All Forum Posts by: Ty Coutts

I know I certainly still am! Luckily I am relatively young (29) and have time on my side to weigh into the long term pros more than the short term cons.

I read a study recently that proved that on average throughout the entire United States, home appreciation percentage has beaten inflation every single year for the past 80 years! My bet is always on real estate no matter what the market climate, now it is just about finding those great deals.

Hello @Michael Bryant!

There are a ton of fun things you can do when looking at out of state non-owner occupied lending. Would love to talk to you in more detail about all the different programs and what could be most beneficial for your specific needs.

What states are you looking at currently?

I agree with @Conner Olsen and @Jeremy Kitchen!

First and foremost, do your research. 

House hacking can have significant advantages, especially when you are younger and most likely do not mind moving around as much as when you get older and settled. Getting in at lows of 3% down vs a typical investment at 15-25% down can obviously save a ton of capital. 

If you are in school full time we can absolutely use that as part of your work experience. We would just need to then have provable income once you are out of school (or while you are still in school). Getting a salaried job right out of the gate would be easiest for this, as a full commission job like a lot of real estate professionals will make this more complicated. But don't worry, there are always creative solutions for this as well.

Super glad you joined BP and am stoked that you are starting young with what seems to be a great head on your shoulders already. I am very sorry to hear about your mom. I know you certainly don't want to use that money in a wasteful way so let me know if you ever want to jump on the phone and chat about deeper level questions to all of this!

Does anyone have a good contact to help remodel two full bathrooms? 

I own a SFH that we live in the upstairs but use the separate entrance basement unit as a rental for traveling nurses. The bathrooms are both very old (1952) and need updating badly. Could also use a vent/fan in both to stop condensation build up.

Trying to remodel within a budget to get the same money out when we cash out refinance so having someone used to working with investors and getting their bang for their buck would be greatly appreciated! 

I agree with @Jared Rine. I know a ton of investors that are using a 40yr with the first ten as interest only to maximize cash flow and then most likely refinance again before the 10 years are up whenever the rates are more beneficial. 

Also as many people have said you should never have to wait longer than 6 months. I’m licensed in Texas and always can provide quotes if it helps to put real numbers on your example. 

@Account Closed Depending on the loan program I can, yes. DSCR loans have different licensing requirements than conventional mortgages do.

We have submitted our license request for Ohio for all loans types and it should be accepted in the short coming months.

 It is certainly the best when you can create a long lasting relationship with a lender so that things get easier and easier the more and more you work together. I would love to see if we are compatible and get along well enough to fit that bill!

If you are still looking I would love to pitch in a quote of some programs that may help you out. We usually have super competitive rates and a lot more unique options than most banks.

I just sent you a connection request, feel free to reach out at anytime and good luck with your investment!

Hello @Shavar Greer! 

Welcome to bigger pockets! I used to work in STR management before becoming a lender and now I have A TON of unique loan programs that fix and hold/flip investors use daily. There is a ton of great info out there on bigger pockets in general so I am excited that you decided to join.

I would love to help give you ideas and insights on what has helped me connect with more investor clients. I just sent you a connection request, so feel free to reach out at anytime!

@James 

@James Wise brings up a good option of living in one side with an FHA loan. If you go that route you can actually go up to 4 units and there are programs that you could get for 0% down if the other units can be proven to pay for your mortgage.

You could also buy it as your “second home” and do 10% down. But yes rates would be higher and therefore need to know if your cash flow analysis still makes sense for you.

Let me know if you want to explore some unique options in more detail!