All Forum Posts by: Owen Mitchell

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 How do you know if a zip code is Distressed?

 Which Market do you use direct marketing on? Also do you have any idea of the age group? I was wondering does that have a factor of the success rate of direct marketing? 

Is the next meetup in February? Around the same time?

Hey I’m looking at Greensboro market myself think about doing a house hack over there. Looking to chat with other investors as well.

You can also partner with someone for rentals as well. For my own personal experience I'm limited with what I'm financially able to do as well. For example I have capital for a down payment to do a DSCR loan for a rental I wanted to do but one of the requirements for the loan was to show a history of making payments on a house which I don't have. So perhaps you can do a partnership deal with someone who doesn't have the requirements from such loans that you already have. You have both the steady income from being a broker and the history for paying a mortgage. Find someone with the capital and maybe you can do a Rental Deal that way. Hope that helps.

A little about myself:
Hi my name is Owen and I'm looking to do my first deal. The Flipping and BRRRR strategies both interested me a lot. Due to my own financial situation and goals. I already talked to a several hard money lenders and picked one to do a Flip. In the pursuit of finding my buying power I want to see if I'm able to do a DSCR Loan to do a BRRRR. I talked to someone from KFP Investors yesterday and i really liked what she had to say, but I don't own my own personal home. Apparently to do a DSCR loan you need to show history of you paying your own mortgage. She suggested i take on a partner who would have the mortgage history requirement, im going to start buy asking my grandmother 😏. Hopefully that works. Another thing she mentioned that might be a issue is the types of credit history one has. Ex: I only have credit cards which is a revolving credit but i might be more favorable to a lender if i had an installment loan on my credit, car note. Apparently lenders value installment loans differently than revolving credit. One of my Goals from my Vision Board is to get a Silverado 2500.

My Plan:
So Im thinking to now do 3 - 4 Flips, 20K profit per Flip. To have enough money to buy the truck out right but only put down the required down payment and get the car note so that i can have the installment loan and build my credit score as well. Making me more favorable for the DSCR Loan, and all lenders in the process. What do you think? Hoping to get some useful feed back and hope this helps others as well. Thank You in advance for you reply.

Also would it matter if I bought the truck under my llc, as a business car, since I need it to show on my personal credit?

HI unfortunately we had a death in the family. It was my cousins Mom so she left him a house in Covington, GA. We’re looking for a realtor for when he’s ready to sell the house because he currently lives in NY. Any great recommendations would be appreciated, Thx 😁      

@Olivia Radziszewski OK Thx! I’ll give the rehab calculator a try as well