All Forum Posts by: Blake Dennis

I am in yhe same boat. If you can qualify for a mortgage I'd buy a property. If you are going to go the FHA route you could house hack like you mentioned and cover part of your mortgage. I personally love that idea. Why pay a landlords mortgage, when you can put equity into your own property? You have the right idea. Plus, im pretty sure if you needed to move before a year you'd be fine. You don't have to refinance or anything. I know there are rules with lenders, but for the most part, as long as the note is performing, you should be alright. Don't take my word 100% though. Im planning on two properties next year and am going to go the same route with an fha loan, but I am looking at duplexes. Anyways, this is about you and I was excited to read your post as its a goal of mine as well to get into my first property in the near future. Good luck!

One of the things that I have done in preparation to all this is fix my credit. While I was incarcerated, I had my father put me on his credit as an authorized user. Then when I was released I had good enough credit to get an unsecured card. I have been using that, and I also paid my collections accounts from years ago. My credit has jumped from 636 to 744 since June. The bank is offering 1% down FHA financing (plus closing) right now. I thought that was crazy. But they won't lend because I need 8 more months work history. I haven't been looking very hard at the local inventory though because of that. However, just taking the steps so that process is easier and building relationships with the people that will ultimately make up my "team" for when I am ready to pull the trigger.

One of the things that I have done in preparation to all this is fix my credit. While I was incarcerated, I had my father put me on his credit as an authorized user. Then when I was released I had good enough credit to get an unsecured card. I have been using that, and I also paid my collections accounts from years ago. My credit has jumped from 636 to 744 since June. The bank is offering 1% down FHA financing (plus closing) right now. I thought that was crazy. But they won't lend because I need 8 more months work history. I haven't been looking very hard at the local inventory though because of that. However, just taking the steps so that process is easier and building relationships with the people that will ultimately make up my "team" for when I am ready to pull the trigger.

I'm new to real estate investing (Winona, MN 55987 area)  and like most new investors starting out, its a little confusing, even with all the reading, studying and information out there. Without actually going through the process, its hard to figure out where to start and it doesn't always feel very comfortable. 

So far I have looked at some properties with a friend who is a realtor. I just wanted to see what was for sale and the prices etc..  This was before I talked to lenders. I talked to my local credit union and they said because my work history isn't long enough, I cant qualify for a loan. They told me if they keep the financing "in house" they could finance me after a year with my current job. I'm cool with that, however, I know there are other options for lending besides "that" bank. I called some local real estate investors and one of them said he does financing with a 2% margin with what the local rates are. I didn't explain much else to him, was just sort of picking his brain. I might still call around and go meet with the other local banks in the area, so that I plant that seed with them, and start building a relationship.

I have one thing holding me back.. Im on home confinement, so my time out on my feet is limited. Besides work, I have 6 hours a week to run errands. Now, I have some creative ways to make things work, but to really get out there and do this, I need to be off home confinement. I was released from prison In June. I will be free to roam in December. Until then I would like to get things into place, so that I can make a serious attempt at finding a buy and hold investment. I am interested in house hacking 2-4 units, and have some funds saved up. My credit is good, and I have decent income from my job. 

I guess what I am doing here is, Venting, but most of all I want to become more active on the site and use it to my potential. I want to know if anyone has been in a similar situation, and had to climb out of a hole like mine into this interesting world of real estate? I also am thinking about keeping a journal of sorts, with my progress, so that I could potentially help other people who have had to walk in a similar path. I am determined to stick with the process, whatever that may be when I find my groove. 

I have been listening to the podcast non stop, daily while working. I think maybe 150 podcasts in, and I'm going to listen to them all. I am also going to use this site to hold myself accountable to take actionable steps to further my progress.  I don't want to sit idle here. If all I do is get on here and do 1 post a day, it will force me to be present and dig into all there is to offer here.  like I said, this is sort of a self talk and my initiation to becoming accountable in my investing process and figuring this out. Hope I didn't waste to much of your time.. Have a great night! 

quite a few houses for sale around WSU, however, I have heard there are issues filling vacancies. Its word of mouth, but I guess under the circumstances could be understandable. Something to check into. 

Thanks for the replies. This site is awesome. I just watched another webinar where Brandon ran a deal through the analysis/rental calculator. So I have been practicing just getting the hang of the tools on the site. Excited to see where I can go with this. Am definitely wanting to get something going by the end of the year. I get off home confinement on December 1st. I have the go ahead from probation saying they are cool with me investing, and buying a home. I just need to get pre-approved and start putting in the work. I would much rather be paying a mortgage than a landlord and am more interested in house hacking at least a duplex. Anyways. I am located in Winona MN, 55987. 45 minutes east of Rochester MN.. Thanks again for the replies. Looking forward to connecting, networking and hopefully being able to contribute to the community soon. Have a great day! 

Hello all,

I am a new pro member, however I am not new to bigger pockets. I discovered BP a couple years ago. 

In 2016 I was incarcerated in federal prison for a non-violent drug charge. I was lost and didn't have a direction I wanted or knew to go. Throughout my time away, I decided to invest in myself physically, mentally and spiritually. Throughout my journey I was introduced to several people who were involved in real estate. By talking to these people I could see the potential for creating a legit source of income when I re-entered society. I also learned that there are several ways to get jammed up doing so, but that was mainly based of ethics and greed. I was done with all that. I saw a copy of Rich Dad Poor dad and that pushed me towards expanding my financial literacy. I read almost all the books in the series. I came across bigger pockets BRRRR book, then read several books in the series. For the last two years I was in prison I read nothing but personal development, and real estate books. I wouldn't wish the experience on anybody, however, going through everything I did made me look deep into myself and figure out what I really wanted out of life. I found happiness while I was away and now I am ready to move on to my next chapter in life.

I was released on June 1st of this year. I am on home confinement until December 1st, when I can move into my own place. I would rather buy a property instead of rent. In fact, I want to locate a multi-unit and house hack. I have a little money, and my girlfriend is interested in doing this with me and also has funds to contribute. I'm excited and nervous, but you don't get anywhere by just reading books. I want to take a calculated plunge and get to it. 

As of now I am working a menial job at a machine shop. I am always looking for better opportunities, because I don't believe in settling. I am 35 and want to have children before 40, so a better job with benefits is in order and I think I have that lined up already. I listen to Bigger pockets podcasts everyday. I started at episode 1 and am on #34 currently. Every time a new one comes out I listen to them also. Tons of great information, and it keeps me motivated. I signed up for pro because I watched the "buy your 1,2,3 properties" and decided I needed this as a tool. Its to valuable for someone like me to pass up. 

Anyways, I just wanted to introduce myself, and look forward to immersing myself in the bigger pockets community and to be able to pay it forward and help contribute once I get my boots on the ground and gain some experience, and momentum! 

thanks for taking the time to acknowledge me and read my monologue! 

Just another up and coming investor in the SE Minnesota area! 

Have a wonderful Sunday. 

~Blake Dennis~