All Forum Posts by: Terron Winn

@JD Martin my story is a little complicated (to me anyways) but I can only rent my place out for about 2100 per month. I live in a community and almost of the residents have the same floor plan as I . I've seen two separate places in my community; both renting out for 2K and that is where I am getting that number from. I have also used rentometer and craigslist to help pinpoint the common rents in my area for a house similar to mine.

What you have suggested is a great idea but unfortunately it will not work for me. Finding a house/apartment with the criteria I need usually falls about 2000 per month. 

Any other suggestions? 

@Michael J. I would love to to be able to purchase a a 2,3 or 4 plex, however, that just seems out of my reach for now financially. Remember, I live in San Diego California and the median price range for a SF residence here is around 500K. I was just fortunate enough to buy my house after the bubble. Thats why I was able to buy my home at 209K and as I mentioned before, its now around 380K.

A down payment for a 500K loan is about 100K and I do not have that kind of money anywhere else besides in the equity of my PR. I can do another FHA and but then I will be subjected to paying MPI again.

@Michael Evans I will look that book up, thanks for pointing me in the right direction!

@Brent Coombs You are right, I was baffled to hear that using my equity from my property was not a good choice. However, this was the only time I heard that was when I called "coaching by peter" to gain some advice. Using my equity from my primary residence was my first thought/option. I dont have other cash laying around to put down on another home.  I guess their reasoning was that they would front me the down payment to purchases my first flip and they would also get me a grant and I would pay them on the back end. 

However, my first and only real option for me would be to pull equity from my residence and buy another. 

@Nirmal Khanderia, You are absolutely right about that. There is so much knowledge out there that one can learn most through reading/listening. I am fortunate enough to be sitting at a deak for 8 hours a day (or am I?) to listen to podcast,videos all day long. 

Hello all, 

I am 32 years old and I would like to have financial freedom; with that being said, I am trying out Real Estate. It has always been the back of my mind but now I am ready to Jump into the waters; However, I dont know where to jump in at or how too. 

I am currently living in my home In San Diego, CA back in 2011 and I bought it for 209K. Now, this home is now has a market value of 380K and I only have a principle balance of 183K. (about 200K in equity) When I bought purchased, I barley made the DTI requirements with the skin of my teeth as I only bring in about 35K a year at the time. As of now, I only bring in about 45K a year. . . As I want to start investing with the equity in my home, I still think the DTI would impose a problem in trying to obtain another loan.

My first thought would be to take out about 100-120K of equity on my PR (if DTI allowed) and then purchase a new PR while renting out the first one. ( I already estimated cash flow on my first residence and it checks out)

Any other suggestions and or plans would be greatly appreciated. 

Thank you in Advance. 

Terron. 

Today I have received a response back from BOA in regards to my insurance. I know I have mentioned that I cannot remove my PMI in a earlier post; however I have made a mistake in the acronym, Its actually MPI that I am paying since I have a FHA loan and according to them,im still shy 16K.

Bank of America states that to cancel the monthly MIP on my loan, the principle balance on my loan must be 78%. Currently my balance is 182,677.62 and it needs to be at or below 164,650.20. They are not looking at equity that has accumulated but the purchese price.

Hello all, 

I am new to BP and even newer in this real estate business; however, I have been highly interested in learning the ropes. I have spent about 8 hours a day for about 3 months (over 720 hours of learning) listening and reading about buy and holds but I cant seem to find much about turning your primary residence into a rental property. 

Here is my story: I have purchased a single Family home in 2011 in San Diego California for 209K Under FHA. Now this home is worth about 385K and I owe about 180K. My payments are 1430 (compound account) with an HOA payment of 105 per month. As we speak, I am in the midst of refinancing to go conventional to get my mortgage down.

a. Shall I rent my first home out for 2000 per month. (other homes like mine rented for that much) Pull out equity to satisfy the 20% DP requirement?

b. Stay in my home then pull out equity to purchase another home in another state. (buy and hold) 

Which option would make more sense? I am at a loss and I need educated guidance . 

Thank you in advance. 

@Jay Hinrichs Yes, they do have last names. Peter Vekselman and Phil  Pustejosky. They both have quite a bit of videos on YouTube and I must be honest; there is a huge following. Then again, their videos are mainly tips and tricks on Real Estate.

However, I contacted both in regards to coaching and both programs require thousands of dollars down to get started. Peters business is asking for 250K but that will be paid off with the flips that are done with his company. Peters company is only asking of 7K but that too will be paid off with the flips that are done. Both companies claim finance the DP on a property and once the flip is completed, money will be extracted from the profits. 

I just would like to hear some actual success stories from people who actually enrolled. 

I have a home that I purchased in 2011 and now it has 185K in equity and I would like to turn my PR into a rental. Take out some equity to pay the DP on my new PR but I was told that was a big NO NO. 

Hello BP family, 

I am new to this Real Estate Journey and I would like to be successful but I know that it takes time and much dedication; however, prior to joining BP I inquired about information with some "gurus" Peter V. and Phil P. I was contacted a few days later form both of their companies and as you all may know. . . .thousands of dollars was involved to become coached by them. 

Has anyone actually bought into this and became a success story?