All Forum Posts by: Nick Lockard

Hey @Andrew Postell

This would be an investment property. Not currently looking to move out of my primary residence, so I'm just trying to get info on any products that could help out. 

Thanks for the info that helps a ton!

I've found a couple of deals that look well priced, but obviously the house will need a little work. I haven't looked much into construction loans, but have heard (if your ARV is right) that the loan can cover pretty much all of the costs needed to fund the loan. I don't have a ton of funds on hand to cover significant down payments, so I was just wondering if there's any truth to this or if I need to look in a different direction.

Also, any general info on this type of loan and thoughts on it's viability is appreciated as well.

@Brock Heppner Glad to help!

I actually work for a bank and can tell you (at least with my bank) going in for a loan pre-approval is certainly a good way to go. This helps you hedge your expectation, and you actually know what you can afford and finance.

Also my current resident that I house hack was financed with a USDA loan (specifically a Rural Development loan), and I paid no money down and nothing for closing. Literally just signed and moved in! So it for sure can be done, just go and talk to the mortgage officer to check your options.

Best of luck to you! 

So I'm still in the very early stages of real estate investing. I've got a primary residence that I'm house hacking, and really trying to educate as much as possible while looking for deals and opportunities. I have an RE investor friend of mine who talked to me about a recent deal where he used a construction loan to get it financed.

It sounds like a pretty great option, and I'm definitely interested.

I would really like my next property to be at least a duplex, continue to house hack one side, rent the other, and rent my current residence.

Should I continue looking into a construction loan, or focus more on saving up a down payment for a conventional loan?

Thanks in advance!

Very good point.. Good perspective!

And I'll check that out. Thank you again!

Thank you so much for the quick reply! 

I've heard about wholesaling, but I can't really say I have a firm grasp on what it really is. What resources would you suggest to research it more?

And as far as people close to me I can't say, but there's no harm in checking right? I've thought about finding a deal and finding a partner to fund it. I think I just have to get over the "asking for money" bit, and just go for it.

Thank you so much again for the advice! It's very appreciated.

Hey all,

So I'm trying to get into my first investment property, and I've hit a couple of snags in the plan. I was working on getting the down payment taken care of, but I had emergency expenses come up and won't be able to really save as aggressively as before. 

I know it's possible to get into investing with very little or nothing down, but I'm kind of stumped as to where I need to start. 

I have a mortgage currently, but I JUST refinanced with no cash out. I know the options are there, I'm just needing some help getting in the right direction.

This is also my first forum post! I appreciate all of the help in advance.