All Forum Posts by: Timothy Douglas

@Elliott Elkhoury sounds great, thanks!

@Elliott Elkhoury ahh but post my retirement at 25 the journey to ending poverty begins. Learning to wholesale is a great idea though! I’m trying to focus in on one thing though, which I’ve chosen to be securing a duplex as a rental property! I love the advice though, thank you.

@Daniel Haberkost May 2021, Id like to have 3000 dollars in passive income from rentals by that point though so I can dive into scaling the business full time. Worst case scenario I house hack after I graduate.

@Daniel Haberkost I do not, so it follows that there’s no point in doing it

@Aaron K. What would be the point in not investing in real estate with that mentality? Just because I know I'll get rejected there are plenty of ways to get approved and still get loans through partnerships and splitting equity of the property! It's not just the rejection mentality vs. the reality of my circumstances and looking for more creative solutions. And maybe not investors, but partners also looking to hold the property having an open HELOC available was my thought. I see why you would come to the conclusion of investors on hold only being when one is wholesaling though! Thanks for the clarification on cash, I appreciate that.

It was a great podcast and I'm excited to have the book on my shelf. With house hacking, the loan is typically a 3% down loan. How do I get around getting rejected for the loan because of no working history? I'm set to graduate college in a year and a half and I think this is the dilemma I would be hit with.

There are many things on the calculator that I don't know how to obtain quickly and accurately enough to analyze the deal, multiple deals, with confidence in succession and then offer on them. These things include:

Landlord Expenses/Rent

Cap Rate

Loan Details

ARV

Repair Estimate

I've also been told to be pre-approved, but is that even necessary at twenty years old? I feel like it'll just be complete rejection given that I'm in college with little work history. Furthermore, how does having investors waiting idly by with cash work? Is it just a verbal agreement? My final question is whether or not cash is literally cash or could it be an open HELOC loan that is ready to go, or something of that nature?