All Forum Posts by: Mychal Lee

Im not familiar with a DSCR loan so I'll have to do some research. @Erik Estrada

@Keira Hamilton  im still crunching numbers to see what makes sense. Sometimes I feel like I need to just suck it and pay everything off by working like crazy. Just want to know my o options because my tenants’ lease is up in mid September 

I currently own two SFHs, one of which is a primary residence. I am looking to access the equity in the rental for debt consolidation and capital for future investments. Currently home has approximately 95k in equity and is cash flowing about $300/mo. Current mortgage has an interest rate of 3.5% and my credit would be considered good/fair. What options are actually available or is selling the property the best option? 

I will be following closely. I am in the process of finding my first investment property. Thanks for the motivation. 

Good evening Margie,

If i were to taken on option 1, I would still have to figure out financing whether it be owner financing or traditional. Once I do that I have some funds saved and a close friend who has already expressed interests in investing in flips to fund reno. As far as the area, homes are sitting for about 70-80 days before selling. It’s in a great neighborhood with great schools. I just don’t think that holding and  renting is a great option; the average rents in the area would only cover the mortgage and pay a few small expenses. I was thinking that I could purchase the home, live in it for a year as I make improvements then either refi or sell and go from there. I even considered trying to cash out the current equity after I closed to get another property or at least pay the down payment. 

Good evening, I am Mychal Lee from Savannah, Ga and I’ve been listening to Bigger Pockets Podcasts( out of order), reading books, and picking the brains of several individuals whom I trust on different topics preparing myself to take the big plunge. This year I’ll be turning 28 so I feel like there is no time like the present to jump out there and invest. I’ve even got my girlfriend in on it. 

 I just don’t know which route I should take. I’ve been pouring over different real estate websites and driving around the city to find my first deal and I’m still feel no closer to knowing which route to take. I honestly feel like the real question is which is the easiest or safest route but offers the most lessons and rewards. So here are my two options as of yet. 

Option 1:

My girlfriend coworker is willing to sell me her family home for a reasonable amount less than the appraised value because they like us and they are old and the house is too much for them at this point. The home will offer instant equity but with some updates which it needs will almost double the current equity which I could use towards future investments. 

Option 2:

There are plenty of nice reasonable duplexes tha need some minor repairs that could live in while renting. 

What to do? Which way would be a better first investment? 

Congratulations on completing the project and getting it sold. I am in the process of analyzing a deal with a buddy. We are considering using a hard money lender but are unsure if that is the best option. Why did you decide to use a hard money lender versus other financing options?

When is the best timeframe to start seeking financing when approaching the two year mark for a personal chapter 7? 

Yes, I am very interested in house hacking. I've been going through all of the episodes to figure out the best way to approach investing. 

Sorry for the delayed response, this week I have kind of been all over the place. Thank you all though.

Good evening everyone,

I was informed about BP about two weeks ago and I've been browsing and listening to the podcasts ever since. So here is a little about me; I am a 27 years old and working a great job in Savannah, GA but I've always wanted to own and operate my own successful business. I've tried and failed a couple of times but was blessed to have a former boss who allowed me to learn construction and how to operate a successful business on his dime for a few years.

I am in love with  the idea of being able to take a rough project and make it in to a successful property. So I am interested in buying and holding properties with the possibility of doing a few flips once I have my feet underneath me. I was in the Marine Corps for 6 years so I am no stranger to hard work and dedication and would love the opportunity to learn from all those willing to give advice and constructive criticism. I am truly glad to be here and thank you all in advance.