All Forum Posts by: Luke M.

That's what I did with my first property. I had to put in 20% and intended on living there, but then got this job and had to move. It turned out to be a great rental. The other two I bought zero down with hard money, rehabbed, re-appraised and financed with the help of a company. But now I'm on my own since those markets have recovered and I can't pound the ground to find my own.
As far as flipping goes, I would study, build a bankroll and wait until I could quit my job and do it full time.
Maybe I should do some hard money lending while I'm still working.

I currently love what I do (federal agent), but it's keeping me from enjoying my passion of long-term travel. I have a plan to quit in a little over 3 years so I can get back to traveling, and want to invest in real estate full time. I've already taken the plunge, and have acquired 3 single family homes with built-in equity that cash flow nicely. I work 60 hour weeks, go to school full time and live in New York City, so it doesn't make it very easy to be buying while I continue to work, although I'm trying. The good news is, I make a pretty good income and live well beneath my means so I'm able to put away $70,000 a year or so.
My question is: What should my strategy be for when I quit. I like the Idea of picking up a large multi-family and traveling while it cashflows. Since I'll be able to sock away around $300,000 before I quit, I should be able to pick a place up for around 1M. I was also considering doing some flips all cash, building up my funds and then trying to get into muti-family properties. Any insight from you guys would be great.

I was thinking of purchasing properties cash, at 25-30% of their appraised value and then taking out a mortgage (or what I guess would be considered a home equity loan) on them after the closing. This would allow me to have little to no skin in the game on a cash flowing property, allowing me to move onto the next quickly and with cash offers. I'm aware that Fannie Mae recently approved this, and it's referred to as "Delayed Financing". Are there any tax disadvantages to this approach, and is this Ill-conceived? Thanks for the input

Thanks Jon, I appreciate the input. Anyone else care to weigh in?

I just purchased my first investment property 2 1/2 months ago in San Diego on a personal loan with the intention of living in it for 1-2 years, and then renting it out. Everything was going to plan until I received an offer for my dream job, and am now moving to New York in a week. The place rented on a one year lease with no problems. What I want to do is change my insurance to accommodate renters, but I'm afraid of the bank calling the loan due to how new it is (I've just only made my first payment).
I would also like to quit-claim it, and place it in an LLC, but again, I'm apprehensive of them calling it.

So would it be wise to get a few payments on their books before doing so, or am I just being paranoid? Bank Of America has purchased my loan, and currently hold it.

Thanks in advance for the help.