All Forum Posts by: Tyler Kneer

I am a new investor looking to purchase my first property. 

I have found and toured a property(s) that are being sold by the same owner. The owner would like to sell them together as they sit on a corner with each other. One property is a Triplex and the other is a SFH. I would like to purchase these properties with an FHA loan if possible. Would I be able to purchase two properties under one sale or one FHA mortgage?

The triplex has two units rented out, with the third unit needing some TLC. The current rents bring in more than its estimated mortgage and it could easily be made into a four unit after the third. 

The SFH is large and could easily be made into two large units or four smaller units.
I am new to lending and would like to use a local bank or credit union. The homes are currently 230K together but my relator and I expect to get them well below 200K on the properties as the sellers are very motivated.

Thank you for all future advice!

Hey All!

My partner and I are looking to buy our first property(s) and we have our eyes set on a package deal. This package includes a triplex and one SFH. Their current listing price is $115,000 each or $230,000 total and "must be sold together" though I believe this price can be negotiated lower.

The listing states that these properties have the ability to be turned into a fourplex (Adding a unit to the existing triplex) and a triplex (SFH).

As this is our first deal and we, unfortunately, do not have $230k sitting around we will need to acquire a loan.

We have set up an LLC as a 50/50 ownership with a business partner. We are both young (21/22) and have credit scores of 740+ each.

We have never acquired a mortgage loan before and are inexperienced in the subject.

1. Should we use the LLC to purchase the property?

2. If so because it's through the LLC does this change our loan options?

3. Do we not use the LLC on the first deal and use individual loans like an FHA?

4. How can we purchase this property for a lower down payment than 20%? Does the property producing cashflow help us?

5. Would taking the BiggerPockets calculator numbers with me to the bank help us with down payment and interest?

All advice is welcome! Thanks!

Hey All!

My partner and I are looking to buy our first property(s) and we have our eyes set on a package deal. This package includes a triplex and one SFH. Their current listing price is $115,000 each or $230,000 total and "must be sold together" though I believe this price can be negotiated lower.

The listing states that these properties have the ability to be turned into a fourplex (Adding a unit to the existing triplex) and a triplex (SFH).

As this is our first deal and we, unfortunately, do not have $230k sitting around we will need to acquire a loan. 

We have set up an LLC as a 50/50 ownership with a business partner. We are both young (21/22) and have credit scores of 740+ each.

We have never acquired a mortgage loan before and are inexperienced in the subject. 

1. Should we use the LLC to purchase the property?

2. If so because it's through the LLC does this change our loan options?

3. Do we not use the LLC on the first deal and use individual loans like an FHA?

4. How can we purchase this property for a lower down payment than 20%? Does the property producing cashflow help us?

5. Would taking the BiggerPockets calculator numbers with me to the bank help us with down payment and interest?

All advice is welcome! Thanks!

Hello all! 
I wanted to make this post to help get my real estate juices flowing again! I am a recent graduate of Murray State University and have been working a white-collar job 9-5 job as an architectural graduate since my graduation (1 year). I am understanding day after day why most of you are so invested in real estate and everything of the like.  

Since graduation, I have taken advantage of these scary and dangerous times with Covid (and frankly starting my adult life outside of education.... scary). The Covid zero-interest student loan interest program helped me out a lot. With saving enough from work and (Thankfully my parents allowing me to stay at home for a while) I was able to write a check for the entirety of my student loans (Which that awesome feeling hasn't set in for me yet). 

This set my real estate dreams back a few months as I needed to recoup my savings from my student loans. I am now back to my pre-student loan finances and I wanted to seek any advice for a young newbie looking to find financial freedom. I am good with my hands and love a good home renovation project. I love math and analyzing properties and seeing the potential in properties. I am interested in rentals, flipping, and am open to other facets of real estate. 

My current situation and progress into REI:

I have an LLC set up and ready to go, I have a real estate agent actively showing me SFH and multifamily, I have been in contact with a recommended lender, and I have a 50/50 partner.

Should I look at homes that are under 50k that need a lot of love and are a big project, or try to use more leverage to buy nicer/newer homes that need less work but still offer a good ARV? I am interested in flipping to gain more capital to buy larger multifamily properties in the future.

Any advice is welcome! I would love to connect with anyone and discuss further!

Currently sitting around $5k cash and growing. Fortunately, I graduated early and quickly and my student loans are not more than around $115 a month. My school now is around $900/month which I am paying out of pocket but when I start grad school my company has mentioned paying for it. I have moved back home for the present time and my parents are ok with me staying. I don't have to pay rent so I get to bank a lot of my money. I would like to get into rentals, but I am unsure if there are any I can afford at the present time. I am building my credit now with school and I just got a credit card to help build. (I have no negative marks on my credit just young around 700).

Hey all,

I am hoping to become a new investor soon and am looking for advice! I currently am making around 3K a month at my internship/fulltime position (Recent college Grad). 

I currently have no experience in real estate and am currently researching and educating myself, saving for down payments, and also building my credit.

I have experience in construction management and architecture and a flip doesn't scare me even though I am sure it probably should. I live in Southern Indiana just so you may have an idea of what my market may look like. 

Questions:

1. What is a reasonable timeline for me to reach my 3k goal? 

2. Should I start an LLC before I purchase my first property or do everything personally?

3. Flipping, wholesaling, or rentals to start?

4. Do I need a real estate license? (Getting mixed opinions from all my research and bigger pockets podcast guests)

5. What do you think would be the best way for me to move forward with real-estate to try to match that 3k a month and then continue to grow afterward?

Open to all advice and opinions!!!

My name is Tyler and I am 20 years old. I recently graduated with a bachelor's degree in Construction Management and Architecture from Murray State University.

I am currently employed at an architectural firm in Evansville, Indiana. I am having second thoughts about grad school to become an Architect just because of the lifestyle everyone around me is living. I know that school will always be there and that I can always come back if need be. 

I think that with my background in construction I will be able to excel at renovations/additions and communicating well with architects, contractors, etc.

I have someone that I wish to be my partner as he and I will hopefully make a good team. He has been doing the financials for another local startup business for the past few years and knows far more than I do about finances and is currently enrolled in an MBA program. 

My/our end goal is to own rental properties that cover our month to month living and then grow our business from there. We understand that it isn't a get rich scheme and that it is hard work. 

Looking for suggestions on how to get started and what the best course of action for two college students to start investing is!

Thanks!