All Forum Posts by: Phil Fowler

@Almaz Hayet Sorry about the confusion! The home is in Missouri, I used SF as an acronoym for Single Family.

@Peter Daniledes From your experience do you think a small bank would consider my condo as collateral? It's not something I'm pushing but I am curious. 

@Dan Weber my partner doesn't make enough money on paper but I am discussing it with my mom as she checks all the boxes to purchase a home. It's definitely something I'm considering but I may just wait until my income is applicable again which I estimate will take 6 months. With the way the market is trending, I could end up being better off by being patient.

@Benjamin Piecenski I figured as much. Quiting my job essentially made me unbankable for the time being and while I transition into my new role (starting a transportation business) I will likely have to wait to purchase the rental in mind. As a lender I appreciate the confirmation, thank you.

I have been working with a realtor on a particular property that I know is a good investment. As I’ve been patiently waiting to close on the property before quitting my job, I couldn’t wait long enough so now I’m left unemployed still trying to buy a 40k SF property.

I have the down payment + reserves but the bank won’t work with me because I currently have no income ( I gave my job 2 weeks notice but I know it won’t close in time to make that work).

Any suggestions on how to still buy the property without having verified income? I was thinking I have to go hard money( which I would do if given no other options) but any other suggestions are appreciated!

P.S you may be asking why I quit before closing but that is a story I don’t want to get into with this post.

Do you mind me asking how much it cost and what portion of the cost was labor/material?

I’m preparing to purchase a rental in Missouri that has a unfinished walkout basement and I want to convert it into a separate unit.

I previously lived in the upstairs unit portion of one and it worked out for both me and my neighbor. My question is cost? What should I expect? I’m a rookie and I don’t have previous relations with the contractors I’m speaking to. What questions should I ask? How much of the cost is labor vs material?

The property cash flows without the additional unit but I’m thinking ahead. Thanks for any advice!

Hi Jonna,

Thank you! San Diego is love : ) I'll have to check out show #80 soon to learn more about you and your approach to investing. Best of luck to your continued success! 

Hey Ivan,

Pleasure to meet you man. So Cal or Nor Cal, we're all family! Not to mention I'm currently taking online courses to become a KW Agent as well so with our mutual connection chances are we'll be able both feed off each other in the near future.

Thanks for reaching out!

Hi BP Family,

I'm looking forward to connecting with all of you! I'm a 28 year old single father who like most of us, followed the route we were told, earned my degree (Mass Comm) and left with a piece of paper and $35k in student loans. Also like most, I read Rich Dad Poor Dad (post college) and immediately started telling myself real estate investing and creating cashflow is where I want to be. I've since purchased a 3bdrm/2bath condo 10 minutes away from downtown which I plan to rent early 2019. With San Diego being a difficult market for a newbie investor who doesn't have a lot of money to start learning the game, I'm hoping to network with you all and of course contribute in anyway I can. I'm not very handy, but I'm smart, in sales (experience cold caller) hard working and ready to learn. My next goal? Househacking 2019! I look forward to connecting.