All Forum Posts by: Theo Seng

 Thanks Bill, I looked into the Hard Money loans today and you were right. I have enough for the purchase price of the house in cash however, I would need around 30k for renovations. Are there any other loans or financing methods you could recommend?

I'm looking at jumping into my first house flip. I would be doing this will a local partner, we would buy the distressed property in cash and get a hard loan for the renovations. As we are local we plan to do some of the work ourselves, but we will hire a contractor for the bigger issues. I've ran the numbers, we would get it for around 35k, about 35-40k in repairs and the ARV is right around 120k depending on the current state of the market. Is there any advice anyone could offer me for my first house flip? To me the numbers make sense and there is margin for error, I don't see why I wouldn't go for it. My only concern is that the time on the market is around 70-100 days.

Thanks for your insight Victor. When I'm analyzing a deal and accounting for future expenses, how much more do you think I should increase my repairs portion in my expenses for section 8?

Hello everyone,
Recently I've been looking into the logistics of become a section 8 landlord. This was recommended to me by my agent based off of the class neighborhoods I'm interested in investing in. Based on budgeting, section 8 seems like a viable option without any major cons. If anyone on here has some experience or a good reason to stray away please reach out. Thank you all!

I'm currently heavily considering two properties. The only hurdle I am still trying to overcome is qualifying for a fair loan. I have a complicated situation in showing proof of income, however, I have a great credit score. One of the properties I'm considering is a 2bed 2bath duplex while the other is a 4bed 2bath single family home. Last time I approached lenders I was approved for a loan with an interest rate of 9.5%, but that was when I was trying to purchase through an LLC so it was a commercial loan. If anyone has any advice on how I should try to get a solid mortgage or how to leverage my first time home buyer benefits, please reach out.

 Thank you, I didn't know anything about that 5 year balloon. You've been a great help. 

Thank you, I just placed the order. I love Brandon Turners books.

Could anyone recommend me a good book on investing in multi family homes? 

I've recently been looking into seller financing a little bit more. Although it seems like an option worth exploring, I don't see any deals that seem reasonable. All of the sellers willing to finance seem to be looking for around 5 year terms with interest rates above 5%. Although in the long term I could see a good payout it seems you would have to have years of negative cash flow. If anyone on here has had success in these deals, please help me understand how these deals are feasible without digging yourself in a temporary hole. 

Hey Caleb, I'm currently in a very similar situation that you are in. I'm current a junior in college and majoring in business marketing. A friend and I were planning on buying a rental property for our senior year to get our real estate investment careers started. We created an LLC together which was simple, the problems mostly came with the logistics of getting a loan. As students you most likely won't have much prior job experience which makes it hard to qualify and get approved. In my experience as an LLC you have to get a commercial loan in which the interest rates tend to get a little bit higher. I'd love to bounce ideas off each other and talk about future plans someday if you'd like.