All Forum Posts by: Tyler Pearson

Hi @Ted Boucard, 

I am still wet behind the ears as well and actually just got my first offer accepted on a property I plan to house hack. Although this is my first property and I still am so new there are a few things I have learned while starting the process.

1) If your gut is telling you no, just walk away

2) Good Real Estate Agents and Mortgage Brokers are your single greatest resource for everything while you are new

3) Have your Mortgage broker explain all of the fees associated with opening escrow, inspections, appraisals, etc. so you don't get blindsided by a couple hundred/thousand dollars worth of fees/earnest money that you were ignorant to

Other than that, I'm stoked for you brother. It's a super exciting time to start and make things happen that can set you up for life!

Cheers!

I appreciate all of the input here and it all is very valuable. It is interesting to see what types of responses and the wide range of personalities that have decided to give me advice; I appreciate all of you and will be following up with some of you soon. Have a good one!

It is no question that we are in the middle of an economic boom right now; everyone seems to be doing well. With that being said, the Phoenix housing market has taken off into outer space; in real-world terms, the market is incredibly hot. Huge shortage of housing, houses flying off the shelves in 10 days or less at full list price. Now, as most people on this site, I am an investor and want to invest in an intelligent manner so I don't end up a bafoon and underwater somehow. Everything that I have ever read about real estate is that when the market is a seller's market, hold out. Avoid buying, wait, stack up the cash reserves, etc. for the catchy cliches that we all use. Okay I understand that. If I do that, then I continue renting and realistically throwing money down the drain (as an investor). I am caught in the middle of whether to continue looking and seriously consider buying, putting in offers, etc. if what I really should do is hold out. If anyone can shed some light or has been through a similar experience, your input is greatly appreciated.

Cheers!

To all: Thank you for replies and most of you have said what I knew to be true but didn't want to be patient enough to accept. I'll continue to run numbers on properties all the while talking to other banks and lenders! Have a good one!

Hi Everyone,

Scenario: I am talking to a mortgage broker that has given me a layout of what she can do for me considering my credit score (750+), the amount of money I want to out down, and how that will look over the long haul. I am 6 months into my first job out of college and she has told me I must wait another 6 months (a full calendar year) into my new job to apply for a conventional loan because that will be the best option due to my credit, how much money, I want to out down (can put down), and doing my best to avoid PMI.

Loan: Around $200,000 with 5-10% down. 

(I can already do the 5% and am working my way quickly towards 10%)

Question 1: Is it really necessary to wait another 6 months and have a full calendar year of employment under my belt to apply for a conventional loan?

Question 2: What is the best way I can fill my time between now and then? I want to learn a lot, yes but I don't want to burn myself out (as I tend to do when it comes to things I can only read about). I don't want my desire to turn stale within the next few months and my interest wane.

Thanks for all the help!

Hi @Cristian Haley and welcome to BP! 

I'm planning on doing my first house hack this year too! I'd enjoy going back and forth with you on how your experience goes, your process for finding the right tenants, etc. Happy Hunting!

Thank you, gentlemen, for the warm welcome. I am always interested in learning so I will be PMing you guys about a couple of things here soon and @Jake Kain that is a fantastic idea about the meetups, thank you. 

Hi Everyone! 

I am Tyler Pearson and I am pretty new to the Real Estate Investing scene. I dabbled in it a few years ago where I read a lot about the different types but none of them really rung my bell so I dropped it. Recently after finding some amazing wisdom as well as various types of investing, I have regained my excitement for REI and am doing everything I can to learn as much as I can. I'm a local in the Phoenix area (Cave Creek specifically) and I currently work as a Field Service Engineer for Hitachi. Other than work I have a large passion for the outdoors, offroading, and an ever-growing wanderlust. I came to join bigger pockets at the suggestion of a friend who knew of my aspirations and since I have begun listening to the podcast and reading the UBG I am very enthused about the journey I am embarking here. I would love to connect with anyone in the Phoenix area that may want to partner together or even just to go hike. Have a great day and I will talk to you all soon.

Cheers!