All Forum Posts by: Robert Saunders

Thanks @Sam B. and @Ann Rosen for your response. Sounds like I definitely need to look into other HMLs. The first one I reached out to is promoted by BP so I thought it might have been one of the best out there. I will check out your recommendation Sam; thanks. Ann, do you have a Hard Money Lender that you would recommend? Thanks again.

Okay so I came across this amazing deal but the seller is requiring All-Cash Offers (as if I haven't heard that before). The deal requires at least $200K to close plus $100K to rehab but will command rents upwards of $4200/month with non-renovated comps selling at $350K. Great right (lol)? With a deal this good, I finally decided to look into Hard Money Loans as a potential source of Financing and the lender told me that one of the requirements is that the borrower (or a partner of theirs) must own their Primary Residence. This is my first investment property and I've always been a renter.

Is this a common theme that I am going to run into with all HMLs? What options (if any) do I have to get around a requirement like this?

Thanks in advance for any insight y'all may have.

What @Karl Hinkel  and @Krystal Todd have recommended are right on the money. BP is a gold mine of information that you can dig through to find the answer to almost any question you have regarding your real estate business. As Krystal alluded to though, participating in the forums is a priceless way to get to know your community of investors. It also shows the BP community that you're serious about the industry and you're not just someone that will fade away after a week or two. If you can find a way to provide value to the discussion forums, it will go a long way to helping you fill up that buyers list of yours.

I will also be at the networking event Krystal mentioned. It's an informal event catered to the "newbie" so we should be able to meet plenty of like-minded individuals at different stages of their REI journey. Hope to see you there!

I am in a similar situation as you where I am looking to make my first investment but constantly run into the dilemma where I am offering on properties and getting outbid by the competition. Finding deals down here is tough but they are out there. Part of my frustrations have opened the door to investing outside of my primary farm area. I would be very interested in hearing the opinions of everyone else, so have any of you considered the Port St. Lucie market? I have started to move my search up in that direction and I have been able to see some really interesting opportunities there. It is only, at max, a two-hour drive away and it's not crazy competitive. The fundamentals seem okay: population, unemployment, recent and long-term job growth are all trending better than the national average.

What are your (@Everyone) thoughts on this market?

P.S. This is a great post @Lua Jambeiro because it starts the conversation and gets people talking about something that we all want to know. There has been some great feedback on this forum and I look forward to seeing what others have to say.

I look forward to meeting all of you that are able to come out. We are all at different stages of the beginning but the goal is the same - to be successful in this industry and create active/passive/generational wealth. Why help each other and keep each other motivated along the way. Let's Do It!

Hey @Rod Kemp. Were you ever able to find that Triplex/Quadplex? I would be interested in hearing how that process went for you.

It is great to see all of you excited about meeting up with one another and really getting in position to learn from each other. As a fellow "newbie" in the game, I'd love to be a part of building a strong network a like-minded Class of 2018-19 Real Estate Investors. We are all at different stages of the investment cycle so we can surely share the process, the lessons, and the successes with one another.

Let's get together the final weekend of August. I like the idea of this first one being a little more informal. Hopefully everyone is willing to share where they are in the cycle. @Mitchell T. @Leo Jurado @Sarah Torres , I'll help plan the event with you. I look forward to meeting you all. Let's get this party started!

Wow @David Krulac, 7 OO mortgages? I typically hear the max is in the range of four or so. I'd love to read what you wrote, what was the name?

SN: I just listened to your podcast episode last week on my way to work; great stuff!!

@Quardell D Johnson 

If you go back to what @David Krulac said above, you won't be forced to sell the house or refinance after you move out. After having occupancy for at least a year, you would be free to move out and rent all units if you please. It just will no longer be your primary residence but will not negatively impact your loan. Generally speaking, you just wouldn't be able to qualify for an additional FHA loan at the same time you hold the other one (though there are exceptions).

 That is correct. You will not run into problems as long as one of the units is your primary residence.