All Forum Posts by: Nick Dunin

@Nick Dunin @Tyler Lawhorn @Bryan Price
Following up on this post 10 months later.. Any updates? Still in the game? Will be in Longview and Kilgore and Henderson within the next week. Would be up to grab lunch or coffee if any of you are still in the real estate game in East TX.

Hey Dylan, sorry man didn’t see your post earlier. I’m still in it and very much new. In the middle of my first deal. Pm me next time you’re in Longview.

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Originally posted by @Norma Montgomery:

I am also in the East Texas area if anyone wants to start a networking group. I found 1 small group, but looking to diversify. Let me know if you guys have started a new group. I would love to join! Thanks!

We're not very organized but there's a group of 3 of us that get together in Longview every once in a while for beers and talk REI.

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I'm close to making a deal (my first) with a builder on a new construction single family home that will be a rental. I'm doing standard 20% down. Was hoping to avoid putting 20% since it will be a little while before I can get another deal. Thought I would share the numbers here. Its a good deal, I'm familiar with the rents, I manage the exact same floor plan on the same street for my mother in law. Any input or things I should consider or creative financing ideas, or anything really is appreciated. Thanks.

https://www.biggerpockets.com/...

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Originally posted by @Kevin Romines:

That will not work.

You are never allowed to get cash back on a purchase or Construction loan. No lender would ever allow something of this nature. Just plan to put 20% down. You could pull a HELOC on your primary to help you cover the down payment and closing costs, that is legit. Otherwise you will need to plan on putting the 20% down that the lender requires.

I hope this helps?

yes Thank you Kevin.

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Financing question.

I’m looking at buying a new construction that I’ve negotiated to $137k. My lenders want 20% down on rentals, which would be 27,400. Id like to be in it for less. Could I up the contract price by $15k to 152k and put in the contract that seller gives buyer 15k at closing?

I would be putting 20% or 30,400 down of 152k, and get back 15k at closing. Which would come out to being in it for 15,400 or 11.2% down. Lower than the 27,400.

Do you know if there are lenders that would be ok with this?

I’m fairly certain it would appraise

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Wow man!!! Y’all did an amazing job! All that hard work and sacrifice paid off!

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@Bill Brandt

Lol that’s awesome man! That’s kind of my goal too… I’m eligible to retire in 65 months from my w2. Just need something to supplement my retirement

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@Cruz Gartner

I can agree with that statement… I’ve been at it a few months, still looking for my first deal… made lots of offers, missed out on some early on…. I can’t imagine being at 3900/mo in cash flow in 18 months! Amazing

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Originally posted by @Noah Juarez:

@Nick Dunin yes sir I know exactly where that is. What is your interest in real estate and what kinda real estate method are you trying to get into?

Im looking to grow cash flow through rentals. I would mainly like to BRRRR single family and small multi family homes. But open to anything. Still looking for my first deal. I've made quite a few offers mostly on market, a few off market.

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All Forum Posts by: Nick Dunin

Nick Dunin has started 20 posts and replied 105 times.

Post: New to the Game of real estate investing!

Post: East texas housing market

Post: East Texas investors!

Post: First deal, SFH new construction

Post: Financing rental purchase w/less than 20%

Post: Financing rental purchase w/less than 20%

Post: Our 2900 sq/ft Ranch flip on 5 acres

Post: Anyone on track to quit their 9to5 in < 5 yrs from rental income?

Post: Anyone on track to quit their 9to5 in < 5 yrs from rental income?

Post: East texas investors