All Forum Posts by: Tyler Herman

To get a 203k you need to make it your primary residence and live in the home for at least a year. Many banks offer them but select one that is familiar with the process as it's a bunch of hoops to jump through. 

There is also the Freddy Mac Homestyle loan which is usually a better option if you can find a bank to get you one. 

Go to a real estate meetup in your area and connect with a general contractor or flipper and ask if you can shadow them while they work.

Or at least offer to buy them a coffee/beer and pick there brain for a bit. 

If it was me I'd just wait. Although you can start investing now that 30-40k is going to be fairly insignicant after your new job starts and you have more income. Save it to be used for your relocation and downpayment or just to have for an emergency fund.

There would probably be permits, insurance for the event, and rental fees for the land, garbage disposal, portable toilets etc. But if you have the connects and the numbers work out, go for it.

Real estate isn't rocket science. Anything you need to know you can find here for free on the forums. 

Learn to live below your means and save money. Invest conservatively to start and good things will happen. Best of luck.

Spend a month or two on theses forums reading. Everything you need to know you can find here/teach yourself. Go to some local real estate meetups to make connections and learn about the market.

Learn to live below your means and start saving that first down payment. You can't do much without it. 

On these forums research house hacking, and live-in flips, both could be good places for you to start your investing career. 

Best of luck.

A lot of people stay away from West Jackson but hey that might mean more opportunity for you. There are obviously plenty of houses for sale there and it's not like they're flying off the shelves so I'd definitely throw out a low ball offer if you're going to give one at all. The bigger questions is what do you plan to do with the house? Going to be difficult to sell/flip even if you rehab it. If you plan to rent it out, make sure you have a good property manager in place. Cheap houses like these have a tendency to attract unreliable tenants.

Talk to a family member with established credit and get them to partner with you. You can still pay 100% of the down youself and give them a percent of the income for signing the mortgage with you. A win-win for both of you.

Maybe I'm missing something in your post but you do know you have to live in a property you purchase with a conventional loan. It can become a rental after you live there a year.

If it costs 80k and rents for around 1000 it should cash flow, unless it needs a lot more repairs than you mentioned.

If you don't already own the home a 203k or Homestyle loan. If you do maybe you can use a HELOC if you have equity or a construction loan if you don't.