All Forum Posts by: Andrew Powers

Know The numbers. If you don't then learn how to get accurate / conservative figures for buy, rehab, sell, etc costs. If no experience then learn from BP, read books on flipping, etc. Don't rush into something you don't know and hope its going to work. But at the same time don't wait forever to start. There's a balance in there and depends on your personal goals and risk taking ability.

This post reminded me of BP Podcast #403 developing millionaire mindset and overcoming limiting beliefs with performance coach Jason Drees. One of the things says is "you can't solve a level 2 problem with a level 1 mindset"... really good podcast to listen to, worth the hour

I recommend reading the BP ultimate beginners guide. Its a free pdf that gives some options for lending. Also the brrrr book by David Greene has valuable information as it goes through the process.

Sounds like you're missing key information by saying "I don't believe I will be eligible for a traditional loan".... get that piece of data by applying for a loan at multiple lenders before assuming you can't. Worst case you will know what you are eligible for. Then your choices will be to find alternate lending sources as you've mentioned or finding properties in the range your lenders say.

Hi Matthew, I recommend looking at the YouTube tutorials of the bp calculator, that helped me get a start with it. Depending on the types of properties you are looking at, REI strategy, and your goals... all plays into what your targets are. For flips, some people want to make at least xx thousand profit. For rentals, some people want prefer high cash flow, some want a solid place to put there money and are OK with just covering mortgages and expenses, etc. Look around the forums to gauge what other peoples criteria are.

Additional to sources mentioned, I used craigslist, FB marketplace, walk bike or drive neighborhoods to see activity in the areas I'm interested in. And tell everyone you are looking to buy a property, you never know who is selling or knows someone

As suggested check with your lender. I was curious about the forbearance process and one thing I noticed was that your credit score does not decrease, but still your mortgage company will report that you went into forbearance to credit bureau. If a lender sees that you went into forbearance, they can assume you are struggling to pay your mortgage. Therefore they'd probably want your income stream resolved before considering to refinance (or buy additional) properties. Just a thought, check with lender.

I've also heard but havent tried yet, and may depend on region... in your lease document, state that rent increases xx% for each subsequent lease renewal. Takes away the awkwardness since the tenants agreed to it when signing originally. 

Love the creativeness! Definitely check city codes, I could not do it in my area (metro detroit). I'm still interested in this option if I end up moving to an area that allows it!

I recommend to educate yourself on different types of financing. There are many ways to finance a property, especially on your first one. Look up types of financing in the forums, in the bigger pockets books, etc. One thing to consider is first time home buyer single family loan. If you're comfortable renting rooms in a house, you can get really low down payment. 

Also recommend to discuss with a couple of lenders (banks, credit unions, etc) to see what they have to offer and what their requirements are for work history, etc.

Nice, low down payment + roommates covering the costs to live there. I used the 1st time buyer SFH loan as well, very helpful for my first property (house hack too)