All Forum Posts by: Brad Hammond

Hi @James Brewer, the lender will be looking for 20% (usually) equity in the property.  However you get there is up to you.  Hopefully, it is through forced equity in this case.  

Hey @Thomas O'Donnell, 203k loans are difficult.  You can obtain them but it is hard to get an offer accepted with them and harder to find contractors willing to work with a 203k loan.  There is more red tape, paperwork, etc.  One of the best things about a house hack is you can take your time to do the rehab.  You can work on your unit yourself while you live there for a year or two.  You will learn so much and keep your costs down.  Honestly, it might be the best learning experience you'll have in real estate.  

Hi @Biannca Olson, if you are interested in getting a good deal then using those types of companies might not be the best way to go. If you want to get the most amount for your property, you should list it on the MLS. Those companies are great if you just want to walk away and not deal with any of the headaches associated with selling a home.

For me it would depend on if you have other applicants.  If not maybe they can get a cosigner.  If there are multiple people on the lease who are financially responsible I will average the two credit scores.  

Hi @Mary Jay, while I'm not tax expert I would expect that if you lived there for two of the past 5 years you wouldn't own any taxes.  That is how it works if you were to sell your primary residence and I don't see how this is any different. 

Hi @Ali Al-Khafaji, I think our area is a great place to invest but you need to know what you are getting into.  Most properties won't cash flow from day 1 with 25% down.  However, with strong rent growth and great appreciation, I think this is an awesome place.  If your first priority is cash flow than you should invest somewhere else.  If you want wealth, I think this is a smart place.  Beyond that, there are lots of different aspects to investing and investing in our area.  You just need to know what type of investment you are looking for.  

Lastly, when deciding if an area is a good place to invest make sure they have strong job growth and therefore population growth.  

Hey @Larry Baldwin, I think that if you are interested in changing careers you should find something that speaks to you in the real estate industry.  Also, I think it will depend on what type of investing you are looking to do.  If you want to flip, then get a job as a contractor, if you want to buy and hold, then a lender, agent, or property manager would be smart.  If you are looking to make good money, then a lender or agent might be the way to go.  

Getting a job with an agent if you don't have your license is going to pay very little and you will most likely be contacting leads and trying to get them to buy or sell.  I used Online Ed for my real estate license. 

@Alex Kazes, where you invest depends on your strategy.  For example, if you want cash flow, it won't be the same area as high appreciation.  I don't like the southern suburbs unless you are going down to Mcminnville.  

Hi @Napat Wan, you should look into Rip City Roofing.  They have really good prices.  If you are looking for a cheaper option, you might be able to find a general contractor that will do the labor if you provide the materials.  

Hey @Adam Endeman, try to think of a way to find tenants remotely.  I've placed tenants without meeting them.  It wasn't my intention, it just happened that way.  You could always try to find someone on taskrabbit.com or fiver.com for simple tasks.