All Forum Posts by: Riley Johnson

Besides not having to rent elsewhere or pay a mortgage on a personal residence, no. I don't think there's any terms of the loan that are beneficial on a commercial loan to live in the property. Give a local commercial lender a call and ask them that question. Let us know what they say.

Try googling [your city or area] Real Estate Investors Association. RIA's seem to be fairly common and meet at least once or twice a month.

Hey Jonathan, you can get a FHA loan on a 1-4 unit property. FHA loans are great because no matter if it is 1 or 4 units, the minimum down payment is 3.5%. Being a FHA loan, you will need to move into the property. When you sign the closing papers, you are agreeing that you plan to live in the property for at least a year. You can also only have one FHA loan at a time. Also, the more units the larger the max loan amount you are allowed to have on the property. Anything over 4 units is going to be a commercial loan which will be completely different.

I am interested in purchasing an abandoned property on my street that appears in good shape and part way through a remodel. By looking at the tax records, it looks like the owner purchased it in 2018 and only made it part way through a remodel before giving up on the property or getting busy. The owner lives about an hour away and owes $3,500 in back taxes. I don't know a better way to reach them but by mail, so I've written a letter.

After waiting a week, do I try to find their number somewhere online or be consistent at write letters every week? I spend some time on Facebook and couldn't find them. There could be more to the story that I don't know about, so I wonder if there is some ideas on how to get ahold of them or what you would do moving forward.

 

@Chris Roberts Thanks for the tip! I had the thought to do that, but have taken no action on it. Now that you say that, I will be doing that. Thanks for taking the time with the detailed message!

I did not know about the guides, thanks for the info and thanks for reaching out!

@RyanChatman This apartment we just moved into was renting out by the room. Currently, we are just renting out the apartment to young single people or young married couples  when we move out we will definitely look into renting out by bedroom as you can make more that way.

I just finished Brandon Turner's The Book on Rental Property investing. I own 2 properties in Logan, Utah near USU and I plan to continue buying in that area. While reading Brandon's book I have created my first process that I am going to work consistently to find a lead to purchase more homes in the area.

 I have also recently read Think and Grow Rich, and have written down my definite purpose in life. I am excited to read The E-Myth Revisited for the first time to assist in growing my business process. Any encouragement/advice moving away from house hacking or contact with other investors in Cache Valley would be appreciated!