goal is to get pre-approved for a loan and to learn from others. Once that has been done I'd like to purchase a property walking distance from myself so I can keep an eye on the property and because I don't have a car. I plan to manage this property myself, manage the finances, manage the tenet forms and etc all by myself so I can learn how to do everything right away when I'm first starting. My biggest fear or weaknesses will be trusting lenders, trusting Real Estate Agents, and trusting contractors. I believe I can do a good job as a Landlord once I have tenants and when I'm up and running. Hoping to accomplish this in the next 3-months. 

Hoping to connect with those who have done this before! Much appreciated!

-Mitchell Petrosky

We are in the process of getting another DSCR loan. What do you all think are the pro's and con's of a 5 yr ppp in the mid 5% range vs 3 yr ppp in the mid 6% range. I'm getting mixed signals about paying pts from lenders and I'm genuinely interested in hearing some of the logic behind which is best for this loan that we are about to do. Just for some info, we have to do DSCR loans at this point in our life and we will not be selling in the next 5 years. I personally don't see a problem paying a couple of extra pts for a 1% reduction in the loan but some people I know are very adamant that we shouldn't be paying pts at this time in the game. Any thoughts?

So after 1.5 years of searching, putting in offers, losing deals after inspections, yesterday I finally closed on my first investment property.

I put together a document of all the lessons I learned that I did not know prior, despite countless hours of investigation on my end. 

This is meant fo the newbie out there who is in my situation and is just thirsty for any info to help them make a good decision. These are the data I wish I knew beforehand.

Hope it helps.

1. Add  50% (yes, 5 0) above what the contractor quotes you for underwriting purposes. Best case scenario - it goes as originally planned, but at least you did your underwriting based on the worst case scenario

2. There is a very different cost to insurance if the house cannot rent within 30 days. Make sure to find out and plan accordingly

3.   Get insurance quotes on similar houses to what you are looking to buy BEFORE you even put in offers. The state i bought in apparently had many companies bail in the last 2 years and insurance was way higher than expected

4. Make sure you know the EXACT age of the roof from the seller and if not, you might have a problem even getting the house insured for roofs older than 15 years old in some states

5. When I did underwriting, since a portion of the insurance costs and property taxes are collected at closing, I reduced those from the first year of expenses. What I didn´t understand is that you pay 1 year of insurance in advance, plus 3 months insurance for escrow, plus every month from the first month you will still pay insurance. Same with prop taxes

6. Unless it´s a screaming deal, do not buy a house from someone going through bankruptcy.

7.  See if there is a way to get a police report to see if there are any criminals, or sex offenders on that street.

8. In certain states where termites are an issue, you should include $150-$200 yearly for renewing your termite report in your underwriting.

While some may read these points and say "duh, you didn´t know that", this is meant for those who want to gather as much info as possible before deciding on a deal.

Happy investing to you all.

Hi All. First post. First investment property. 

Just getting my financial house in order and talking to some lenders. 

Most of them are quoting me: 
An origination fee - $2500

A processing fee - $1000

An Underwriting fee - $1000

Some misc. fee ("Admin") - $500

The numbers change, but ultimately the bottom line is just for the loan, it's $4700-$5500 in fees. 

Is this normal for this type of loan? I assume so since that's what everyone is quoting me. 

I appreciate the help.