All Forum Posts by: Romney Salanoa

Hey Adrian,

Welcome to BP! It looks like you want to get into multifamily properties, a tip I have for that (and its honestly a tip for investing in general) is to go to your local REIAs and build strong relationships with some good wholesalers in your area because that's where I am finding my best cash flowing deals right now.

Hope this helps,

Romney

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Hey Shuvrajit,

How are you planning on financing this deal?

Hey Evan,

With little money down I would either need to do an FHA loan and move every year but you get a new house with cash flow if you underwrite well and look well for 3.5% down. However for a family this strategy is probably not the best or the ideal, so I would get into flipping homes through the novation strategy. If you do this make sure you have a partner that has done it multiple times before because if you have no money it will be risky for your first deal. ou can find these partners at your local REI.

Hope this helps,

Romney

Welcome to BP Secunda! if you haven't you checked out the free book The Ultimate Beginners Guide to REI it is a great read. Especially if you aren't familiar with some of the terms and investment strategies that are most commonly used.

Hey Stacy,

Have you thought about trying hipcamp while you wait to find a use? You just rent out the land to people wanting to go camping. I would also look into tiny homes if you build a good amount on the property you could Airbnb the homes or sell them for a good profit.

Hope this helps,

Romney

Hey Aaron,

Have you talked to any hard money lenders in your area, you should still be able to use that form of loan because its not contingent on other factors. I would talk to several hard money lenders to find the best rates and then you should be set.

Hope this helps,

Romney

Hey Sam,

It sounds like you would be living in it. Have you thought about an FHA loan or am I wrong in assuming you would be staying there? I would also go to your local REIA if there is one, I can usually find a good amount of lenders there, and I have found they have better rates when I have a good convo with them in person.

Hi Sandy, 

I would go to your local REIA, I usually find several good private lenders there and you can more easily negotiate good rates and how the lender works with people. You can usually simply look up some too but I would be careful about those, and then you can also find some on here through the search tab or looking through peoples bios.

Hope this helps

Romney

Hey Christopher,

What are you trying to get out of the property, long term consistent cash flow, flip for quick cash, maybe short term rental? And do you have a specific price range you are aiming to buy, along with the amount of cash flow you need to achieve for it to be worth it?