All Forum Posts by: Account Closed

Hello all,

I am an upcoming college grad looking to begin investing in real estate. After some research on what financial vehicles would be most suitable to my situation, I'm reasonably certain that an FHA 203k loan is the best option for me. With that being said, I understand that one of the most important things to have before moving forward with this loan is an experienced real estate agent and mortgage broker that are familiar with the process and already have connections in place to establish a good team of contractors, inspectors, etc.

I am located in the Minneapolis market - does anyone have any recommendations for real estate agents or mortgage broker that I could contact for more information and to begin the process?

Thanks in advance!

Hello all,

I've been using the BP Rental Calculator to analyze some different deals, but one part of the equation that I always feel as if I'm speculating too heavily on is the ARV and Estimated Repair Costs. I've been examining slightly distressed properties, with the hope of performing a good amount of renovations on the property to get a higher ARV.

However, I'm a college student with little knowledge of the cost of maintenance/repairs on a home. The costs of flooring, roofs, siding, HVAC, etc, are pretty much unknown to me. I know that there are books available on how to accurately estimate this, which I will eventually read when the time is appropriate, but when searching for deals I'm obviously not going to tour each home and do a detailed analysis. 

So to summarize, my question is not on how to get a super accurate estimate of ARV/Repair costs, but rather, how to get a good ballpark estimate when I'm only looking at a few pictures and a short description of the property on sites like MLS and Zillow, or when Driving For Dollars.

Thanks in advance!

Patrick

Thanks for the feedback Oscar! I was actually just reading up on the FHA 203k loan program and was thinking that it also sounded like a good option, but I didn't know that piece about seller preferences towards the loan so that's a great piece of information to have.

Hello all,

I am graduating from college this upcoming Spring and will be starting full time work in September. With the 3 months I have off for the summer, I am thinking of trying to find a duplex or triplex in the Minneapolis market to do a house hack. I plan to take the summer to renovate the property and find quality tenants.

With that being said, this would be my first purchase. I've read a number of articles and books and am confident that I have the abilities to pull it off, but the biggest question I have is on the financing component of the deal. Obviously, as a college student I don't have significant savings but I believe that I would be able to raise enough for a down payment of on a cheaper property in my market. However, the big question I have is how could I finance the repairs on this home? I would like to take a BRRR approach, but raising enough cash to purchase and rehab the property isn't possible for me. Would it be possible to receive a loan that would also cover the initial rehab costs, and then refinance after 6-12 months?

Any other general advice for someone in my position would be greatly appreciated!

Best,

Patrick