All Forum Posts by: Ryan Muska

Professional-grade pictures are extremely helpful!

Wow, this is a cool opportunity! I'm not in the area, but hopefully by commenting, someone in the area will be able to check it out! 

Best of luck!

Welcome to the forum!

Since you don't plan on occupying the property, you'll have to put 15-35% down depending on your credentials and the property. 

that being said there are two options I would suggest for you:

Conventional loan: going to be based off your debt, income, assets, credit history, employment history. This loan will be easy to find and is doable for first time homebuyers who are purchasing an investment property. This loan will provide the lowest interest rates for investors typically 

DSCR loan: based off credit history, expected rental income, projected monthly mortgage payment, and assets. Most lenders will not lend to you if you are a first time homebuyers purchasing an investment property, but there are still a lot out there that will! These interest rates will typically be higher than the conventional

that being said, judging by the amount of money you have and CA being very expensive, I'd recommend investing out of state. But I don't know orange county too well. Let me know if you ever have questions! I'd love to connect!

Definitely put in the work with that second unit. Then, in a year, move into another one while keeping possession of this current one. Cash-out refinance/HELOC the first for the down payment on the second. Rinse and repeat

On paper, this sounds really easy. I'd love to provide some insight and connect!

I'm not sure what your credit score is, but here's my advice: 

The Three B's

Build a Credit, Build a Team, Build a Plan

Build a credit because you are going to always need a credit check done. Might as well have a good one

Build a team because nothing works better than teamwork. Lender, Real estate agent, Contractor, wholesaler, etc.

Build a plan. This may be before or after "Build a team" depending on when you decide the area you want to invest in. Make sure your goals are clear, if you are doing this to be financially free, then what is the number? Want generational wealth, what's the number? Want to take over the world?! WHATS THE NUMBER. What is it you need and work backwards from there. 

Alongside all that, devour information/education.

Hey Cindy, I help clients in Philly often. I'd love to connect to potentially provide some insight or help out!

Very cute property. 

Only thing I would say is, what is the expected rent without the new bathroom, what is the expected rent with the new bathroom, and are there other properties in the area doing this to base your predictions off? 

Don't really have advice, but hopefully me commenting on this will help it get to the "Newest" section of the forum and another more qualified individual may be able to provide insight!

Love is a spectacular and crazy thing, enjoy the ride. 

Congrats on being a RE Investor!

Hope you are able to make this into something more!

Not too sure the difference between master lease agreement and seller financing, but this is what I would do if they were open to seller financing:

Potentially offer them a down payment, have the loan amortized for 30yrs, have a 5 or 10yr balloon that is contingent on the property being appraised for original purchase price or above and you being able to cash out refi. Then go from there. Maybe mention how the annual inflation is 3-5% and try to secure an interest rate around there. 

Sorry I cannot provide more information on the master lease agreement side, but perhaps this comment will push it to "New" and more people can see it to provide more insight!