All Forum Posts by: Lorenzo Prieto

Hey Luke, I've done loans for travel nurses. In the eyes of the underwriter it does bring some additional risk because there is always an end date listed on the contract and no guarantee that you will receive a new contract, but it can certainly be done. I will IM you. I'd love to look into this a little more with you. 

I'll piggyback off of Kaylee and say the best thing to do is start learning! I love the Bigger Pockets YouTube channel as I'm a very visual person and learn a whole lot better from seeing. Here's a video you can check out called How to invest in real estate on the bigger pockets channel. Take notes. 

Next thing I would say is once you are ready to get started and know what method you want to use to invest it's time to reach out to the professionals. I would do your research and find the best agent and lender for your needs and goals.  

Good luck! Bigger Pockets is a great community! 

@Jonathan Crain Great job on taking action man! It's one thing to learn and a whole other thing to do! I'm a mortgage lender who specializes in 1st time home buyers in Colorado. I just bought my first rental property this year with my girlfriend that we will be renting out by the room also as a college rental. 

Good luck on everything, and feel free to reach out with any questions! 

Hey Anthony welcome to BP! If I understand right you are thinking of doing a HELOC on your rental property. Lenders who do HELOC's on rental properties are a little harder to find but don't stop searching, I know there are investment friendly lenders who do HELOC's on rentals.- I just don't know any personally. Overall, I think it's a good idea. I've helped a lot of people do this exact same thing only difference is they do a HELOC on their primary residence.

Once you find a lender who will lend on your rental property I'd recommend getting a good understanding of how their HELOC products work. - Variable interest rate, what's the cap rate, how much can it increase and how often, pre-payment penalties, etc etc.

Good luck and feel free to reach out with any questions. 

How much equity do you have in the property? Most lenders will go up to 70%-80% LTV? on a cash out refi investment property. If you are looking to go above that I would agree with Greg and reach out to someone who specializes in working with investors.

I think Scott provided some great tips. Apart from figuring out what investment strategy you'd like to go with (STR, LTR, Multifamily,) I would say narrow down the places you would like to invest in and study those local markets. Once you start to ask questions and study each market it will begin to be clear which markets are better than others.

Is there steady job growth? 

How many people are moving into the area on average? 

What is the average income? 

Are there big companies moving to the area? 

Has is the current RE market? Has it seen huge growth or is it expected to be on the rise?

 Thank you for your response Marcus! This is great feedback! 

Welcome to Bigger Pockets Bryan!

If you click on Forums on the top search bar there is a drop down and you can search your location or a location near you and see if anyone has created a meet up in your area. Also, you can do a google search or social media search for local meet ups in your area. 

As for investing the best thing to do would be consult with a mortgage consultant and explain exactly what you are wanting to do. What your goals are, how much you plan to put down, etc etc. Typically with an investment property you will need 20% down or if you are planning on making your current primary into a rental and moving into a multi unit and do a house hack you may be able to get away with 3-5% down. But best to talk with a mortgage lender/consultant. 

Hope that helps. 

Have you thought about purchasing a less expensive home that's maybe a little further from where you are currently located if your market is too expensive? Around the 500k purchase price @ 3.5% down that is around $17,500 not including closing costs. So I'm not sure if you were planning on purchasing a higher priced property but 30-45k may be a stretch. You might be able to get into a property quicker if you get a less expensive property first. 

I think house hacking is a great idea and is something I'm doing now. What's equally if not more important to having the funds for down payment is the ability to repay. Do you currently work and generate enough income that you think would qualify you for a 500k property? 

Other quick ideas: Gifts are allowed with certain loan programs, liquidate a retirement account (if you have one), sell what you don't need, reduce your expenses (eating out is a big one for me), and lastly pick up a part-time job. 

Hope this helps, but yes as Bjorn mentioned it will certainly take time. 

Welcome to Bigger Pockets Jack! 

I wouldn't say it's that simple. Personally if it was me I'd rather purchase a used vehicle simply because of how quickly they depreciate. I would rather let someone else take that depreciation hit and then purchase the vehicle at a lower cost. Also, I think it's important to look into the reputation of the vehicle that you are looking to purchase - ask yourself do they have a reputation for being reliable? I could be bias (I drive a Toyota) but I hear Toyotas are a super reliable car lol. 

Anyhow, give this video a watch - He gives a great break down.