All Forum Posts by: Shanai Inns

Hello Everyone. 

I'm looking to invest in my next rental property and I would like to avoid depleting my cash. Is there a way to get around putting 20-30% down? The fact that I am looking to buy multifamily properties limits my options as to what traditional loans are available to me. For example, Fannie Mae and Freddie Mac loans are only available for single-family homes. 

I am aware of private lenders, however, I have no idea where to go looking for them.

Any advice is greatly appreciated. Thanks in advance for all your comments!

Shanai Inns

Hey you guys,

I am excited to say that I will be closing on my first property (a duplex) in 7 days!! Now I am eager to learn the best strategies on how to continue to invest in rental properties (mostly duplexes, triplexes, and quads).

I've heard so many stories where people have bought properties with NO MONEY down and I am wondering if it is possible to do that with these specific investments properties that I have stated above.

I first want to let you know my situation: I am a 21 year old administrative assistant for an engineering company in Tallahassee, FL. I used a FHA Loan for my first property and let me just say...it was not easy! These loan agencies have made it close to impossible for a 21 year old to be approved for a home loan (without a co-signor). Thankfully, I had a good team of people working with me and we were able to make it happen.

Now I am wondering the best way to go about buying my next rental properties. I know there is still so much that I need to learn, but I'm just not sure where to start or if I'm asking the right questions. Any suggestions are very appreciated.  Thank you. :)

I will certainly read these books. :) Thank you! @Andrew Syrios  

So, I will soon be closing the deal on my very first investment property. It's a duplex and I am super excited! 

My plan is to continue to buy and hold properties while doing some wholesaling on the side. I have been researching the best way to buy and hold properties without having to to take out loans. It's not that I am against loans, but I am not sure that I will qualify for that many loans because I am only 21 years old. While doing research, I came across the idea of buying properties "subject to". Does anyone have any advice about buying "subject to" properties?

Any advice is greatly appreciated.

That's amazing! Congratulations!! 

That makes perfect since! I knew there had to be a reason, I just couldn't quit put it in words. 

Thank you @Peter MacKercher 

I have a really simple question that I probably already know the answer to, but I just want to make sure.

When you're looking for wholesale deals is it okay to sign a contract with someone that has already listed their house with an actual Real Estate Agent (like on Zillow.com)? All of the books that I have read on wholesaling makes it seem like we, as wholesalers, are supposed to stay away from houses that are already listed in the MLS.

Is that true?

So, I have an Assignment of Contract that I plan on using with my wholesale deals. However, I want to receive partial payment upfront (before the deal actually closes). The contract that I have right now only mentions the payments that the Assignor has accepted AFTER CLOSING.  How would I add that I want $1,000 up front? Or is that too much to ask for?

@Tim Hall I honestly have not even met with them yet. However, the REIA Group of Tallahassee meets up, I think, every second Thursday of each month. I'm going to to the meeting on the 12th of February.

You should create a profile on Meetup.com and you'll be able to get all of the info.

:) Thank you for pointing out the positive. I had a strong feeling that Tallahassee is a good place to start. I am currently working on my Real Estate license, but I had not even thought of that idea about listing more than I can buy...sounds great!

Thank you, again.

@Dev Horn