All Forum Posts by: Neil Siljan

I'd like to say thanks for taking the time to read this first and foremost. I'm looking to start my real estate journey real soon. But to get my feet wet, we have a home in the family that is still damaged from hurricane Katrina. This property is worth substantially more than what it is going to take to fix it. Im looking for a hard money loan/ private lender short term until it can be refinanced.

I'm rehabbing the property for my mom then going to use the equity and my savings to begin my rental portfolio. Thanks in advance. 

                      Neil Siljan

I'll be using a contractor. I have a guy with a solid references and background and he's even done work for friends. So far in my head 100k is my ball park. I tried to talk to her about that. She doesn't want anyone that close but the garage is huge behind her house I thought about looking into adding a story on and making a 1b 1b rental to help supplement her income so she is independently able to live there.

You need a copy of the book of rental property investing. I just finished it. It gives in great detail the steps and best ways to go about buying something like this. Also calculations you can do to see if the property you find is a good deal. Fha is ok there only 2 catches are you must live in the property 12 months after purchase and you can't buy another property through fha until you have been a landlord for at least 2 years

So I live in New Orleans and my mother is elderly 76 y/o and as alot of ppl her age she's on a fixed income. Her house is still damaged from hurricane Katrina.  Pretty deplorable condition, but it's a good size house 2400 sq ft. 4b 2 1/2 bath. 2 story built in 1929 and there's an entire side lot that was never built on that she owns as well. Current condition value is around 350k fixed we're talking 800k or so. She has expressed to me she wants to live out her days there but she wants to transfer the property to me. So I'm thinking hard money loan to get it fixed then refi. But after that I figure home equity and some house hacking i could maybe get a 4 plex or so to start my adventure into landlording. Just trying to get some insight on what people think. This house needs leveling electric plumbing and a good bit of love downstairs inside. But beautiful home heart pine floors original. All plaster and original woodwork. Thanks in advance for reading this.

Searching for my good deal starts today!