All Forum Posts by: Parker Staten Rish

I have time but not a lot of money! @Anthony Dooley that was the best answer I have seen to any of my questions on this website thank you so much.  So what I need to do is find a good deal.  Take it to the bank and show them the numbers and what I want to do.  Then receive financing, brrrr it, and reap the rental income plus financing income.  That helps me so much! 

I have heard of it, but where does the financing come from is my question.  Would you be getting a conventional loan to purchase a fixer upper?  What about the money for rehab?  

I am trying to understand how to finance properties as I am brand new, and I haven’t had my ah ha moment yet.  My wife and I recently purchased a home so that we have a nest to stay in, but now we are looking to start generating somE passive income for our newborn baby.  

What would be the best course of action to afford rentals.  I want to buy fixer uppers and put in some sweat equity when I’m first starting out, but I definitely don’t have the cash to put down a huge down payment as well as rehab costs.  How do I go about this? 

Also,  won’t banks stop doing business with you loan wise once you own a couple of properties?  How do you get past that!? 

I am struggling and just can’t put the pieces together yet.  I understand most creative ways to finance and I understand what certain loans do, but I am having trouble figuring out what is good for my situation.  

House hacking is non existent in my area and any area 100 miles from me so I wouldn’t be able to get into investing by house hacking.  My wife and I need a place to stay as we are currently renting and want to own a cheaper starter home.  Knowing that we are buying a home for ourselves what do you guys think I would need to do to get into investing as soon as I could.  Purchasing the home is going to put a huge dent in the reserved.  What should I do to get into this investing sooner than later?

Thanks @Jake Davis I appreciate that.  I was doing 7.5 % vacancy, 8% repair, and 8 % capex.  I think what I should be doing off what you were saying is do 10% vacancy, 10% (capex + repairs) total, then 10% (management).  Even if I don't need the management aspect of it, the money is still there.  The rental for this is 950.  Every house on this street that is rented goes for 900-1k.  So in this situation would it be ok to do 10% vacancy, 10 capx/repair, and then keep a separate account strictly for the management side of it (that I don't really need if im self managing)?

Thank you everyone for your honest advice.  I have learned a lot, and I appreciate your time.  This has been wonderful for me.  Thank you.

so If this was you.  I have factored in 7.5 for vacancy, 8 for repair, 8 for capX, and I plan on managing myself.  This is my first rental so I need experience.   Would this be a good starter?  

https://www.realtor.com/reales...   This is the listing (just for practice sake and running numbers)  I ran the numbers for 105k.  I could ask 100k and it would work better, but I knew I would cash flow even at 105. 

This is at 100k which is what I would offer.  

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

Is there a way I can show you the numbers on the deal so that I can get a second set of eyes.  Is there any way to link my calculator results?

It will rent for 950.