All Forum Posts by: Payten Mox

Hi all!

Recently, I was presented an opportunity with a property that is gutted and in need of a renovation. This home is near Portage MI and is currently offered at 75k with an ARV of 350-400k it will need 150-175k in repairs. I am in college and only have 12k give or take to work with. I have great credit and I'm basically reaching out to the community to see what ways you would attack this opportunity. It really is too great to pass up as it is in a rural area with great schools and surrounding lakes. Literally, any advice is appreciated.

My current debt to income is 26% so im okay there. The first house I would do would have to be my primary residence as I will be attending school, to get the higher paying job. Its all just a long process but I have been doing extensive research and reading most of Brandon Turner’s books to try and hone in on the best possible way to set me up. Thank you for the extensive feed back

Hey all BiggerPocketeers!

As the description says, (yes I know this is technically the BRRRR method..) What would you do? Let me give you some background of where I am in this ever so complicated journey.

Me: 20 years old making 28k a year. Here in northern IN the market is HOT! Renting out a bedroom in my girlfriend's parent's house. I have never purchased a house and I am looking into the best way to make it so the first house can be used as a rental property after a couple years after I have finished my med degree. Now with that being said, what (in your opinion) is the best way to go about? Should I use a Hard Money Lender to finance the purchase and rehab of the deal and then present it to a traditional lender for a conventional loan? Or, should I just approach the lender for an FHA 203K Loan. With Hard Money, I know I can purchase and rehab most of the property my self (seeing that I have experience in minor rehab) and drive the value up and go to the bank. On the other hand, using an FHA 203k Loan requires bids from multiple contractors and is overall just a very stringent process. My market is so hot, that when anything pops up such as multi-family it is gone within a week. I might be forced to work with a SFR. Is there some way to use an FHA 203k and use hard money and use the money from the 203k to pay off the hard money lender? Insight on how the true workings of this process is greatly appreciated.

Hello Biggerpockets!

I am a 20 year old here in South Bend. I'm currently in the process of building my nest egg and getting my finances in line with my goals. Within the next year I plan on looking for a duplex to house hack. After that, I plan on flipping a few houses to gain capital to get started on my first rental property. Reading and watching the material on BiggerPockets is very valuable but I also want to get with someone who has been in the game and ask some questions. I have even looked into the local REIA, and plan on attending the meetings once a month.

Zach Gard, thanks for the information. I have been trying to aggressively pay off all the debt I accumulated. I am a self-kept kind of guy and really only would want to have screened tenants that I have no ties with, makes it easier in case anything goes south. I've been looking all different kinds of ways to approach my first rental and this strategy seems to be the best and most efficient way possible. Thank you again for the feedback, all is appreciated.

Hello all!

    I am a twenty year old looking to get into real estate. I've been doing major research along with looking through BiggerPocket's videos and forums. I'll give you guys a quick rundown on my situation. Feedback on how I should go about starting or any general advice is encouraged!

I am in the South Bend, IN 46616 area and parts of the neighborhood are up and coming. Houses are flying up for sale all over because of the foreclosure rate! Now I am only making 15/hr @ 40 hours a week, and I plan on going back to school to get a better job to help build my portfolio. I want to either house hack, or do a fix and flip just to get extra money coming in. I know it is extremely difficult to get lending for someone who has no experience but I am determined to find a way. I am going to have to work a few months to gather any funds for an FHA. My only financial responsibilities are a financed car(huge mistake), car insurance your usual basic essentials. Right now I am living rent free but in the future I'll have to pay at least 200/month. A few months I will be refinancing my car to get a lower payment. Other than that, I would have 6 months of saving 800+ dollars. How would you recommend I get started with my first "fix and flip" or if I can even do a fix and flip. My credit is in the 650 range on CK but my FICO8 is 720. Really, what are my options?