All Forum Posts by: Nicholas L.

@Anthony Barragan

i would start going to meetups and meeting other investors in person

good luck

@Dustin Brubaker

while they probably won't skip over something on purpose...  a virtual showing just isn't good enough.  (and an agent is not a home inspector.)

why not go there in person?  and if you respond that you don't have the time or money... then how can you buy a property hundreds of miles away?  too many investors are trying to do this type of thing remotely and getting burned.

@David Mueller

i know this isn't the answer you want but... why not just save up some cash?  if you finance something 100% it's going to be very difficult to even break even.

@Sabrina Espinoza

i think you're indicating that you may be financing 100% of the purchase price of a property.  "cash out" loans aren't actually cash - they're loans.  it's highly unlikely that any property will be able to support all the debt on it based on what you described.

i'd save up more actual cash - your own cash, free and clear. otherwise you're just going to be making the banks rich.

hope this helps

@Jasmyne Rucker

can you start with a house hack?  that's typically a good way to get started.

agree with others who said to network and attend meetups

disagree with others who said to start with hard money or retirement funds - that is not suitable for a brand new investor

good luck

@Adon Ripple

i can simplify - if you have 25K, and the down payment is 25K, no.  you need to be more capitalized than to part with all of your funds on a single down payment.  that is way too much risk.

and - almost nothing cash flows right now with debt on it. i'll repeat: you will not cash flow for several years at a minimum.  there will be closing costs, and i can almost guarantee there is at least some deferred maintenance - unless the seller just replaced the HVAC, the appliances, the carpet, the windows, the everything... did they?  i highly doubt it.

I like @Bryce Jamison's feedback.  why not house hack instead?

everyone wants to "do a deal" but it's not 2016 anymore.  

hope this helps

@Daniel M. Eads

hello.  are you saying you're trying to borrow the down payment?  that likely means you're not ready to invest... being 100% leveraged is both expensive and risky.

but if i'm not reading your post correctly just let me know.

@Pedro Claussen

start with a house hack

@Haniyf Mark

need more info.

is the property vacant, or rented out?  why was the loan denied?  how many lenders did you talk to?  can you talk to other lenders?  would it qualify for conventional financing?  could you go live in it if you had to?

@Brett Hushon

Hi Brett.  not enough info to help.  here are some miscellaneous reactions and questions:

-is your property in a location that lends itself to being an STR, and set up in a way that would work as an STR? not all properties will work as STRs.

-do you have a passion for hospitality, and want to own an STR? do you have funds available to furnish and launch?

-what would be the tax consequences of selling?  do you have a CPA that can advise you on that?

hope this gets you started