All Forum Posts by: Anna Buffkin

I saw one draft was to eliminate the self employment tax exemption for landlords.  Is that still in the bill?

Try small credit unions.  I have a $21k mortgage from a credit union.

Hello campers,

My husband and I are closing on 3 condos next week. One is vacant.  I plan to advertise this coming week and show it Friday and Saturday.   As its an hour and a half from home, I plan to just sleep on the floor there.  My husband will have the harder job of watching our two boys back home.  I haven't done this since our first rental house prekids.

So who else has condo/investment property camped or done something similar to save time and money?  Funny stories welcome.

I would pay of the one you owe the least on first Dave Ramsey snowball style considering your goal to pay one off before further investing.

My husband and I put both of us on title but just one of us on the lown.  

I agree with what Julius and others are trying to tell you.  With all due respect for Brandon Turner, just because you can buy with no money down doesn't mean you should. No money down isn't the same as having no money.  What happens when the AC breaks, if you have a vacancy should you buy a multifamily, or your car breaks down?

Consider yourself in the preinvesting stage.  Save up, get your expenses in line, and continue reading and learning.

Knowing when your not in a place to buy is as important as finding the right deal.

@Joshua Hollandsworth

A portfolio lender is kinda of a generic term for someone/ entity lending their own money. Many want to lend on large loan amounts and/or multiple properties. If you are looking for someone to lend you money without having to conform to Fannie/Freddie guidelines, you are looking for people or probably banks and credit unions that loan their own money rather than selling the loan. Call small banks and credit unions. I have one credit union that loans their own funds on investment mortgages below $120k. I have a $21k mortgage with them along with my HELOC.

Call around to small banks and credit unions with just one or a few branches.  They are usually your best bet.  

Just like finding a job,  everyone wants you to have experience and you think to yourself how do I get experience if no one will give me the chance.  There are a thousand wannabes for every 1 investor that takes the leap.  Find a deal then go find the buyer.  If it's a deal, you will find the buyer and the necessary contacts.  I am closing on my number 6,7, and 8 this month and people are just now realizing I'm serious.  GC want people that will call them again and again.  Realtors want someone willing to pull the trigger.  Good ones are too busy to chase would be investors and deals.  You have to prove them wrong by buying a few first.  

I think you are putting the cart before the horse. Establish what you want to do ( buy and hold/ flip etc ), set your criteria (3/2 sfh,multi, B- ect), decide where (be specific), decide budget and how much rehab you want. Find do a realtor if you are buying MLS, or an attorney otherwise and go from there. "Teams" are built organically. Ideally you are looking for a network rather than team.

Hi @JD Morris!

I'm just down Hwy 25 in Greenwood, SC!  My husband and I were just discussing this when talking about our 2018 plans.  We are trying to decide whether sit out and build up cash or purchase more in 2018.  I think we decided to meet in the middle and pay down our line of credit for a few months and then reevaluate unless something falls in our lap.  I always keep a good reserve in the bank which we do not touch for safety and piece of mind.