All Forum Posts by: Silas Johnson

Thanks for the resources Paul! 

Calling all mentors in the Minneapolis / St. Paul Area! I am a newbie that is looking to learn more about rehab cost and general flip or buy and hold strategies. I am a journeyman carpenter that is currently laid off until May 1st. I am an owner of a legal LLC that I could be subcontracted through for a discounted rate in exchange for some brain picking. If any rehabbers or flippers or basically anyone with the need for an extra hand is interested, please let me know!

Welcome Jordan!

What kind of property are you looking at getting into?

Thanks Shawn!! I really appreciate your reply. 

Hello all, 

We have been looking to get into our first investment property. We like the idea of house hacking and have been looking at duplexs and tri's. I spoke with a loan officer from my local credit union just to ask some questions. Through our conversation she came to the conclusion that we would not qualify because I do not have long enough work history. I have been employed steadily with a solid salary my whole adult life but took a year off and lived in africa for awhile. This was 2013-2014. That didnt make the loan officer happy and she basically told me that I would probably not qualify for any type of mortgage loan. Credit is decent and I have a nice chunk of cash. Not 20% but was looking to do an FHA or similar low down payment loan. I also did recieve income during this work free year via a pull from my retirement account. Would this qualify as income or do they want to see W-2 work? If no mortgage, what would be some other good options? Hard money then refi? any info would be appreciated!

Hello all,

I was curious how an FHA loan is used. If you have one residence under a mortgage and would like to acquire another and make it your primary residence, is it possible to use an FHA loan on your second purchase? Also, once you've used it, can you refinance into something different and then qualify for the 3.5% FHA again? Thanks in advance!

Thanks for the replies! Thanks Sawyer for the support. I bought the property back in 2011 for $8000. It is in a weird middle of nowhere expat village with good surf. It is difficult to get good property management but it is literally a "love shack" so the standard is that of a love shack near the ocean. We rent it for $250 a month long term or $30 a night short term. We have only had longer term tenants of 3 months or more for the last year. Only bills are $20 a month water and $12 a month propane, and the occasional fix here and there of the mosquito net etc. So I would say it cashflows atleast $100 a month when occupied. It is just a little sketchy and difficult to be so far away. We will be back though to build another casita. Next one will have a real concrete foundation though! Hope to chat with you so more in the future,

Aloha, 

Si and ZEE

Hey community!

We are a couple of Newbs from The Minneapolis/ St. Paul area. I am a journeyman carpenter and my wife is a photo editor. We Are excited to learn as much as we can from this wonderful resource. Our goals are to buy and hold with the possibility of fix and flip in the future to raise capital. We currently own a VRBO in Tofo, Mozambique. Looking forward to joining the discussion.