All Forum Posts by: Logan Jorns

I'll definitely run this idea by my lender. Thanks for your insight.  

Perfect! Thanks for your insight. 

I am interested in purchasing a fourplex with a 3.5% down, FHA loan. Currently I am in grad school and attend school out of state to where this property is located. I spend about 6 months in St. Louis (where this property is) and 6 months in Oxford, MS (Hotty Toddy) for school. I was wondering if it would be possible for me to qualify for a FHA loan even though I would not be living in the fourplex for the entire year? The numbers would still cashflow with one of the three units being owner occupied (vacant), and was thinking of doing AirBnB for my unit while away at school to help improve the cash flow while I'm gone. I'm concerned that me not occupying the unit for the entire year would violate the loan. Any help is appreciated. Also, always looking for other investors to partner with (this would be my 4th deal) :).

I am interested in purchasing a fourplex with a 3.5% down, FHA loan. Currently I am in grad school and attend school out of state to where this property is located. I spend about 6 months in St. Louis (where this property is) and 6 months in Oxford, MS (Hotty Toddy) for school. I was wondering if it would be possible for me to qualify for a FHA loan even though I would not be living in the fourplex for the entire year? The numbers would still cashflow with one of the three units being owner occupied (vacant), and was thinking of doing AirBnB for my unit while away at school to help improve the cash flow while I'm gone. I'm concerned that me not occupying the unit for the entire year would violate the loan. Any help is appreciated. Also, always looking for other investors to partner with (this would be my 4th deal) :).

Hi!

I'm finishing up Michael Blank's book: Financial Freedom with Real Estate Investing and would love hear if and how this book has impacted your investing career. Did you follow the steps outlined in the book? Do you find Michael's advice to be sound? What was the biggest strength / weakness from the book? Thanks! 

In Michael Blank's book - Financial Freedom with Real Estate Investing, Michael talks about the Law of the First Deal. In summary, he states that after completing your first multifamily deal, it is reasonable to expect to be financially free (or close to it) within 2-5 years after completion of your first deal. Essentially, once momentum is built up through your first deal, the subsequent deals that follow are "easier" to complete / grasp, and your career as an investor will exponentially grow from there. 

For those that have experience in multifamily investing (5+ units), do you find this to be true? Was the hardest thing when investing in multifamily overcoming the mental barriers and putting into action all of the information / resources that are out there in order to start investing? Thanks! 

They say to achieve any goal, it’s important to focus on the process more than the end goal. As the process (the action steps) is what’s going to get you to reach your goal.

With this in mind, what processes are you focusing on / did you focus on to reach your REI goals? (Cold calling "x" number of landlords, submitting 10 offers per month,analyzing 2 deals a day, etc.) Or, what processes do you feel have the greatest impact when working towards your REI goal?

Hi y'all! For those of you who started you investing journey while in college, what's your story / how did you get started? Maybe you partnered for your first deal, maybe you wholesaled, maybe exchanged sweat equity for a stake in the deal. As a fulltime student myself, I'd love to learn how other investors who started in college did it! Thanks! 

Hey guys! With so much content on BP it's can be tough for a newbie for filter through all of the info when first getting started. What are some articles on BP that have impacted you & your investing career the most? A good example would be the article that sticks out to you after reading the previous sentence, even if it was written years ago. It could be on anything; running numbers, mindset training, networking, etc. 

Hi there!

A seasoned investor with whom I've been networking with for the past year and a half has expressed interest in retiring. Because of this, he is interested in selling some of his portfolio. Because his portfolio just became available for purchase he is wanting to try to sell it in one package. I am attempting to draft up a few different offers to present to the seller in hopes of securing the properties. A couple of options I have been throwing around are: 1. Interest only payments to the seller for 5 years with a balloon payment made after year 5. Acquire a commercial loan to pay off the original seller and then have the commercial loan amortized over 20 years. 2. Typical seller financing deal: "x" interest rate amortized over "x" number of years. 3. Acquiring a commercial loan / hard money loan for the purchase price, however I do not believe the DSCR is at / above 1.2.

I am struggling to decide what my best option(s) are. And am wrestling with the answer to the question of "How can I afford it".

Any advice is MUCH appreciated!