Rental Property Investor · Overland Park, KS · Member since 2015 · 492 posts · 234 votes
I once started out on this site asking tons of questions. If you’re starting out feel free to ask me questions and I will answer the best I can. Below is my experience for context.
Pennsauken, NJ · Member since 2021 · 15 posts · 2 votes
5y
@William S. I want to house hack my first rental property. If I could afford a 20% downpayment, would a conventional or fha loan be better? Or does it vary by property
Rental Property Investor · Indianapolis Indiana · Member since 2019 · 37 posts · 58 votes
5y
@Bruce P. Bellott
I’m 19. If you get a degree in the same field of your degree the bank will qualify you as two years work experience. When you graduate and get your first job offer take that to the bank and they will consider the two years in college( junior year senior year) as work experience at the same pay.
So me and my sister just came into an inheritance, a few hundred thousand dollars and we want to get into real estate investing, going to do rental properties. My question is how do we go about getting a mortgage, can we just put us both on the loan and they'll use our combined credit and assets in consideration for the mortgage? Or do we have to form an LLC or something? Any information would be appreciated! Thanks!
Investor · Minneapolis, MN · Member since 2015 · 20 posts · 21 votes
5y
@Will Sifert
I’ve been in real estate for about 10 years - 1. Investor 2. Own a property management company. We never waited until a tenant moves out in order to show, and we typically get the place ready within 24 hours for the move in. We do that with a lot of respect to the current tenants and their space ‘ belongings, but it’s part of renting vs owning... we are in MN - not sure if some states may have limitations around that, but not here.
Good luck!
P.S
We do use MatterPort as well and it’s ****ing awesome!
@William S. What should be the first step? Going to a bank or credit union and getting prequalified? Then look for a real estate agent? Is there a big difference between getting prequalified or getting pre approved?
@William S. Hi William, thanks for the offer. I’m new to BP and to real estate investing. Here’s my situation:
I’m about to graduate with a six figure student loan debt but will be making a six figure income right out the gate (projected debt to income ratio = 1.6) I have no other debts with about $14K in retirement accounts. I have close to $30K saved in cash in a savings. My goal is financial freedom. Here are my options - to move back with family and pay no rent to help pay back loans or should I look into buying a duplex and house hack to begin accelerating my financial journey. TIA.
I will never do out of state rentals again. I have hired various property managers and too many things can go wrong. You need to be on the ground and involved in my opinion. I used to be a believer of not self managing, but this is your business. You cannot be hands off. I may have only done this for a few years, but I’ve had a lot of insane things happen!!!
Best advice anyone new can adopt. Start local and be involved.
A seller financed deal came across for purchase. This is my first rental purchase and I’ve had the goal to do it no money down. The seller wants me to bring 20% and I believe I can find the rest with private money or hard money for a monthly payment of 3000 after taxes and insurance. It is a 3 family with income of 4600/ month. The issue that I’m having is that it has an abandoned oil tank of two years. Let me know what you think
Rental Property Investor · Orlando, FL · Member since 2020 · 5 posts · 1 vote
5y
@William S.
Thanks for doing this thread, it's been a monumental help!
I'm ready to pull the trigger and found a great property for my needs and abilities, but I dont have a realtor. Do you see any fault working with the listing agent instead of bringing in another party?
I’m 20 years old and a second year at the university of Louisiana at Lafayette. I’m going to do a house hack there in the next year or so. I currently make all of my income through side jobs/ working for cash. I pay all of my tuition in full on time and have been building credit Sadie about a year. I have only one year of w2 job experience and don’t know how I could qualify for a loan! I’m do you have any advice besides getting a job and waiting two years?? Than you
Hi Bruce, way to hustle! I am an active investor in the state of Louisiana and now expanding into MS and I also run an investor meetup/REIA in the Northshore area. I highly recommend getting into those meetups in your area to learn about the market, learning from and connecting with the experienced investors, finding deals or selling deals, as well as learning more about real estate investing there. The networking piece is key! I have done over a hundred deals since 2017 and I have done them without a bank mortgage. Learn multiple strategies to help you invest without a mortgage if that is your current struggle. A great book is BP's Investing with Low and No Money Down book. Best of luck! Reach out if I can help!