All Forum Posts by: Charlene S.

Thanks for the info Marcus...so far I had checked with a lender my agent recommended and the bank our mortgage is through. I totally forgot about my credit union! I kept an account open with them that I opened in 1990 (tiny balance) but I never use it.

I completely forgot to check with them...but thanks for the reminder. I am waiting on a return call from the loan officer now. Will report on the results :)

Charlene

Hi Everyone :)

How did you decide if you wanted to deal with rentals or flips?

Ideally, I like the buy and hold strategy but may need a couple of flips to raise capital to purchase rental property. I plan to start small and stay pretty small. I forsee 4 properties/year max.

Our lender requires 25% down so unless I use some creative financing (which I am not familiar with) I will be limited to one property for the next 2 years until the rent coming in can be counted as qualifying income by the bank so we can get another loan.

Our primary residence will be paid off in 2017 so we can put together down payments much easier then.

Did anyone start with flips and transition to rentals for this same reason? What financing strategy worked for you?

TIA!

Hi Mehran :) Thank you for the welcome!

It should rent for $950. There is a demand for rentals in the area so I hope to have minimal carrying costs.

Right now I am trying to focus on that fine line of having it nice enough but not spending too much. Very hard for me to do...I want to improve everything!

Hi Brandon, Thanks for the welcome :) We plan to buy and hold. The house is a 2050sf ranch. Foreclosure for $45,000. We estimate cosmetic repairs to be $10-$12,000.

I have subs lined up and we are just waiting for our closing date. I have several projects I can't wait to do in the house...I also love interior design so it will be alot of fun for me.

My husband and I planned to start investing in RE when our home is paid off in 4 years, but I couldn't wait any longer!

Look forward to sharing info with everyone :)

Charlene

My husband and I are about to close on our first property. I am loving every minute of this process and all of the learning involved. We found a great REO and it has gone relatively smoothly.

I look forward to getting to know you and sharing information!

Charlene