All Forum Posts by: Andrew Postell

@Olivia Cannizzo what is your current living scenario?  I'm not a fan of purchasing a property and then moving out of state.  Now, this might be ok for you...but when you can't see your property anymore, that's an ENORMOUS amount of trust to put in someone.  So, if you already have a trusted network of property managers, insurance agents, etc. then ok, I can get behind it.  I might even suggest just putting 5% down so you have more money when you move to another state.  Keep in mind that your commitment should be to hold this property for 3-5 years at a minimum.  If you hold for shorter, then you will lose money since you have to pay commissions and closing costs when you sell.

Just some things to think about but I hope all of that makes sense.

@Taahir Shaikh thanks for the post!  Always great to hear from a fellow Texan.  I love the primary home strategy.  Many people start out that way and would highly encourage someone to go this route if they are able.  It provides so many protections that aren't in place if you buy off market.  Highly suggested.

Now, what type of property should you be targeting?  You should 100%, without hesitation, be targeting a home that fits your personal needs above everything else.  Meaning, do you want need a reasonable commute time?  Do you need a specific school zone?  Do I need to feel safe in this neighborhood?  And maybe you don't need any of things...maybe you have other things?  I have certainly purchase a specific primary home because it was all I could afford. That can be a personal need too!  

Generally speaking, when we target an investment property in the DFW area we are targeting a 3BR 2BA home that is below the median price point.  So, below $350,000.  If you examine a $600,000 home, I will out rent that property with two $300,000 homes.  And significantly out rent it with three $200,000 homes.  So, if your current primary home falls beneath that $350k home then it will rent very well when you move out.  If it's over, I would still encourage you to purchase if it meets your primary needs. Even though there will be less "competition" at that $600k home, there's less renters too.  At the lower price point, that's where people will compete against each other to drive up rents.  And if the economy gets a little dicey (maybe like right now) a $600k renter might downgrade to a smaller home to save $$.  All sorts of reasons to considered homes below that "Median" price point.

Hope all of that makes sense but feel free to ask anything else.  Thanks!

@Zach Lemaster thanks for replying.  I don't care what state it's in...I just want to know where to get it.  Strangely enough, Mountain West Credit Union called me late Friday evening...but they don't have a 5% down loan. Even though other real estate agents mentioned that they did, they didn't have it as an option.  Spoke about their other products...but no 5% down option. I'll reach out to All In Credit Union on Tuesday (since Monday is a holiday) and get the scoop.

@Havan Surat I've been told about these loans before.  Been told specifically that "this loan officer here will write them"...and then you call that loan officer and they aren't even at that company anymore.  I've been told that Mountain West Credit Union will provide it...but nobody there has ever called me back - ever.  I mean, I don't know what to make of these claims.  I'll keep trying.  I did message @Zach Lemaster as well.  Would love to actually speak with someone on these things.

@Allen Berrebbi if you are in the Georgia market I would direct this question to other investors there. Try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Eventbrite is another one.  Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Ask other investors who they are using for their hard money/short term loans.  It's not foolproof but if another investor has used a company and has had good experience then that usually get's us in a good starting place. Post locally for this. That’s the best bet.

@Kyle Neff this is more of a residential forum.  I see you have a comment above but I think you should post this in the commercial forum for more responses.  

@Carolyn McBride this is HIGHLY dependent on where you are in the country.  And since I can't see where you are in the world, this might be hard to make a recommendation.  I guess I could assume that since someone is pitching this to you that your property/soil is right for it...but that's a pretty big assumption.  We don't use these in North Texas.  Then again, we don't have any bedrock under our soil either.  So, what we do here isn't what they would do in Ohio or California.  My best recommendation here is to get with other investors in your market and ask them what techniques and companies they are using for foundation work.  Lots of groups meet in person so try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. If you can't wait for an in person meeting use facebook and join local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But post locally for this. That’s the best bet.

@Peyton Jubeck try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But post locally for this. That’s the best bet.

@Hayden Pratt  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But post locally for this. That’s the best bet.

@Dallas Sutton III I can't tell what part of the country you live in but I would suggest getting connected with other investors in your area.  Try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. 

Lots of investors begin with either buying their own primary home...some house hack and some just buy 1 and then move after a year or two...because that's the least amount out of pocket.  And some start wholesaling since that helps them make money.  Lot's of different ways to skin it.