All Forum Posts by: Jordan Williamson

In general yes. Assuming you have a financing contingency and it is within the timeline. 

Yup. Like @Austin Drew said, the insurance is more expensive. Nothing wrong with them in general, you just have to know the risks you carry and I would want a premium for holding a lesser asset. Personally, if I find a good deal on wood frame then I like to flip it as I prefer to hold concrete block.

kind of an interesting question. Yes wholesaling is still happening across the nation. So is all facets of real estate investing. Wholesaling is getting hit by regulations but its still alive and well if done correctly!

If your asking if you should wholesale then that's a tougher question to answer.

Congrats love this deal!

@Parker Swank anytime brother! Remember, 2 months of research. That is all it takes on your first deal like this if you are diving head first in. DO NOT get sucked into analysis paralysis and never take action.

@Nick Louie I did not see any available at the time, but I would have if it was an option.

You have to live in the property for a year first, but after that time period you can rinse and repeat. You can have up to 10 standard mortgages in your name, but you will likely run into debt to income ratio issues that stop you from getting traditional mortgages after 2-3-4 times. That being said, like I mentioned above, after you get a couple properties under your belt and you have months/years of real estate experience/education you will know what to do. Its good to plan long term, but just get a property or two under your belt and then the pieces will come together for the next 20 or whatever you're looking for.

My wife is an agent, we can handle it if you would like.

@Parker Swank Personally I would use the opportunity to live with your parents to save money. From their purchase a primary residence so you can take advantage of a low down payment option like FHA 3.5% down instead of an investment property loan which will require 15% at best and likely 20-25% for multi family.

Once you purchase you can live there for a year and either purchase another property or (if it made sense) move back in with your parents and then have two tenants and look for your second property. 

The advantage of primary residence vs investment property is the loan types available. Take advantage of that opportunity!

Good luck, let us know how it goes! To me real estate is all about putting pieces together to create a puzzle. You have to do your work to have plenty of pieces so you know how to make a profitable deal.