All Forum Posts by: Amen R.

@Michael Evans I am sorry I am somewhat new, I do not follow you? Are you referring to like crowdfunding or reits?

so @Ana Marie B. you guys paid cash for your investment property. I currently only have access to the 50k so the HELOC woudnt be an option for me unfortunately.

Hi I am looking for suggestions on how to purchase my first investment property. I currently own my own home which is a 390k loan. I am have 50k cash ready to use on a flip or a brrrr. I was wondering if it is possible to get a conventional loan or do i have to find hard money, private money, crowdfunding etc. 

What have any of you guys done when you were buying your first property?

I want to thank everyone who have contributed to this post!  Im wondering if the team/family I have out there will really make this journey a success. I am also wondering the best way to obtain my first property. I was thinking of first attempt to get financed from a lender on a 100k property and putting down 25% and using the rest of my capital for insurance,rehab,utilities, etc. I don't know if this is wishful thinking though. 

Yes! I will be reaching out to you shortly @Anthony Angotti I want to begin with 1 flip to build my confidence before the brrrr.

Another question for buy and hold? Would you recommend a TK or a Rehab property?

Thank you Arpan,

Yes, so conventional loan seems the way to go. BRRRR or straight out FLIP in Pitt is the debate my wife and I are still having decisions decisions!

Thanks Michelle,

My wife wants to do the the buy-hold strategy out there as well hows it going with that?

I just feel like we should increase our capital before we start that journey.

Yes! you're absolutely right. I am not familiar with the in's and outs of the areas in Pittsburgh. My plan was to rely on my mom in law and my cousins who are RE agents to assist me with. I have a few questions I would love input on. One being finance I have seen many SFH under 30k and I have considered doing all cash deal but I have read that these can be horrible for a

first time flips. I guess my big question is what is the best way to finance your first flip I understand that 50k is not a whole lot of capital.

Greetings BP Family,

I am new to REI.I am 29 years old, I will begin with that I am blessed to have a solid career earning 110k annually. I am not looking to change my career. I was also lucky enough to have bought my primary home in 2009 which eventually gained over 150k of equity over 5years. Last years I refinanced my home because my rate was a 5.2% I won't go into detail about how I was screwed with that but long story short I figured Ill refinance to a lower rate and when I was seen noticed I could take 50k out and still end paying less monthly on my mortgage I simply salivated at the idea.

So fast forward, I am currently sitting with 50k in which I am fortunate enough to use it all in REI. My risk factor I would say is, I guess, High! I know it may appear bad but this 50k I have totally in a separate account from all my savings etc I look at this 50k to be "House Money". So My wife and I have been doing research and research and developing a smart goal for our REI adventure and here it is

We currently live in Southern California- We are seeking to invest in Pittsburgh PA

Rationale for choosing out of region: California for us just seemed overwhelming and just well to damn expensive.Pittsburgh not only is more affordable with housing but My wife entire family lives out there, 2 trusted cousins are RE agents, and another cousin is a runs a contracting company. We have already discussed with all three about our potential investments.

Financing: We are really trying to find the best options. As of right now I have a california lender whose company has a license in Pittsburgh so we will be looking at a conventional loan. Well we are debating currently about my wife wants to find an ALL CASH property and I am for the conventional and use the rest of our cash for rehab etc. I have an additional 10k in my savings that I am willing to if needed to use. advice?

Manager of Property:Uncle  

Strategy: Flipping

Goal: Is for each flip to net 20-25k , our goal is to flip 10 houses in next 5 years We will be reinvesting 100% returns until we reach our goal.

Thoughts?