All Forum Posts by: Breelon Bryant

@Peter M. Yea thats what I am thinking. What kind of rates have you gotten for your plans as far as material and labor?

@Max Murphy no problem. Good luck

@Kevin Zolea yea thats what I noticed as well. I plan on taking the “damaged unit” and ripping that carpet right up and since I have to stay in it for a year, take my time putting the flooring down myself. Guess Ill learn a new skill

@Edward Johnson

Welcome Ed! Great choice to invest in real estate.

Now I dont know specifically what your overall strategy is and your “why” so I’ll be quick and basic.

You basically cannot lose with a house hack FHA loan as long as you analyze the numbers correctly. I am not familiar with the houston area but I think its a pretty good renters market so go for it! Analyze everything and do all the ground work like driving for dollars and actually go look at the property. Lastly, take your time finding an "investor friendly agent".

You got this! We are excited for ya

@Jacob Trogan

Having ZERO experience just like you, I started learning about REI in january by reading books and podcasts and analyzing deals everyday. I found myself getting in analysis paralysis mode and said "lets put in an offer" on a deal and stuff. 4 months later I went under contract and soon to acquire my first property and house hack.

That being said, you wont get rich on ANY deal you choose first. 1 property gets you equity, cash flow, tax benefits, and possible appreciation if not a BAD DEAL so you cant go wrong on anything you choose. If you keep analyzing forever the banks will continue to make money off you and your purchasing power of your dollar and inflation will eat you up so why not choose one that AT LEAST breaks even?

Personally I am a believer that “cash flow keep you in the game and appreciation makes you wealthy” so if it cash flows, you are winning.

Good luck on your decision

@Max Murphy if you have to pay back the 60k in a short time then I wouldnt suggest using that unless you have to. Keep that network for any reserves or unexpected repairs after you acquire the property.

20k will get you in the game at 3.5% financing with FHA but dont forget about closing costs.

As far as having a part time job, it depends on how much you are making at the job. The banks look at what is called DTI (debt to income ratio) and that basically means based on your income and the debt you already have or will aquire after buying the property with a mortgage, will you have enough to pay the monthly payment.

You definitely have the right Idea but just be careful that you can afford the payment in case everything goes sideways. I always ask this question (If no one is renting my property, will I COMFORTABLY be able to pay this?)

It also depends on the rent payments and the purchase price and if the property makes sense. Standard 1% rule. Hope this helps

@Ramon Sorto I must say, I am going through the 203k process right now and let me tell you, it is a headache. I hate to be that guy but I am being honest. There are so many variables that go into it like 1) actually finding a contractor who has done a 203k before because it requires a lot of paperwork so finding a contractor that has done it before makes it less painful 2) ACTUALLY finding a contractor to come place a “bid” on the renovations you need. I learned that contractors arent too quick to bid 3) finding a lender who is familiar with doing the loan AND good at communicating with you AND the contractor on things that need to be signed or the next process in the loan 4) DONT GO ONE CENT OVER THE BUDGET (just use the 203k standard and not 203k limited). 5) prepare for a long closing because there are so many hiccups along the way.

My mistakes were 1) I should have had a FHA consultant to come look at the necessity repairs needed and MOST IMPORTANTLY asked him for 203k lenders and contractors he knew because of course they know them. 2) inform all your contractors and the seller that you are doing a 203k so they can understand exactly the process.

There is a guy on IG ive listened to in a podcast (AFTER i am damn near closed on this deal 😑) but i think its @the203kway and his name is Matt. He brands himself and his portfolio off of doing 203k deals and he is well educated. You should reach out to him via DM. We have chatted and he is down to earth and responds back. Had I heard of him before my deal, things may have went smoother so thats my gift to you. Hope this helps

Investors, I am in the process of acquiring a 4 Plex house hack and the units have carpet in every aspect of them except kitchen and bathrooms.

This has got to go because tenants SUCK with carpet.

What flooring are you placing in your rental units and why?

So I am getting my first house hack using a FHA 203k limited. I am trying to keep some cash in my pocket so I asked my lender to wrap some of the fees into my loan. He tells me that I cant finance the fees and I should ask the seller for more on closing instead. I have heard many times that you CAN wrap some fees into the mortgage so whats the issue?

@Bjorn Ahlblad thank you. I am going to try them out