All Forum Posts by: Madeline J.

Hi. We are looking at buying a condo in Hollywood Beach area. I've done some research and it sounds like the low elevation areas are possibly going to sink over the next few decades. Also, it seems like foreign buyers looking for a tax shelter make up a big percentage of buyers. Can anyone offer insight into the market? We're from the Midwest and unfamiliar. 

Hello! I have a private medical practice/recently quit my W2 job. I would be a really really awesome borrower (very secure work, very good credit, 0 debt) but don't qualify for a mortgage because my business has been earning money for less than a year and I quit my other job. 1. Is there such thing as a bank statement loan that considers qualitative data about the borrower when determining the interest rate? I would like to get qualified for a bank statement loan so that I can consider buying a home sooner then hopefully refinance in a year. 

Other question: Does anyone know of bank statement loan companies that offer particularly good interest rates? I'm having trouble finding any rates listed online.

Thank you!

Hello. I am a psychiatric nurse practitioner. I had a W2 job and quit in Jan 2020. I was preapproved for a mortgage up to 600k back in May last year based on that job offer. That preapproval has since expired.

 I now only have self-employed income from my private practice. I was looking into health care provider/physician specific loans and it sounds like all require minimum one year of income not counting any business tax deductions to qualify for a mortgage. The rest of my financial picture is great (no debt, good credit, savings). 

As a health care provider with a new private practice, is there any way to qualify for a mortgage?

- Somehow combine with office space to qualify for small business loan?

- Cosigner?

- Any specific lenders who consider small business owners or health care providers that consider this situation?

- Take a job then quit the job.... (?) that is not a very ethical thing to do, I understand.

Those are just my ideas. I understand I am probably grasping at straws and will just have to wait a couple of years, just wish I could get in on these low interest rates!

Thank you for your thoughts,

Madeline

What is the best way to shelter money from taxes and saving for future real estate investments? My employer offers a 403b with no match and I'm not sure I should take use it if that's my goal two years from now, or if there is a better way to shelter my savings for the purpose of investing in real estate in approximately 2 years. I am likely interested in using an FHA loan at that time to purchase a fourplex, but am definitely not set on that, as I understand much can change in two years in the market.

Thanks!

Maddie

https://www.amazon.com/LIQUIDATION-ENTIRE-Millionaire-System-Bresser/dp/B00IVTTBSO - List More Sell More is mentioned on the most recent BP podcast by someone who became successful as a real estate agent and in other aspects of the field, I'm guessing a lot of that would translate to marketing skills as well.

Sounds like a very respectable ROI especially in an A or B area. How did you calculate the 12% ROI? Does it include repairs and capex? A target ROI varies a lot from market to market and strategy to strategy, but any positive cashflow deal is a successful one. One way to calculate a target ROI could be to calculate how much of your time a property requires per month and compare it to the net income it provides. This would enable you to compare hourly wage against other ways of spending your time/capital. Of course, this would not factor in the total return with future debt pay-down and appreciation, not to mention the education you get from being your own property manager. Perhaps someone with more experience or with knowledge of the Detroit metro area can chime in.

Wow, I was not expecting to get detailed replies from so many people who have done amazing work combining profitable real estate investment with making a sustainable positive difference for kids growing up in urban poverty. Thank you all for contributing. It's not only inspiring to see what is being done but also opening my mind to how I could make a business plan that incorporates both sides. I work as a nurse in urban community mental health and am in grad school to be a nurse practitioner in this field, so I do have some experience in these communities from that angle. Still very much in the early learning stage all around but I would love to reach out to some of you and see how I could help bring this work to the Twin Cities in the future.

I appreciate all these comments and love the concept of partnering with reputable community agencies that would enable me to avoid excessive risks like some people described here. I appreciate hearing about the potential pitfalls.

@Robert Lorenz -- your story is inspiring -- I really want to hear more success stories about how this has been done. How did you learn? 

For a few months I've been learning about how to use my unused income from a full-time job to invest in real estate and have been reading lots of books like Hold: How to Find, Buy and Rent Houses for Wealth, Brandon Turner's books, E-Myth Real Estate Investor, the Rich Dad Poor Dad series, and listening to the BiggerPockets podcasts. 

Now I'm realizing that for this whole idea to fit in line with my values I'd really like to use my investing to not only create a passive income for myself but also to contribute to making low socioeconomic urban neighborhoods better, particularly for kids who grow up in those areas, like helping them be less exposed to toxic substances and pollution, or have safer neighborhoods to play in, or more access to health/education resources. 

I have no idea if this is a feasible goal as a landlord or if/how people have tried to accomplish this in the past. But I'm having trouble finding books to read on this topic, especially ones that are directed at how potential investors could get involved. If anyone has any resources to suggest, please let me know! Thank you.

Note: My main market would be the Twin Cities area but I'm curious about this topic nationwide.

Hello, I currently work and am in grad school in Portland, OR, and am planning to move back home to MN in a little over a year. 

There is a 3bed/2.5 bath townhouse for sale in outer SE Portland for sale (probably would be considered a "C" neighborhood but is hip and property values trending up) that I could house hack with an FHA loan and live for only about 200 bucks a month excluding repairs and vacancies (the rental market is hot and the property was built in 2007 so I am only including P&I, MIP, taxes and insurance in this equation; property has no HOA dues). Would something like this be a great opportunity or not necessarily worth my time at this point?

I ask because my other option is to keep saving money and house hack when I get back to MN in a little over year. In Minneapolis rental prices are lower as are home values. Thoughts on what would be a better option?

Thank you!