Hey BP iv already made an intro but my names Landon and i'm 19 and i finally created for myself a 5yr plan to financial freedom. I was hoping you guys could critique this because most of this im sure is wish washy. but here it goes...
Iv begun an internship as an assistant property manager at a section 8 housing complex ( so a little different than normal tenants and processes) however at the end of my 6 months im hoping to know a little more about the realities of PM. Anywho it kind of a making money with a job thats dual function is to help me learn how to manage my own property. Given my age i am still living at home so my expenses are a little lower allowing me to save more. the average for assistant managers ive seen range from 14-16an hour in the south-king county area. so im looking to make 1200 after all my expenses. So the plan is to save that and for every 6 months which will be roughly 7,200. ( given that i dont dig deep into my inner teenage petty desires) Iv got three ways that im building credit at the moment just fyi. So hoping that i can do 0 down and my "future experience to help advertise and bring tenants in asap."after first house im sure your credit score doesnt apply to buying a second house? Not to familiar with how the bank-credit score works, that i can continually purchase another house every 6-8 months. Also i wondered about why a hard money lender would lend you money if your already got a mortgage on another house because that would seem risky? anywho so hoping over a course of 5yr of Property Management and tenants building equity for my property that i could accumulate around 200-250 in equity. I know some groups on linkedIN that work with Large Apt complexes that are valued over 2M that will help with loans. So as long as i show ive got skin in the game im hoping to liquidate the houses an buy a 50+ apt complex that will fullfill a passive income of x dollars a month.
There are so many things i dont know and eager to learn about. im hoping my internship will answer a lot of them but i know i also have you guys to back me up so please tell me my plan is wish wash and give me more facts so i can overcome them and find the way to financial freedom thank you BP :)
I have purchased every single home I own except for my most recent primary using hard money zero down. It can still be done if you know how to work the formula, but deals are tightening up. You also need a lender who can make sure to get you refi'd asap and not have to wait 6-12 months.
If you buy a home as a rental and its rented the lender will not count the mortgage debt against you on a monthly basis but they will want you to have cash reserves. You can repeat this process over and over again.
Before a hard money lender will make you a loan, if your plan is to refinance they are/should want to see a pre approval letter from your lender stating you qualify for a refinance as they will want to know how they will get their money back and how fast they can expect it.
Where do you find hard money lenders who will do 0% down? Those at least in my area or that I've looked into all want 20% of the purchase price.
My lenders are personal relationships and private individuals who make me the loans. I have been working with them for years so they know I am good for it. You might have to seek out private lenders who are not an institution. Good luck
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