All Forum Posts by: Sean Lunny

Got it - I guess it all depends on how well you know the family? Maybe send a letter to the home and feel it out - thats a tough situation.

How do you know the homes is for sale? Are you assuming or did you see it posted online? If its online there probably is a listing agent tied to it.

Hey Drew,

There are a couple of ways to do it. You'll have to figure out which works best for you and your goals.

You could : 1) get an FHA loan (usually 3.5% down) where you'll have to owner occupy for some time. There are other states that have 0% down programs not sure about Ohio. 2) Find a deal where the seller is willing to finance with little to know money down. 3) Use a private lender who offers no to little money down (typically higher interest rates) 4) Find a partner who has the cash and is willing to fund the deal. There are many other ways but hopefully this will get you started!

Awesome to hear you decided to jump back in. I believe everything happens for a reason and life happens FOR you not TO you. 

My first piece of advise would be to go to some local REIA's and get some face time with some investors who are in the game or have been in it for awhile. You're already doing the right things by learning and reaching out on BP so keep it up!

What answers are you seeking? What are your goals? How can you add value to said mentor?

Ask about them, get their story. How did they get started, what way do they invest (Buy/Hold, BRRRR, Flips ETC) what they learned, what worked for them, what failures did they have that you can avoid?

Hope that helps!

Hey Gary, Awesome stuff man! Good for you.

I would reach out to a local lender and see if you qualify for a low or no money down FHA loan and house hack. Start there and then find a deal!

Shameless plug I do discuss REI on my youtube channel (Not always) but other great ones are Tom Ferry, Graham Stephan, and Morris Invest - also two newer amazing podcasts on REI are The cashflow kings (@Jimmy Murray) and Real estate addicts.

Check them out!

Hey Jeff! In my opinion, pros and cons to both - Pro's of a SFR would be, your own land, more privacy and more equity to be had usually (at least in my area). Pros of a condo would be no yard matin, trash etc - Cons would be, HOA fees would eat at your cash flow potentially but as long as you figured that into your numbers youd be good. Also some HOA's dont allow owners to rent them out (be sure to check that) Anyway - I guess the real answer would be - buy the best deal you can find - regardless of it being a SFR or Condo. I hope that helps

@Junard Lane If you look on realtor.com there should be some specs of ft2 beds/baths etc - you can also find this stuff out when you talk to the prospective seller. You can use a skiptracing service (just google this) or white pages or what Jason had mentioned - just buy a list. Hope that helps man!

Hey Kevin, I know this listing, if its close to Bridgewater State and the rents are in a good range (you have them at 1800 per side) then I don't see why not. Students are always going to need a place to live - I personally like student rentals.

Do you have it under contract for that purchase price? (Looks like it was listed for 350K)

Do you have the capital or loan to get the place?

If so, and you're happy with the cashflow amount then I'd say its a good deal.

Only other thing I would make certain that the taxes/utilities (if you're paying them and not the tenant) are right.