All Forum Posts by: Regina Sitterley

@Jay Walker My experience buying houses started with just what you're doing - only I bought duplexes.  Lenders in my area (NY at the time) DID count rental income toward your income so that you could afford the house.  In my area that was an extra $900/month.  I believe it's possible they will count this income even if you do not have tenants already in place, but I'm not certain.  

I don't think living in a fixer upper is a bad idea, unless you're talking major work.  A lot of houses are live-able, even if they aren't perfect. You could go through and update one room at a time. What better way to learn how to rehab??  

There are lots of articles on here, and podcasts, about "house-jacking."  Have you seen them?  I think they are super smart and a terrific way to get started.  I wish you the best!

"Too strict" and "Tenant Screening" don't belong in the same sentence, do they??  Sounds like you know what you're doing to protect yourself and your property.  Keep up the great work!

Hi @Mark Allen Kenny - You can call "American Dream Realty" in Bucks County, PA.  They do a lot of deals in that area.  Hope that helps!

Hi @Aaron Grant - be careful of the HOA rental restriction guidelines. They may have a limit as to how many units can be rentals vs owner occupants.

Hi @David Robinson!  I started my investment "career" in upstate Ny.  I bought duplexes for cash flow. I found it very useful to locate an experienced agent by looking at who is listing the most multi-families. Welcome to BP!

I would compare the loss of selling now over the potential loss after a year or two of holding it.  And consider what the experts say in your area. Do they expect the market to improve?  I had a bad experience moving away and using my house as a rental.  Then again, I've heard of people who've done "ok" in similar situations.  

Just a thought - I wonder if you can find lists of buyers and market in that way using direct mail.  Seems like I've heard of that mentioned before.  

You only need to come up with 25% if you are paying the full after repair value (ARV). That's usually a retail purchase. I usually buy at a discount, but it depends on what you are trying to do. A lot of hard money lenders expect you to pay closing costs.

@Bobby Barraza Welcome!  You will love BP!  There's so much to be learned on the forums, podcasts and more.  Wholesaling is a great way to get started.  Be clear on your goals and your learning will come faster.  Check out the book, "The One Thing."  It's a short read and very helpful.  Best wishes!

@Alex Wehri Welcome!  I got started "house hacking" with duplexes in upstate NY.  It's a great way to get cash flow while you learn.  You have a great support system hear on BP.  I'm looking forward to hearing more from you!