All Forum Posts by: Zachary Williams

@Kayla Huiras, I'm very happy to meet you. We should meet up for coffee or lunch sometime and chat. Maybe we can assist each other in our pursuits going forward!

Im curious to find out what other REI's set as their parameters when starting out for property/deal requirements. If you could, share what your target investments were (fix/flip, BRRRR, multi-family, etc) and what parameters you've established when starting out. (Ex. Cash on Cash return, monthly positive cash flow, property type, neighborhood type, etc.). I look forward to seeing what everyone says.

Jimbo,

From my research and discussions with other investors; it depends on the property. If you are looking to get into a small MFH of 4 units or less, you may be fortunate enough to qualify for an FHA loan which only requires 3.5% down (plus closing costs - this will also add PMI which for my purchase of 162k on a SFH was $121 per month).

If you're looking at anything 5+ units, you'll need to have a 20% minimum (depends on the lenders LTV requirements for the deal) down payment. You other options are to look into a hard money lender and/or investors (friends/family/partners) to come up with the down payment requirements.

I definitely recommend educating yourself in the different mortgages (ARM, FHA, Balloon, etc) and also check out the BP Podcast where they have EXCELLENT interviews with people who have bought 50+ units on their first deal with $0 down (BP Podcast #212, #172, etc.)

As per affecting your first live-in home; if you go the first route (FHA) you have to be a live-in owner; but you can do a value add situation and refinance the property under a conventional (20% down) loan and utilize the equity as the "Down-payment". This will free you from being required to live-in the property and will also allow you for another FHA mortgage. (FHA only allows for one active mortgage at a time).

Good Luck to you.

I appreciate the greeting Michael. I look forward to diving into the community here at BP and continue my education. 

I agree with John; try your hand at it and if you fail, Lowe's sells a hard texture roller that you can roll with compound on the wall to create a new texture that is as fast as painting. 

This is an option: https://www.lowes.com/pd/TexMaster-Tools-Sponged-R...

Though I don't highly recommend it as the texture it puts out is very thin and you have to dilute compound dramatically to get the brush to even take the compound. 

https://www.lowes.com/pd/Blue-Hawk-Textured-Finish...

This on the other hand has provided a TREMENDOUS result and works phenomenally with dilution or straight compound. It provides a nice textured finish. 

We tried both these brushes to cover up an abundance of wall imperfections after removing 12 layers of wallpaper in our Master bedroom and bathroom and the second option (Blue Hawk brand) worked out great. 

Here is a picture of our master bath as an idea. 

James, 

Idk what your current equipment operation experience is but sunbelt rentals will rent out a skid steer for around $300 for a weekend. I have personally done the same task you are doing and would load dirt/gravel into the bed of my pickup with the skid street onto a tarp, then to off-load the dirt, I would have a friend help me pull the tarp out of the bed of the truck and repeat the process. (Tarp is only used to quickly get the dirt out and also to protect the cleanliness of my vehicle.)

Hey everyone, I'm Zach Williams. I live in Little Rock, Arkansas at the moment. If you can't tell from my title, I'm very ambitious, a bit naive, and extremely motivated with huge goals. Professionally, I'm a Lead HES Consultant for Marathon Oil Company in North Dakota. I travel for work to ND and work a nonconventional 14/14 day rotational schedule. I HAVE TWO WEEKS OFF AT A TIME!! Is this not the perfect job for a REI or what!! My goals and aspirations are to own 10,000 units start with SFH fix/flips (maybe some BRRRR in SFH if it meets our requirements), small MFH (3-4 units) and quickly grow into 10+ units within 18 months. Our requirements (my partner and I; also an MOC HES Consultant) are 12% CoC ROI, $250 per month cash flow per unit, and a value add opportunity. I have listened to roughly 65% of the bigger pockets podcasts over the last 4 weeks and recognize that Brandon is a beast because he is a bearded fella like me! I've truly enjoyed the forum postings I've read thus far and the amount of content I've been able to absorb from this community and hope to provide valuable content to those down the road in the future. My REI experience is only a SFH purchase as a fix/flip. I'm wrapping up the renovations after a long 2.5 yr live in remodel but I'm proud to say I've done all the work myself and we are on track to break even (with 2-3k profit to boot). Although this may not seem extraordinary by any means, I've learned exactly what I enjoy and don't enjoy doing (I absolutely loved custom building the master bath vanity; I despise wallpaper and gold fixtures). Once our remodel is wrapped up, I will be diving head first into the first deal that meets our requirements and budget. For hobbies; I ride a Harley and focus on self-development and entrepreneurial success! Oh, and I'm 25 and ready to take control of my financial future today; not when I'm 62 and waiting to retire!! As you'll come to find out, I end everything I post as follows (maybe I'll share why in the future): Stay Foolish, Be Humble, LIVE LUCKLESS!!