All Forum Posts by: Marcos Paulo Cerra

There are some great articles here on BP on it. There is also BP book on it by David Greene which I have not read yet. 

Rehab is also not something I am very good at but have heard some say to hire workers to handle things like that

@Ezekiel Stroupe

Congratulations on your first cash flow rental property!! Have you looked into the BRRRR Strategy in helping you get a 2nd investment property?

Congratulations on your new investment property!

I know with an FHA you have to live in the property for at least one year. I don't think you need to live in the duplex if you go with a conventional home unless you do owner-occupied financing.

Hello @Evan Eberle

Congratulations on finishing college! Have you looked into House Hacking? You might be able to get a multi-unit property near the college you just attended, or one nearby. You'll live in one unit while the college students live in the other units (usually 2-4 units). I have heard many people start out this way and I am actually trying to get started this way right now. 

All the best!

Congratulations @Peter Davies! Wishing you all the best!!

@Account Closed 

Just be honest with the homeowner. Tell him you can not give him a price yet until you run some numbers and take a look at the property to see what state it is in( how much work it might need). You could tell him the range you are looking to spend on a property if that would help him out a little.

Hello @Sang Nguyen

Not sure if that is a Wells Fargo thing but you definitely do not need 20% down. I'm looking into getting a two-unit property with a different lender and told them I wanted to do an FHA loan which only requires a 3.5% downpayment. However, there is a PMI that is charged for there being such a low downpayment.

As far as the PITI, Im not to sure on that. When I talked to my lender it seemed like she said the majority of that would be paid upfront which confused me. Hope someone can elaborate on this more for both you and me!

All the best.

Seller financing is the seller acting as the bank. The two of you would agree upon the value of the property, the downpayment, what the interest rate is going to be and how long the loan is going to last for. Just make sure everything you guys agree on is on paper!

@Darryl Reed

Look into methods such as using an FHA loan, tax sale properties, and/ or house hacking. The BP podcast has a ton of great information and I would start out with Build A Rental Property Empire by Mark Ferguson. Easy read with tons of great information.