All Forum Posts by: Megan Hodges

Hey! I’m just ordering this book and attending my first tax deed sale (Texas) next Tuesday. Planning to just observe for this one. Curious to hear how it is going for you in the real of tax foreclosure sales since it’s been 2 years. I’d love to hear from you- the good, the bad and the ugly! Thanks!

Looking for advice from anyone who is currently subleasing Airbnb’s. I’m in the midst of closing a few deals with mobile home investing and would like to invest some of the profit into starting up an Airbnb. I’m planning to utilize several different forms of investing to build cash flow as quickly as possible. 

My question is- IS there a course/mentor that has actual value and is worth the money? And if you started without one is there anything you suggest reading, preparing for, etc before i start? I’ve done a basic amount of research on rental arbitrage but feel like I should know more before starting. Any advice is greatly appreciated!

Super late reply but I had been considering it for the past year and just start with Fedro this month. How’s it going for you?

The great thing about investing in them is that you can sell them on payments and depending on the price you paid for them you could get 100% ROI with just the down payment or within the first few months of payments. Being that the homes themselves are losing value I wouldn't personally hold onto the home and use it solely for a rental (not sure if that's what's you meant). Holding it would also include being changing you're numbers to include cap ex, maintenance, etc.

@Matthew Porcaro

I highly suggest reaching out to Matt if you choose that route or want info, he’s where I learned it all!

@Joe Scaparra @Cheyenne Gamangasso

I agree with Joe but wanted to add that there is a rehab loan called a 203k which allows you to use it for buying and renovating a property. You can purchase a foreclosed property, ideally a duplex. If you do it right that's automatic equity because foreclosed properties are being sold for what's left of the loan- not market value. Run you're numbers right on how much of the 203k loan you are willing to bid with and use the rest of the loan to renovate the property. Because it's an owner occupant loan you would be required to live in it for the year so rent out the other unit and any extra bedrooms in your unit. That will bring your cost of living down to nearly nothing which allows you to build more capital for your next purchase. Once you've seasoned the loan for 6 months you can cash out refi and considering you probably bought the property way under market value (if you buy a foreclosed property) and then used the rest of the loan to renovate it (adding value) the equity on that cash out should be way over 2-5% Cash on cash ROI which is an extremely successful first investment and will undoubtedly lead the way to snowballing your investment portfolio!!

Hello, I have hit some incredibly time consuming hang ups with my original plan of utilizing a 203k to house hack a duplex, refi and use the equity to invest again. So although I haven’t thrown that plan out- I have a few thousand saved and I need to get my feet on the ground running because I have been studying, reading, researching, listening to podcasts and devising different investing strategies since April 2018! 

After coming across mobile home investing and getting past the initial thoughts of not wanting to do it because... well... mobile homes don't sound appealing, I have done some more reading and listening and watching it and I actually think it's brilliant for someone in my position. I will clarify that I'm only looking for cash flow and when running numbers I'd like to see a 100% ROI within a maximum of 10 months. I just want to connect with anyone else in the area who is doing this already or is thinking about doing this! Thanks in advance!

I am looking for duplexes literally anywhere in the inner Houston area. Honestly, it’s a daunting task. It sounds like you’re hot on the trail to finding a deal. I’m thinking to I’m going to have to go offline hunting to find something that hits the numbers I’m looking for. 

@Nick Love

Houston Texas in the house! Interested in the mastermind group, I could use something to hold me more accountable because I have quite a process ahead of me. I’d love to connect.

Hey guys, just looking for advice here.

I found myself in a unique situation- I had a general direction in which I wanted to do my first investment. I wanted to qualify for the 203k, purchase a foreclosed duplex, renovate it, live in one unit and rent out the other. Refi, use the equity to continue on to my next property, etc. I THOUGHT my biggest problem with qualifying for the 203k would be credit and down payment. To my surprise I was able to get both of those taken care of much quicker than I had expected.

So when speaking with a mortgage broker a few months ago, I mentioned that my husband had just started freelancing this year (2019) and being that I am a stay at home mom, his work history and income info is what we would be using for the application. As most of you know you have to have a solid 2 year history in the same line of work and unfortunately that spoiled it.

At this point, I have spoken to another mortgage broker and he said I do have one option- I can have someone who DOES have that solid work history and meets all of the credit and income requirements, co-sign. The good news is my dad is also looking to invest in real estate and meets the criteria so with my down payment I believe he'd be willing to do it. The bad news is, this only works on a single family home. Obviously that messes around a few things for my genius plan and I'm curious if anyone has any advice on how to house hack a SFH to possibly still make it work like a duplex. Or maybe, flipping the sfh and going from there. I'm not too fond with the idea of flipping as my first investment because I don't hear a lot of good reviews on that but I'm all ears if any has some ideas! I would greatly appreciate it! Also, I'm in Houston in case that affects anything.