All Forum Posts by: Alexander Ray

Hello,

I am an RE investor new to the Newport, Oregon area. I would love to meet other RE investors in the area. Is there a meet up group? Would anyone be interested in a coffee? a beer? I am based in Newport but I am trying to learn the area and become part of the community.

Thanks Everyone!

@Chris MasonThat's what I'm talking about! I did not know that there was no PMI on VA or about IRRRL. You already just made me $$$ ;)

One more addition, my strategy is such that 100% of the net profit from other rental properties/flips will go toward the principal of my primary residence. So I am also looking for strategies to take advantage of paying a 30 year loan in 3-4 years (or less maybe)

Ok, follow up for clarification-

This is why I am confused. I have been essentially buying minority shares of distressed properties, living in them rent free, and fixing them up for re-sale for about 4 years now. I mostly haven't had rent payments, I've just put cash down, paid for repair and got a cut of whatever profit may have come from it. I was thinking of doing a similar thing with my mother-in-law's distressed property, but with this I would just take over mortgage payments.
When I sat down to do that math, her mortgage was like 1200/ month (rounded) with only about 300 principal/ 100 interest/ 100 taxes. Her insurance is over half her monthly payment and I don't really understand why. It has thrown all of my calculations into question.

So if I am going to buy a 90k house with (hopefully) 20% down, how do I not get killed by insurance? Both for rental property and a primary residence (which will one day be flipped/rented) 

And in addition, how do you factor those PITI monthly payments into your calculations when analyzing a deal?

?: What are the components of a mortgage, is it only interest, principal, tax and insurance? How do I reduce each one of these costs? Does anyone have any strategies they can share? Any Oklahoma based strategies?

Hey everyone out there in BP-land,

I am a total newbie at real estate investing, and I am about to start shopping for my first home. I want to own a primary residence that I can live and flip over the course of two years. In this time, my goal is to, use buy-hold (BRRR) and buy-flip in my area until I have the ability to pay of my primary residence.
I kind of see owning a home free and clear for the wife and kids to live in as my first challenge as a real estate investor.

So, to that end, does anyone have any solid or creative strategies for reducing the four costs that comprise your monthly payments? 

I should add that we are going to buy our first house on a VA loan, we are trying to raise the 20% to eliminate PMI right now, we are looking right now to purchase a home between 70-90k.

Thanks for your time and attention, I appreciate any advice that is out there!

-Alex 

Thanks everyone for the advice! I look forward to seeing you at the local meet-ups! 

Hey everyone,

I am a newbie Real Estate investor from Oklahoma. I have done a lot of home rehab for others trying to sell their houses and now would like to pursue a buy & flip and buy & hold strategy to build enough capital to support myself.

My current goal is to do enough deals in Oklahoma that I can liquidate and purchase in cash 1 primary residence for my family and 1 rental property to start generating cash flow in another state with more opportunities for me to go to graduate school. 

I have two kids, a wife and a full time job that does not support us at a local university. I have not been unable to pursue a PhD in Economics because I simply can not afford to put myself through school and support my family. I am looking for another method of making a living that lets me pursue my dreams. 

I have listened to hundreds of hours of the podcast and I am ready to get started. I am looking for anyone in the Oklahoma area who wants to talk about their experience around here. I welcome any advice that anyone wants to share and I hope my research in the academic arena can provide some insight and value for others as well.