All Forum Posts by: Natalie Rose

Thanks everyone! I know everyone says to see more banks and I have to say that was the first bank and although I know I need to see way more, it’s still a little discouraging lol 

We have bought our first property, live in while Reno with plans to get renters, and pull equity out in a loan to then go buy the next. After talking to the bank sounds a lot harder than what podcasts and the rei community makes it sound! 

I would like to know how/at what point investors are able to “quit their jobs” and become full time teal estate investors? 

(The bank told me I would need to be able to cover the cost of 2 mortgage payments a month with just my income, how the heck do people with more than 2 properties do that?!

@Frank Patalano thanks for your time!

@Frank Patalano unfortunately I don’t know a single thing about wholesaling!

@Frank 

@Frank Patalano oops sorry I meant an investor to “fund” the deal that was a typo. I am always looking for deals but it’s mostly so I am prepared for when we CAN buy again with our own money. Until now I have not thought about joint ventures. We have all the passion, ability to work, but not enough of our own money. 

@Frank Patalano

We bought our first house in December and we are not yet done our basement suite renovation - if I were to pursue another property I would have to find an investor to find it, and I don’t think it’s a good idea! I think I need to be patient and wait until I have equity in this home, have it rented, and not treading water financially myself.

@Nathan G. New to bp forums. Just wanted to say thanks for your insight! We just bought our first home in December and have been rehabbing it with a hope that it will be worth double when we are finished - but every single day I am so antsy to be buying more properties. I needed a reminder to slow down because it will likely not go well if I don’t have patience!

I just bought my first property a few months ago, the main floor has been renovated and we are now about to finish the basement into a legal suite. The plan was to get that done and then pull the equity out to purchase the next property but I’m already getting so antsy to have more properties and I see/ hear of all these people scaling way quicker than that! The rate I’m going I’m looking at maybe 1 house per year.

My question is this: if I have debt currently, is it really a good idea to pursue finding a joint venture partner? (I would be working side of partnership as it is the money that I need to finance more deals). I see both sides- if I bought more deals now, it would help me pay off my personal debts quicker by attaining cash flowing properties or doing flips. But I do see the other side being that I don’t have anything other than the ability to do the work plus I have debt.

If anyone could shed some light that would be great! I’ve been researching since December but mostly regarding getting my own financing. Im slowly realizing I may need to work with partners to get where I want to be quicker.

So you mean the down payment coming from the previous property as in if I sold it? Thank you very much! I’ve got a few books on the go right now along with podcasts and webinars. Very early stages learning right now thank you for your time I appreciate it!

@George Lay

Hi there thank you for your response. By second mortgage I just meant the mortgage I would have on the second house. 

I really don’t know much about investing and I’m just trying to explore as many options as I can as I do not have much of my own money. 

We paid 17,000 as a down payment which put our mortgage at 153,000. 

We are putting between10,000-12,000 into renovations. The math on our house as a rental property works out to $200 a month positive cash flow after paying mortgage, insurance, vacancy, repairs fund.

I was hoping I could refinance once renos are done and use a HELOC as a down payment on a second property, but then do I need to qualify for a mortgage the same way as I did on the first one? So that I have 2 properties with 2 separate mortgages plus the HELOC to pay off? Like if I get 50,000 HELOC and I put it into a 100,000 house, can I get another mortgage on that remaining amount? I'm sorry I'm completely new and just trying to learn as much as I can

Is it better to work with an investor for the financial side of a deal?