All Forum Posts by: Patrick I.

Congratulations @Colin O'Neill

@Tina Trussoni I don't see any issue to have the bank handle this.

Congratulations @Scott Pearson. Out of curiosity, what does "SDIRA" stands for ? ( I don't recognize the acronym, sorry)

@Kyle Falkenstein Congratulations!!

@Christina Rudy What kind of contract are you referring to?

@Vanessa Veray BP has various calculators that you are able to use (up to 5 times each, if you are not a pro member). I believe there is one for flipping

@George Kratee Are you working with an agent? The agent should be able to help you get the offer in, i think

@Calvin Mathews I understand you don't have time to pursue the wholesaling option. Also you mentioned that you rather not risk much of your money. Here is one thing I learn in REI: you will need one or the other, and most cases both to start.

The most passive option that I see (besides lending your money) is buy and hold rental properties. Depending on how you start you need to put down 3% to 20% of the purchase price.

I bought my first property with 20% down and spent 2 months fixing it myself (I hired a contractor to fix the things I am not allowed to fix such as electric). Every day for over two months I will get off work at 430 and go at the property to fix things until midnight before returning to my wife and kid. On the weekend, they would join me to help. This is my experience and it costs money and time. Yours does not have to be that way. You way decide  to use your money to compensate for you lack of time by hiring people to do your work, or you can do the work yourself, or a mix like I did. My point here is that you will not get where you want to be if you don't sacrifice the time and/or risk the money. If you are serious about getting your family the brighter future that you mentioned, you will find ways to make/have the time and/or risk the money.

You made a great decision to join this community. Good Luck

@Gus Kazek One thing I found out about literature regarding the different types of loans is that they are always going to be incomplete. I found that when I visited three different banks/credit unions. They offered the same basic loans but many more are specific to some banks. So the true literature that you could find will come from talking to mortgage lenders (banks and non banks, credit unions) in you area of investment. Good Luck

@Tony Garcia The major inconvenient I heard about HOA is the lack of control. Financial decision regarding repairs or HOA fees are decided by a board and you will subject to their decision. Let's say they decide that the pool in your community needs $400,000 repairs. Each owner in that community will have to pay their share to fix the pool (whether you are a swimmer or not). And the HOA fee will eat on your profits.

Good Luck