All Forum Posts by: Tim Macy

First thing is to talk to a lender to find what you can buy.  

You may be able to buy a smaller single family that you like living in and will make a good rental when you decide to move on and use a loan product that is minimal out of pocket.  Then take your cash and buy something in not as good an area that cashflows much better.  You also won't be living next to your tenants, and hopefully when you're ready to move on you can make you primary residence cashflow.  

The first thing really though is to talk to a lender and figure out all of your options.

@Jason Hirko if you were one of the guys in the full suit in the middle of the summer, I would consider you nuts, not professional.  You know I'm in shorts year round!

@Jason Hirko and Jade at Longhorn are the only two I recommend to investors.

Jason has great rates and is a pleasure to work with. 

Jade at Longhorn is a true professional and gets things done.

I actually just asked this question in my local agent forum and talked to some of the top performing lenders in the area and most stay away from the FHA 203k, I think most are going with the homepath renovation loan. Disclaimer: I'm not an expert in this area.

@Joseph Canini I started off full time with no other real options and dove right in.  It can be done, but it isn't easy.  I'm by no means where I want to be, but I've been able to transition and keep the lights on. 

Find sellers, find buyers, find private money, get your license, close deals.  I find the guys that do it are the ones that take off running and find their direction, the ones that I've seen not make it are the ones that wait for direction.  Just my two cents.

I recommend pursuing all of your leads when you're starting out.  Walk as many houses as you can and try to figure out what you need to offer, it's the only way to really learn how to do it right!

I am not an expert, but my two cents: 

Interest rates will finally increase which will cripple home prices.  Less people will buy and more will rent as a result.  It'll be a better time to pick up deals cash, and those of us that locked in the low interest rates will be talking about how smart we are.

If I'm right, I will cite this 8 years from now, if I'm wrong, no one will remember.  

PM or email me for full packet, pictures, comps, ect.

$85k purchase

$30-35k rehab

$160k ARV

Rehab and ARV numbers are estimated, buyers should always do their own due diligence.

PM me for details, pictures, comps, ect.  I can email full packet.