All Forum Posts by: Simon Sanchez

Does anybody here live in Iowa? & Do you know if there is any meetups near Estherville, IA. The closest meetup that I have researched is Des Moines, IA but that is 3hr 12min away from me so I was looking for any closer to my area. Any help would be appreciated!

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Ive read on The book on Investing in real estate with no and low money down that a 1-4 unit property is considered residential however I have been to 2 local banks and told them I was planning to househack and they have told me that since I would be renting to others and gaining income that it is commercial and what have to put 20 down is this strategy worth it now since according to them I'm unable to use an FHA loan since it's commercial property what do you guys think?

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Quote from @Tim Herman:

@Simon Sanchez Your variable expenses might be high. Hard to estimate without more info. SFH or multi. Size of the property. You would need to run capex and repair budgets to get a more accurate number. Insurance seems low.

Multi- family duplex 1,921 sqft copied what the insurance was from realtor.com

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View report

*This link comes directly from our calculators, based on information input by the member who posted.

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Quote from @Peter Mckernan:

Quote from @Simon Sanchez:

Hello everybody my name is Simon and I'm a beginner in real estate investing and looking to invest in my first residential property unsure of what strategy is best for me and my situation or where to start my primary focus is cash flow although equity is nice too I'm currently reading the book on investing in real estate with no and low money down to get ideas on which path to cross aswell as to develop an efficient plan of action what do you guys think? any suggestions? questions? etc.

Any recommendations on finding a mentor?

I would read, stay on these boards as much as possible and find a mentor in your area! Try a little bit of everything the first year with that mentor, or with a couple mentors! The tasting of it all will provide you the knowledge to find out what you will really want to be in for you life in real estate!

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Cedar Rapids, Iowa

Quote from @Eliott Elias:

What is your situation? Impossible to know without

What details do you need?

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Cedar Rapids, Iowa

Quote from @Nathan Gesner:

Quote from @Simon Sanchez:

Yes, you need to find deals. But you need to narrow your focus down to the kind of deal you want.

Are you renting? Do you live alone, or have a small enough family that you could live in an apartment, duplex, or something smaller? If so, the best option is to purchase a multi-family up to four units. You can purchase with less than 5% down as long as it is owner occupied. After 1-2 years, you can do it again. In just a few years you will have eight rentals and then can purchase a single-family home for yourself.

Ok, I am going to check with a traditional lender to see if I qualify for an fha loan so I can put a 3.5% down if everything goes according to plan and I qualify for the loan I will pursue this strategy however what if I don't qualify what do you suggest as a recourse for financing? And also what do you recommend in terms for finding a deal?

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Cedar Rapids, Iowa

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Cedar Rapids, Iowa

All Forum Posts by: Simon Sanchez

Simon Sanchez has started 4 posts and replied 8 times.

Post: Is there any meetups closer to my area?

Post: Financing real estate househack

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: I need help starting my real estate journey!

Post: I need help starting my real estate journey!

Post: I need help starting my real estate journey!

Post: I need help starting my real estate journey!