All Forum Posts by: Theresa Reynolds

@Benjamin Aaker

@Evan Polaski

Are you referring to the difference between the two downpayment options with 5.8k? 

I'm getting 4.8k as difference

But yes, I am planning to buy more properties, I just don't know when I will find another deal. So technically it could sit in the bank for another year earning next to nothing in interest, but hopefully I'll be able to invest it.

It looks like I should be able to cashflow 150$/month with option 2, but I am debating to try turning it into a short term rental getting a potentially better return.

Buying a SFH with a conventional loan for 95k. I got two options from my loan officer.

1) 20% down (19k) , 4.875% interest, P&I = $402, Cashflow = $200

2) 15% down (14.2k), 4.875% interest, PMI = $22, P&I = $427, Cashflow = $150

Which one makes more sense?

@ Cameron Tope

Why would you not make any money for 2 years as a real estate agent?

I am a teacher and I’m done working at the end of May. I’m playing with the thought to get a real estate license instead of signing on for the next school year.

I’m looking for an investment property but also for a house for myself, however places with a rental unit where I want to buy are not affordable right now.

My loan officer said as long as I continue to have a full time employment with similar pay it wouldn’t affect my ability to obtain a loan. However, a real estate agent’s pay is commission based and I would have to wait two years to get a loan.

Should I try and get a house under contract quickly before my time as a teacher is up or are there any creative ways to finance a purchase

in that situation ? I don’t want to wait two years because I’m worried I won’t be able to afford anything then.

One option I thought of was to buy a small investment property in cash and then use a heloc to take out money to buy another house.

Are there any other ways to do this?

@Tyler Warne if you are interested please pm me and I can give you call. Someone else is looking at it tomorrow but I can set up a showing for you too.

@Nathan McNathan nope it’s green

@Corey Stubbs I' gonna be there this time!

@Patrick Britton Thanks for the great advice. The last thing I want to do is go to jail. I just am having a hard time walking away when the market is so competitive, but frankly foundation issues are beyond my comfort zone.

@Patrick Britton 

I have a house under contract currently in a very competitive market in  Montana for 100k. The inspection revealed some foundation issues and I know I could probably re-negotiate the price a bit and the numbers would still pencil out. However, it is my first deal and I am not comfortable to deal with foundation issues on my first deal. I am on the fence between taking on this big project or walking away. However, walking away seems stupid when the market is hot like that. 

So I was wondering how I would go about wholesaling this deal to someone more experienced? This is highly time sensitive as I have only 4 days to respond.

Thank you for the valuable advice!