All Forum Posts by: Tyler Hallman

@Sarah Present another opportunity may lie in finding those with excess property in these areas that owners would be comfortable parceling off. I am from Colorado and think your investment is a great avenue most don't think about especially in that state. 

@David Clinton III Thank you that sounds great!

@Matthew Porcaro I agree and that's the direction I've started to look. It seems like the best foundation to get it all started. Thanks for the advice!

@Don Spafford thank you that was a lot of great info. You said you put 10% down on that 4plex and you don't live in it? How did you navigate that? I thought all investment properties required 20% down?

@Tyler Wagner haha I agree it's a sign. As soon as all of this blows over I'll be sure to attend those and reach out to grab a coffee. 

Hello! 

Background: My name is Tyler Hallman and my wife and I are currently living in Coeur d'Alene Idaho which is in North Idaho very close to Spokane, Washington. The Coeur d'Alene area seems like a great up and coming spot to buy and hold property! We are originally from Colorado and love it there as well, my wife is a travel nurse so we get to move to cool places a lot for short stints of time and I work from home and own my own marketing/advertising/design company.

Goals: My goal with investing is to practice the brrrr strategy as well as fix and flip. I am actively looking in the Coeur d'Alene/spokane area for deals as well as the western half of Colorado as thats where our family lives and my father in law is a GC and knows all of the right people to make contracting a home a breeze. I am diving deep into the education of this and want to take action. The goal is to have 5 rentals and have flipped 2 additional homes in the next 3 years. 

What have I done so far: So far I've found a few deals, asked agents about them, and when the agent says who are you working on finance through I hit a wall. 1) I haven't been pre approved by anyone. 2) It seems during all of these podcasts/videos on BP they say "just make an offer" so I get tripped up when I actually get asked where's the money. and 3) well.. I don't have money to put down 20% and because I'm new to this I don't think a hard money lender will lend to me. (maybe i'm wrong there, hope so) 

Anyway thats my story, hope to learn a lot here and make some professional connections!

Tyler 

@Account Closed thank you I am very motivated and this is definitely where I want to go. I'm just trying to understand the in's and out's of some of it that don't quite make sense. I thought if you can afford the payment its yours to do what you want whether thats live in it, remodel it, or rent it. I now understand that is not the case haha. Thanks!

One thing I don't understand is the "lying about living there" situation. Where is the legal line drawn? I'm particularly interested in the 203k loan and buying and living in a property while renovating but isn't it my choice if I choose to sell it when its done? Thats technically still a fix and flip but is there a predetermined amount of time you legally have to live there for it to be considered okay to sell your own property? Or what if I wanted to move and buy a new primary residence and rent that one out? I don't feel like any of that should be illegal but is it? I really appreciate everyone responding! 

Great advice, thank you everyone for pitching in on this with some knowledge I appreciate it.  I think this may be a pass and I will look for something I can live in while fixing.

Thanks!

So a total newbie here, I've done zero deals but am looking to cut my teeth in real estate and looking to make this a career move. I've found a deal, I've run the comps, it all looks great. The deal was on the MLS funny enough BECAUSE..... it tested positive for METH. Yes. So im wondering if anyone has experience buying a fix and flip property that need remediation and how much it cost. I know it can vary widely but just looking to understand others experiences. I spoke with an agent and lender and they said I'd need 25% down.. I don't have that to say the least but I'm looking at a potential 60k return assuming remediation and reno cost 40k. I based that off of $20 per square foot rule. Its in a good neighborhood and comps are 100k+ higher. Maybe one of you would want to lend? I'm unsure, totally new here and want to learn. The bank said I can't do a 203k loan as I don't plan to live there... but can I lie and say I want to live there and just do the reno and sell? Uncharted territory here.

Thanks for any help!

Tyler

Also, I am great at creating websites, running seo for site, graphic design for funnels or flyers, google ads, facebook ads, and marketing (thats my business I currently own and work in now) so if anyone would be willing to education for my value or partner up im open to that also. I don't expect everything for nothing and am willing to do what I need to help others.