All Forum Posts by: Mary Ann

I'm concerned that buying a prop as an investment first may disqualify me for first time homeowner or dp assistance programs when I am ready to buy a second home - the one I plan to live in. I do not have enough savings now for the second home I want to live in, and need to use a house as the bank (a strat I learned here on BP). If I pay cash for a 50K house, do I automatically have equity to use for a downpayment to purchase another house? Any clarification on this is appreciated on the best way to do this!

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Hi Kayla do u have any marketing experience? You may be able to leverage other skills to attract an investor or partner.

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Please see my profile and reach out to me. I am available and would love to work with someone I can learn from. Strong tech/communication/marketing skills all around-15 years. Thanks!

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Originally posted by @Chadd Naugle:

Yes I am brand new to this, aside from buying houses that I lived in, I have not bought a house as investment yet...My goals are to acquire rental properties to build wealth and cash flow. However since I do not have much capitol to start with, I may need to start with flipping or wholesaling to generate some cash, so I have down money for rental properties.

I came across Bigger Pockets in my quest to learn as much about this business, as I possibly can before I start jumping right in. This community seems really helpful and forth coming with information, and I love what I have read so far.

Since my strategy is "buy & hold" and I do not have much starting capitol, so I was looking for creative ways to do no money down financing for long term rentals.

Also I am thinking about getting my RE license to make money on deals, help people and have the tools that realtors do, not to mention that it will probably decrease my learning curve substantially when trying to structure a deal for myself.

Look forward to engaging with like minded investors.

Chadd

Welcome to BP! I, too, have the same interest in no money down or creative financing. I blog around here on house hacking and how to make the house pay you. This site has taught me a lot, and I have met some great people off-line. Find the people in your area, and get to know them. BP is everywhere!

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Definitely deciding based on rent record/credit history is best move. You can run a credit check on them instantly. Does the prior landlord keep rental payment record? Congrats on getting this, and managing to live in one of the units!

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Originally posted by @Barbara G.:

This sounds good

The house is $25,000 You have estimated $55,000 for renovation so the total cost will be $80,000. So with your rent roll of $1,200 to $1,350 it looks like it will be an OK cash flow. It also sounds like once renovated rents can be higher? As you say you just have to get the money to Fund it. You have a contractor partner so how much cash can you each bring in?

Are you buying this from a local Bank? Can you sit down with them and see if they can or would offer you any kind of Personal loan on this?

I think your idea of Moving in is a good one. It certainly would help you get this whole thing together. Get the heat going and move in. It is getting warm right now. You say you could contribute $700.00 (your current rent) and that would help. Look at your credit card situation and see if there is anything you can do with that. Can Home Depot give you a $10,000 line of credit toward your building materials? What about Lowes line of credit for your building supplies? What can you borrow with Hard Money? What can you and your partner do with credit cards? How much sweat equity can you and your partner put in?

Good Luck.

This is excellent advice that can be applied to most creative financing situations, when time and money are the biggest challenges.

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I need a mortgage lender who works with people with "challenging" situations, who would normally NOT be approved, and has programs for people in this situation. Any info is appreciated. Thank you!

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I have several years of experience researching coworking spaces (see my blog posts on BP) and belonged to several in Tampa, Dubai, New York, and Miami.

I would like to talk to investors or PMLs who want to get in this niche or learn more over coffee. I'd like to find someone who has a vested interest in the entrepreneurs (particularly tech, small biz, etc) in their community and wants to provide a healthy, safe environment to live/work.

You should be someone already in this space or a business leader. I have access to a large pocket of entrepreneurs who need shared space. Coworking has yet to be clearly defined as commercial, etc since it is emerging as a successful business model.

Many cowork spaces are small single family homes in residential communities (see recent blog post) with monthly cash flow that competes with average tenant occupancy without dealing with "tenants". Looking to purchase my first property. Happy to discuss a plan.

Pls see my profile and contact me via PM only. Thanks!

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@Andrew Davis

I finally finished this whole thread. Hats off to you on this! I'd move in this place! If this is not motivation for anyone to start I don't know what is. Well done.

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All Forum Posts by: Mary Ann

Mary Ann has started 41 posts and replied 133 times.

Post: Will investment prop disqualify me from dp programs on 2nd home?

Post: Will investment prop disqualify me from dp programs on 2nd home?

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