All Forum Posts by: Brian Bohrer

What do you primarily invest in?  I am just an hour south of you in the Springs. 

Hope all is well up there in the BiggerPockets Motherland haha

Take Care Leslie!

I am not sure which lender will give you the best terms but generally any loan that is going to be for an investment property will require at least 25% down.  Sometimes you can find lenders who are pro-investor and my offer a 20% down construction loan, but that seems to be rare.

I would reach out to a Texas Mortgage Broker and not a big bank as brokers will have the most options for your needs!  I wish you the best on your journey!  Take Care,

Looks like a beautiful property!  Great Work and while being pregnant, wow!

Hey Daniel,

I could not say if there is a standard and just as with all real estate, it is going to vary by local market.  Although I have seen many Realtors in my area reduce the commissions to 5% on luxury home listings.  I imagine in a competitive market you will still see the higher rates, but when the market is slow, like it is in most places right now, those commission will creep down as well.

I wish you the best!  Take Care,

Hello @Christopher Huber,

I agree with @Rick Pozos, if you are locked for 10 years at a rate you can handle and then plan to sell within the 10 years... then GO FOR IT!

I have a similar situation with a primary residence that I refinanced recently to renovate and have since moved out to become a rental.  My plan is to sell within next 2-3 years to avoid the capital gains tax and move than money into 2 separate properties.  I think the rule is as long as you have lived there 2 of the last 5 years, and I think they prefer if the 2 years of primary residency were prior to the years being rented out.

I wish you the best on your real estate journey!  Take Care,

This is Awesome!  I hope to be in the position to buy a large multifamily in the next 5 years.  I love the lessons learned as well   Great advice

Keep crushing it Jamie

Hello Kammarie,

Let me be the first to welcome you as a newborn baby into this vast new world of real estate wonder! haha

I am not an expert on SUB2 but as I understand you work out a deal with the current owner and mortgage holder, then file a legally binding instrument to hold your interest in the property.  You would keep the loan in place and essentially pay her mortgage for her.  You could offer her $5,000 for the opportunity to take over the payments and responsibility of the loan while it remains in her name.  The only hurdle is that she would still have the Debt and payments show up on her credit report when she goes to buy the next home.  Now if she works with a savvy lender who can take the legal and filed instrument that demonstrates your obligation to pay her debt then she may not ultimately get dinged by the future lender on her Debt to Income ratio.  If this is possible, I am not 100% certain.

This SUB2 option is great in this current market where new loans are going to cost you more on interest than ones filed over the last 2 years.  If she needs to continue to grow her credit then having you pay her mortgage on-time will help that for sure.  As for her missed and late payments, the only thing to resolve this is to.. A - pay off those debts! .. B - let time heal the wounds.

If you cannot work out the SUB 2 then the partner idea sounds like a winner to me!  Join as many meetup groups you can and network till you find the fit!

I feel like my response may be as all over the place as you claim your question was, but I hope this helps!  Please reach out if you have any other questions!  I hope to find a subject-to deal in my market as well.  I wish you the best!

 Hey Jourdyn,

My first question, is what has changed in 3 months that increased the value by over 41%?  

Either way, if you can get in at $120K, renovate for $100k and then sell for over $300k then it should be a no brainer!  But, I know many times the renovation is going to cost more than anticipated and who know what will be discovered along the process that will need to be addressed as well.  I would figure $150k on renovation to give you a buffer.  Are you in a position to have a contractor go and look over the property to give you a better idea of costs?  Also, consider the holding costs for time needed to renovated as well.

I hope this helps and good luck on your real estate journey!  Take Care,

Hey Adam,

I am glad to hear you have made the best decision of our life to invest in real estate!  You are definitely in the right place to find a wealth of information and to network with like minded individuals.  Have you check out meetup.com yet?  There should be some great real estate investment focused groups to check out which will help you on your first steps of meeting local investors that love talking real estate!  There are also many meetups that organizers promote on this forum as well.  

Get to searching for local REI groups and dive in!

I wish you the best on your journey! Take Care,

Hello Jude!

I am a newer agent who went full time into real estate in early October of this year.  I cannot give insight as someone who dabbled in real estate before jumping out of my W2.  But, I can tell you that most agents that I have spoken to about commitment to the profession say that to be a success you need to "burn the boats at the shore".  Meaning that if you want to truly be successful at your full potential then you need to burn your exit strategy by quitting the day job and diving in 100%!  

If this is not do-able for you at this point in your life, then you should continue on your current path until the real estate income is able to support your minimum monthly expenses and then make the commitment to full time real estate.  Change is always scary, but if you truly give it your all, there is not reason you cannot do it!

I wish you the best on your journey!  Take Care,