All Forum Posts by: Marci Mayes

@Briley Roe

Welcome to Bigger Pockets! With three colleges in Abilene, I think it is a great market for investors. I personally owned a rental there for 7 years, but I just recently sold it. I rented to ACU students and used the rent by the room method. I never had a problem finding tenants. My daughter and son-in-law have settled down in Abilene. They are beginning their investment journey there as well. Great place to get started. . .Good luck! 

@Alex Jacobs

Welcome to Bigger Pockets! As a newbie investor, this is the best place to be. Make sure you get your financial house in order first -- decrease debt, increase income, & maintain a good credit score. After you have your personal finances in order, I think house hacking is the best way to go. There are many lenders who have downpayment assistance programs. You could check out some of the lenders on the forums. Sometimes you can also get the seller to pay some of your closing costs. With seller contribution to your closing costs and a downpayment assistance program, you can purchase a home to live in with low out of pocket costs. Choose a home with a way to bring in money to you each month while you live there. This could be a home with a floorplan that allows you to rent a room, a guest suite, storage area in the backyard, etc. Get creative! If you can bring in some sort of monthly income from your house, it will reduce your housing costs while you live there. You will be able to start saving to move to another house in a year or two. This is an excellent way to build a rental portfolio over time without the need to have a lot of cash up front to get started.

Best of luck!

Welcome to Bigger Pockets! You have come to the right place to learn about real estate investing. I highly suggest house hacking as a great way to get started. Find a property where you can live and also rent out out a portion of it. For example . . . a duplex (live in one side rent out the other), a house with multiple bedrooms (stay in one bedroom, rent out the others), house with converted garage or guest suite (live in the smaller unit, rent out the main house or live in the main house and rent the smaller unit). Use your savings for a low downpayment (3.5% or less) on an owner-occupied home. Interest rates will be more favorable than a non-occupied home. Live there for at least a year. Then move out and look for your next house hack. Best of luck! 

My rental near Lake Conroe is located in Walden. I purchased the rent-ready single family home pre-Covid (Feb 2020). With the government shutdown in March 2020 and the general economic uncertainty it took me until May 2020 to place a long term tenant. I took advantage of low interest rates in 2021 and refinanced. My tenant from 2020 is still leasing the home. I plan to sell in 2024 to take advantage of 45+% appreciation. I could use the proceeds to do a 1031 exchange, but most likely, I will use the proceeds to pay down debt on my other rentals to simplify life as I prepare for retirement...There are many options available. I highly recommend investing in higher quality homes, placing a tenant to cover all monthly expenses (harder to do these days), and then consider you many options in just a few years. Nothing fancy. . . As the saying goes. . ."Don't wait to buy real estate. Buy real estate and wait." Thanks for asking! 

Welcome to Bigger Pockets! You have come to the right place to learn about real estate investing. I suggest spending time on the forums, listening to podcasts, reading books, and going to local real estate meet-ups. Use the BP calculators to help analyze deals. If you analyze enough deals, you will recognize a good deal when it comes your way. Good luck!

Bigger Pockets forums are great! My daughter has decided to lease her home rather than sell it. Thank you for all your help!

@Wilson Manigat 

You mentioned that you have a loan for approximately $400K. What is the appraised value of the home? Would you qualify for conventional financing? I have used Andrew Postell to finance some of my rental properties. He may be able to help you. 

@Andrew Postell - Any thoughts? 

I am sorry I didn't make myself clear. . .My daughter would be selling to someone who would be owner occupying the property. She would need a Mortgage Loan Originator to not be in violation of Dodd Frank. I have one in Texas, but she needs one in Alabama. She also prefers a third party servicer to collect payment from the buyer, make the payment on the underlying note (conventional mortgage), and prepare all year-end tax documents. I hope I explained it a little better. If so, let me know if you have any recommendations. 

My daughter currently has a conventional mortgage on a home in Alabama. She would like to sell her house using a wrap mortgage. Does anyone have any recommendations for a loan originator and loan servicer in Alabama who specializes in wrap mortgages? 

@John Jacobson You should consult your lender on you specific situation. What kind of loan are you trying to get? A DSCR loan will not look so much at your bank statements and credit score. If you are trying to get a conventional loan, you may need to have the money in your account a few months for seasoning. The personal loan will show up on your credit report. Your lender will include this in calculating debt to income ratios. Since the personal loan would be new, be prepared to tell the lender what you are using the money for. They will probably ask. I would never try to hide anything from the lender. I would ask them up front the best way to do it. I hope this helps!