All Forum Posts by: Maylin Cuello

I've never used an FHA loan, but have been considering it as I am a first-time home owner that wants to house hack and I am trying to keep my down payment as low as possible. From my research, FHA loans do require a lot more work than conventional loans. Some sellers may also shy away from accepting an FHA loan offer just because of the requirements involved.

Have you heard of Matt Porcaro (The 203K Way)? He has an ebook that is ALL about using FHA and FHA 203K loans specifically for house hacking and eventually BRRRR. He also posts a lot of information on FHA loans, how to find lenders and contractors that will work with FHA, and even how to find deals that will accept FHA.

Quote from @Ben Einspahr:

@Maylin Cuello there is only so much you will get out of self education. They rest you will have to learn by doing. Kind of like riding a bike :)  I understand how you feel. We have all been there.

My 2 cents:

1. as others have mentioned, you do not need to pay for mentorship

2. Dont do STR arbitrage. It is just something shiny + plus you do not get the full benefits of REI (debt paydown, appreciation, depreciation, and cashflow)

3. Stick with HH'ing in your back yard. Keep it simple

Next steps:

1. connect with agent that is familiar with HH'ing and has a solid track record.

2. connect with a lender to see how much you can get pre-approved for. This will help you identify how much you can afford. (if you find a good agent, they will bring you the rest of the team you need. If not, find a new one)

3. start analyzing. Ill DM you the spreadsheet I use. I invest in Denver but spreadsheet works in all markets.

Baby action steps. 

Best of luck.

 Thank you for the spreadsheet! And the baby steps, all ordered for me without having to pay 3K for them 😝 As per your advice and everyone else's, I am looking into getting a preapproval. Tampa Bay isn't the cheapest market, so hopefully I can find at least a duplex not too far that fits within whatever my preapproval numbers end up being. 

Quote from @Dave Skow:

@Maylin Cuello- try getting  pre approved for  a hypotehtical  scenario ...this process is free and  it  should help  educate and  organize  you  and this might help get the  call rolling 

Hmmm this is not a bad idea. I will look into how to get pre-approved for an FHA loan.

I see you are a lender. Is there a specific process or maybe even loan other than FHA that you recommend for first-time homeowners?

Quote from @Theresa Harris:

Most people aren't going to let you rent their home and run a STR. Focus on buying a property and house hacking. Take a home you looked at last spring and see what it is worth today and where you'd be had you bought it. Sometimes, you just need to jump in. There will always be something better coming up or a small problem with the house; look for something that works and go with it. You can fix small problems.

Hi Theresa, 

Thanks for the reply! Have definitely looked at some old properties I've analyzed in the past and I would definitely be cash-flowing even with the high market prices. My biggest issue right now is how high prices have been in the Tampa Bay area, which is why I wanted to arbitrage in hopes of making enough to own my own. Have looked at other markets as well and always get stuck on which market to choose.

Do you own any rentals? If so how did you go about choosing your specific market?

Hey All! 

I am a middle school teacher that has been in analysis paralysis for over a year and a half. I have read numerous BP books, have watched countless hours of Youtube videos, and listened to way too many podcast episodes. Yet, I continuously feel like I am not ready to jump in yet. If it's not the market prices that end up making me shy away, it's some regulation that has popped up in the market I was researching, or an over-saturation in markets I have looked into. 

Ideally, I would want to own a property and house hack or just do an STR on it. However, I have been looking into arbitrage as a way to get started and build up the funds to buy my first property, as we all know they don't pay teachers enough! Has anyone dealt with analysis paralysis and the immense fear of starting on this real estate journey? Any suggestions on how to combat it? ( I know most people will just say I just have to do it, but that is easier said than done).

I have also been considering doing a mentorship, more specifically on STR (arbitrage), but most are insanely expensive and I am not sure if they are trustworthy. I have read a few other forums discouraging this, however, I tend to do very well with coaching and guided exercises. Has anyone tried any mentorships that they recommend?

P.S. willing to take any suggestions/tips, even if they don't directly answer any of the questions asked. 

Hey Heather, 

Like you, I have been stuck on analysis paralysis for quite a bit now and was also looking into mentorship as I do well with directions and coaching. I am also considering doing arbitrage to get started to then pivot into STR and LTR. I've found that most of the arbitrage "mentorships" weren't very genuine, as when I went to do research on most of the people offering them they had little to no online presence and their STRs were nowhere to be found.

Was wondering how you ended up liking the BP Bootcamp? Do you recommend it? Or have you found any noteworthy mentorships? Have you been able to get out of analysis paralysis?