All Forum Posts by: Trevor Thompson

Thank you @Chris Mason for your feedback! 

Just running through scenarios in my head to make sure I'm getting the basics hammered into my head. I'm looking for what I'm missing beyond the cookie cutter scenario I put below.

Scenario: Say I find a house listed at $200,000. I have a partner who will be handling the down payment up to $10,000 which in this case is 5%. The mortgage that will be pulled will be an Owner Occupied FHA because my idea will be to house hack this beautiful 4 bedroom with 3 other roommates. After six months of "seasoning" and minor cosmetics, the house is now magically appraised at $220,000 (because we got the house on minor discount and made money on the original purchase). Now I'm looking to refinance the loan at let's say $211,000 because my partner would like a 10% ROI which would equate to $11,000 in order to payoff my partner's investment. After paying off my partner, I now have an outstanding mortgage of $211,000 (This doesn't include the monthly payments made during the six months for simplicity sake), along with $9,000 in equity.

I appreciate all feedback and critiquing any outliers.

-Trevor

@Gilian Gegawin Thank you, I appreciate the welcoming!

Thank you Ashley! I'm excited for the upcoming months and will definitely keep BP updated! 

Thank you Tracy, I will take a look at it! 

I'm trying to find a simplified way to get more specific market reports based on ZIP codes. I can gather market reports (New Listings, Pending, Closed and DOM) based on the County, but was curious if there was a resource that can provide the same data, but based on the ZIP codes. I would assume that agents are able to pull this data from the MLS, but wanted to verify if there were any alternative resources to gather this information.

Thank you,

Trevor 

Thank you Andrew and Mary! I appreciate the kind words, I'll be seeing you guys around in the forums.

Howdy! I'm Trevor Thompson! I'm currently 22 years young from the beautiful state of Oregon. I don't have much background in real estate other than obtaining my real estate license when I was 19 and sitting on it until I made it inactive (I was young and lost at the time). However, in the last few months I have decided to take control of my choices and start working towards early financial freedom! In the upcoming months I will be attending the University of Oregon to pursue my degree in accounting and eventually achieve my CPA.

While I have been studying the biographies of many of the greats that have obtained financial freedom, real estate seemed to be one the major keys for these people to obtain their wealth. I always knew there was no point in reinventing the wheel if it has worked for others, and if people have what you want, then study what they do to get their results. I strongly believe that Biggerpockets is a strong resource to obtain as much information and experience that other investors have used to strengthen their portfolio, I look forward to meeting and networking with many of you!

My primary goal in my early real estate investing portfolio is to obtain as many cash flowing properties as possible while in school. I'm currently on the lookout for properties that I'm able to house hack, primarily focusing on duplexes or triplexes. By the end of 2018, I'm setting my goals to have 4-5 cash flowing properties while also looking for flipping opportunities.

I look forward to networking and chatting with as many of you as I humanly can!

Trevor Thompson