All Forum Posts by: Rachel Wagner

How do you ask an investor how much he would sell the property for or what it would take when he hasn't officially listed it but knows he would be open to selling?

Got it, thank you!

Hey everyone,

So I'm looking to purchase my first investment property and house hack one of the units. Only thing is that I recently started a new business less than a year ago that produces a ton of cash but I pay myself a modest salary. Since it's less than 2 years old they won't be able to help me with a loan unless I have someone with more stable proof of funds. 

My question is, if I bring a co borrower in to show proof of funds will I still be able to get that 3.5% down? I will be the one financing the entire deal, they will just be helping me to make it happen while getting a % as well. 

Thanks in advance,

Rachel Wagner

Hey Everyone!

So I'm currently in the process of purchasing my first multi family property that I intend on house hacking. I have a business in the short term rental space where I only lease but I've been looking to add owning into the picture. 

I have a few properties that I believe would be a good fit. My question is, should I send a LOI prior to getting pre approved or wait until I know what I qualify for?

Thanks so much!

Rachel 

@Ola Dantis Completely agree and love the feedback! Thank you so much.

@Ned Carey got it! Appreciate your reply. Thank you

@Dennis Folk wonderful thank you!

Thank you for your insight! I was reading about 203k loans and thought that I might have to actually live in the property? I'm going to guess with your reply that's not the case. Why would you suggest using cash to pay for labor? Thanks again for your feedback! I'd love to talk more. 

Hey everyone,

So I just signed up for bigger pockets and am brand new to real estate investing. I currently do rental arbitrage, meaning that I lease from landlords to then rent out the properties on sites like airbnb, etc. 

But I just got offered the opportunity to invest into my first ever property that a friend of mine is looking to sell. 

It's in Bradley, IL... About 1 hour from Chicago and around 50K for 2bds and 1 bath. 

I knew I'd be purchasing properties sooner or later but now that it may be happening I'm not exactly sure how to go about the whole thing. 

I know I'll be doing some renovation work to make it more appealing since I want to turn it into a short term rental that I'll actually own. 

Any advice? And anyone in the surrounding Chicago area that's an agent, contractor or property manager?

Thanks in advance!