All Forum Posts by: Nate Lewis

Thanks alot @Jesse Peña, @Steven Gesis, and @Lyle McCartee. I really appreciate the input and encouragement. I also have another question. I have still been researching different loans and one that stuck out to me for my situation was the Fannie Mae home style renovation mortgage. It seems similar to the 203k loan from what I've seen so far ( as far as being able to include the rehab costs into the mortgage). I am curious if any of you are familiar with this loan and if there are any pros and cons when it comes to choosing one over the other. Thanks again  

Thank you so much for the input everyone. I will definitely look further into a 203k loan

Hello, I just have a quick question about some financing options. Here's some back story, I am BRAND NEW to not only real estate investing but purchasing property in general. I'm 22 and live with my parents, never rented or purchased property myself. I took an interest in buy and hold investing and have been gathering as much information I could come across over the past few months. I am aware of some of the creative ways ( such as house hacking, seller financing) but for someone just starting out I would like so stick to something more basic my first time around. I also know of some traditional mortgages, during my research it seems as if a conventional loan is the most common amongst investors. My question is lets say I want to buy a distressed property for lets say $50,000. And I qualify for $100,000. When it comes time to close will I have access to the full amount I qualify for or will the bank only give me the price of the house. Will I have to raise the money and cover the rehab costs myself, take out another loan (lets say rehab costs are 15,000), or will there be any money left from the conventional loan to cover the rehab costs??? I hope I was clear with my question, again I'm a newbie, but I am very eager to learn. Thank You

Thank you so much @Dan Perrott and @Ned Carey 

HELLO!!! Names Nate from Kentucky. I am 21 years old and am looking to further my education in REI. I've been lurking around the site for a few days now and MAN!!! there's a lot to learn. My future goal (short/long term) is to become a full-time real estate investor. As far as strategies, I have taken an interest in rehabbing properties and also buying and holding. I am very eager/nervous/ a little overwhelmed but I embrace the challenge. I'm sure I will be asking tons of questions going forward so thanks in advance.