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All Forum Posts by: Nicolaas W.

Nicolaas W. has started 7 posts and replied 63 times.

Post: Analyzing market to invest

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Scott Pollard What about BRRR method or a "live in flip" by buying a HUD home or a forclosure?

I am currently at Texas A&M but might end up settling in Austin afterwards (I lived there before going to A&M, wish I would of gotten a fixer-upper when I first got there in 2013).

Post: Analyzing market to invest

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3
Originally posted by @Scott Pollard:

That's very subjective. I would say that you find a market that interests you and learn that market inside and out. Within each of those markets is a hyper-local sub-market that can differ from the general area. I believe it's too broad to say one entire city over another vs. specific areas in each. Either learn as much as you can about one or if you have time, multiple, or set yourself up with people in each that are very familiar with each area and sub-markets that can identify opportunities. 

I'm in Austin and would say if you're looking to cash flow, this would not be the right place.

 Why would you say Austin is not the right place to cash flow?

Post: Advice for applying FHA loan with credit no debt average income

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Michael Cohen, Well thank you for your service as well, and thank you for the insight. Looks like I will need to come up with a solid plan and get creative.

Post: Trouble getting an FHA loan approval

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Chris Mason looks like I will need to get creative.

Thank you

Post: Trouble getting an FHA loan approval

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Christopher Phillips Thank you. It sounds like I need to get my numbers in order and start talking to lenders

Post: Advice for applying FHA loan with credit no debt average income

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Michael Cohen Well my situation is that I am currently in an internship, and I should be walking away from it with about $25k in my pocket. I am a veteran and a college student, so I am using my GI bill to pay for school, which also includes a monthly Housing/living allowance. I was hoping to get an FHA, or 203K loan, using some of my money for a down payment for a home in my college town, and house hack. I would be giving that money up for a rental or apartment anyways. I could probably even find a college student willing to live there with me for cheap if they tolerate the construction.
I want to have a general idea on what I am going to do about financing so when I really start hunting hard when I am getting ready to move back, I can take action.
My father is on board, and willing to co sign on a loan, and provide some extra funds if needed, but ideally I would be able to do it myself. 

I have been at my University for a year now, and I have been using the GI bill during that time.
However when I was at my community college I paid out of pocket with money I saved up, because I have seen many veterans not plan their college career properly, and run out of GI bill funding before they are done. While at the community college I did do some part time work but not 2 years straight.

Post: Trouble getting an FHA loan approval

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Christopher Phillips what if I can provide a down payment and have a co-signer on a loan, does it still not matter since I dont have 2 years steady income?

Post: Trouble getting an FHA loan approval

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Chris Mason
I am in college and a veteran so I am using my GI bill which is an allotted amount every month. I have work history but it has not been consistent as I was transferring between schools.

Post: Advice for applying FHA loan with credit no debt average income

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Michael Cohen what strategies would you suggest for someone with similar income, and no debt, but that does NOT have a 2 year w-2 income?

Post: Trouble getting an FHA loan approval

Nicolaas W.Posted
  • New to Real Estate
  • Austin, TX
  • Posts 63
  • Votes 3

@Christopher Phillips can you please elaborate on that more? I am looking into finding financing for buy and hold, and while I have the money coming in to support mortgages in the price range I am looking at, It is not W-2 income.