All Forum Posts by: Luke Berry

Thanks for the responses! 

I do not have money for repairs, and would not be able to roll estimated costs into the loan (at least the 0% down loan). So I was considering taking out a small private loan at a low-ish interest rate or even borrowing from family. The main reason being I want to be able to 1)buy very low so I have immediate equity in the house 2) have room for forced appreciation and 3) be able to rent it out whenever I move out if I dont want to sell. I do like the idea of finding a property that does not require repairs though. @Charles Moore @Nuhan Demirkan

I have considered a multifamily and would definitely be open to it. A few things I have to consider though is that I have a wife + 2 small children and will probably be only approved for about $150K. 

I am in the San Antonio market, and they typically run a little higher than $150K. Maybe I can get lucky and find one in my range and under valued with some room for value add. 

@Mindy Jensen

The other issue I will be facing is my time; I will be working about 50 hours a week so any work on the house I do will probably be part time. The opportunity for the loan just seems to sweet to pass up and I will be moving regardless. After reading the Bigger Pockets Book on Low and No Money Down, I feel that a "live in" is a great opportunity to get started. 

On a positive note, I am not necessarily in a rush to move so I have time to look for the perfect SFH or Multifamily.

Hoping for a discussion on no-money down live in flips/ rentals:

I am in a unique position, as I will be entering a profession that allows me to take out mortgage loans with no money down at 100% financing and a 3.5-5% interest rate. I have to live in the property for 3 months and can apply for a new loan every year. 

Questions/ Concerns: Although I all be able to fund the initial purchase, what strategies are common to fund repairs? Is this too risky as a first investment? Does anyone have any experience with a similar situation? 

Thanks in advance!  

Hey guys, 

My name is Luke Berry and I am currently living in San Antonio, Texas. I am about to finish up school and then will start working full time. I have been a BiggerPockets member for about 6 months and have been soaking up as much information as possible! 

Im looking for other members in San Antonio to connect, net work and potentially share deals with. Specifically, I would like to get involved with buy-and-flip or BRRRR model real-estate. (Buy,Rehab, Rent, Refinance, Repeat!). My goal is to eventually start a real-estate management company and then move into commercial real-estate to bring other investors together for bigger and bigger buys. (dream big, miss small)

If anyone wants to connect in San Antonio, or other areas in Texas let me know! 

Luke Berry