All Forum Posts by: Melanie Kent

WOW! This is so impressive and inspiring!! Congratulations!!!!! That's huge and a great example of how hard work pays off. Really enjoyed reading this!!

Thanks for taking the time out to provide guidance. It's a little late to house hack but I did buy my first home conventional with only using 1K out of pocket at 3.6% interest and it came out cheaper than renting. I may have built some equity here I am looking into that now. I am not able to stay with family. However, I do work from home full time (worked very hard at my company for this privilege) & I have been able to cut the daycare cost & be more flexible. I cut my bills pretty low that I can cover them all under 1 paycheck (I just got this far). I been doing delivery on the side making like $350 a week on average. Possibly a few more hustles where I can make hopefully double that to use all towards debt and investment savings on top of the 401K hack and money from my job. I can also take my kids with me they love going for rides so that's a plus. I wake up everyday write goals and replay the plan or adjust as needed. 

My thing is I am SOOO hungry for real estate investing and passive income. Esp after rich dad poor dad lol. I always wanted passive income but ended up choosing a career thinking that was the way to go in America - WRONG lol. I have a very strong desire for passive income because I am a single mom - I think..... how can I make money while I wrestle on the living room floor with my toddler. We always have to kill 2 birds with one stone. 

What helps me is to see all the sacrificing you guys have done to get where you need to be. My friends are not into this type of stuff they all think I'm nuts. So it really is refreshing to know I am not the only one sacrificing to make my dreams come true. I am 35 - my kids are 18, 12 and 2. I do not miss a beat with my family but I miss a lot of beats with friends, gatherings etc....They are on vacations I am working/saving....etc. 

It really helps to see how everyone that shared has a unique story in how they got started. I really admire everyone on here. I really really enjoy hearing these stories it helps in so many ways :)

Thanks for sharing!!

WOW!! Thank you for sharing!!! It is refreshing to hear that there is and will be a light at the end of the tunnel. I been reading, researching and networking the last 4 years. I had a few distractions but for the last 6 or 7 months I have been on track. I have cut all unnecessary spending, started cleaning up debt and working side jobs to help. I am also huge on cutting expenses. I am a single parent of 3 well 2 kids if you don't count 18 yrs olds lol so it is hard and to know it doesn't happen overnight helps. Really appreciate you sharing!!

In real estate the hardest part appears to be the beginning. The first deal, the first sale, buy, flip, hold, mistake, approval, and so forth.... As a beginner, I am learning that even though this game doesn't require a degree, it still requires a resume. To start from the bottom, with a 9-5 to financial freedom one thing everyone has in common is how they started out. 

What are some of the things you did to save money, find a deal and get approved for financing etc?

Everyone started somewhere right?

If anyone doesn't mind to share....would love to hear!!!

Again, this deal is not on the market it is a good friend selling to me. The properties are actually being updated now so the deal is not ready yet. They are getting new tanks, furnaces, cabinets and whatever they need. Remind you they have to pass the HUD inspections. They have a regular maintenance guy that handles any issues when needed which I will continue to use as he has been very good with them.

I do have reserves and I also have a pretty decent paying job that I PLAN TO KEEP (for another year or 2) & other means of income. My personal expenses on the home I personally own is low (3% interest - conventional) and I will continue to keep it that way. When this deal goes through I do not plan to live off the money I plan to let it build as I have other investments I am working on.  

The value before repairs are close to 50K on 7 of them - I am getting them for almost half that already updated with tenants at rent NEAR $700. Some are 2 bedrooms and will be less. The taxes in the area are low and it's a better school district. Using HML I'm sure in the beginning the cash flow will be much less.

This is a good friend that wants to see me win!! I just have to meet them half way at least. 

They are teaching me everything!!

I used to do maintenance on foreclosed and abandoned homes I seen a lot of madness (I'm pretty handy for a woman lol). The potential/future problems do not scare me - you have an issue - you fix it. Sometimes you take losses - it's all a part of business. I am new to real estate but I am not new to business. 

Before I posted this discussion I actually never looked into portfolio lending until someone above suggested it. After that I talked to 2 different portfolio lenders. One said they do not work with first time investors and one said the min value they loan on is 75K. However, I just talked to another one who seems to be a good match for the deal. Fingers crossed!

I posted the discussion for suggestions as I am new to investing. I am trying to be creative in getting the deal funded. I read a book by Bigger Pockets about being creative you just can't give up. You may hear 50 no's before you get the one yes you need....but all it takes is one yes!! Once I am considered experienced I'm sure it gets easier right?

The deal is not on the market. I caught it right before it hit and negotiated a deal for myself. The seller was impressed with my determination and is willing to work with me until I get the deal sealed. I was initially trying to avoid HML due to the higher interest rates and go conventional if possible. However, I am learning that HML is the better option to start out and then refi once I am seasoned. I would love to take a referral fee for the deal....but I am going to make this happen one way or another.

Also, I am taking HUD training...I believe there's a certification that comes from it. I am learning the in's and out's of everything from the seller. I just have to come up with funding so I can take over as the seller is no longer interested in being a land lord. Once I grow I will definitely look into a property manager. As for now, I plan to handle everything.

@Rick Pozos thanks for the advice I have updated my profile. I am based right off of Cleveland, Ohio. I didn't realize I was a member that long I was referred by another investor. I haven't been on here much since I started this discussion. 

Thank you both for sharing. I just talked to a couple portfolio lenders and the value is too low to loan on. I don't think the owners would want to do owner financing but that's my last option. It does seem like a lot for a first time investor but the properties are being updated right now and the tenants are funded by HUD. The hardest part of investing is starting out I guess :) The cash flow from these units are at least 7K a month after expenses. If I can just find one lender to give me a chance.....

Hello, I am a new investor and I am looking for a creative way to purchase a deal. I have a motivated seller willing to help seal the deal. The deal consist of 22 units which all have long term tenants. The only issue is because the seller is giving me such a deal on the properties the bank will not take separate mortgages under 40K. I need creative financing but again this is my first deal and I can buy the properties one by one or whatever strategy will work best. These are 11 duplexes tenant occupied. Does anyone have any advice on how to make this deal happen? The properties appraise for approximately 15-20K more than the sellers price to me and the bank says it's not enough to loan on.