All Forum Posts by: Charles Mullins

@Jon Crosby also thank you.  For some reason in the above thank you I couldn't mention you.  So strange!  User error I'm sure :).  Thanks again

@John Underwood, @Becky Fischer, and @Michael Greenberg thank you so much.  Absolutely fantastic advice.  I'm excited to start this journey and will definitely use what you provided.  Thank you again

Hi everyone, we are looking to get into vacation rentals in the near future.  As we think through this and start reading more books I wanted to ask the community here.  What have you seen that is successful and possibly things we should stay away from.  For vacation rentals that are not close by how does the community clean up and prepare for the next guest?  Is that through property manager and cleaning crew?  Sorry for the basic questions.  Thank you

Hi everyone, listening to the pod cast and reading up on ways to gain additional money for down payments and head about Line of Credit.  I'm in FL is that typically done through a bank or who offers line of credit options?  So much to learn!  :)  Thank you

@Bob Okenwa and @Susan K. - thank you both!  Great insight and appreciate your help.  

Hi everyone, just joined recently and have been listening to a podcast almost daily.  I wanted to see if what I think is correct is truly correct and accurate.

My situation - We have enough for 20% down on roughly a 80-90k loan.  We are looking to buy initially a rental condo for my daughter for college (approximately 1.25 hours away).  After she is done with college we are looking to turn it into a rental unit.  This will be our first rental unit at least for now.

Outcome - What we are running into is we may need 30% down due to investors and we just lost another deal to an all cash buyer.

My Question/HELP please - How do we counter this?  Is it possible to get a private lender?  Is private lending and hard money the same?  Is the below Scenario normal?

Scenario - We want to buy a condo for 100k.  We have 20k saved for a down payment.  Instead of staring with a conventional loan we use private lending (haven't even started looking yet).  After we secure the property we immediately (<45/60 days) finance/refinance?? from a private loan to a conventional loan.  The loan value would be approximately 80k, 20k cash, x cash for the private loan.

Is the above a good strategy or something that is a correct approach? 

Thank you in advance. 

Hi everyone!  I was very lucky to find you as a coworker recently retired by doing real estate investments!  He mentioned BiggerPockets and opened my eyes to the world of the possible. 

About me - I'm an IT web programmer of many years helping companies automate business processes.  I have no experience except for buying and selling personal homes.

My wife - She recently became a realtor after many years as a elementary school teacher.  My wife just closed her first deal outside of Tampa! 

We are excited about the journey and again glad to be here.   

@Alex Deacon thank you. A bit more information that may help paint the picture. The property is about 1 hour 15 minutes away, so that definitely helps. We were planning on keeping it and renting both sides after she is finished with it. For FHA with her living in it and at least on the loan would that qualify? If I cannot get tax breaks from it then possibly conventional would be the better route? Thanks again

Hi everyone, looking for some guidance as  I'm brand new and only have read the free book with many more to read and learn.

We are in process of looking aggressively for a condo for my daughter as she is attending college soon. The question I have is I'm not sure what would be better as far as FHA with my daughter living there 1-2/3/4 years with the 2nd unit rented to another college student. Would it be better to go down FHA route or conventional or FHA immediately and then switch to conventional later? I read or heard one one of the pod cast FHA is great for house hack and then switch to conventional and recoup some money back and repeat. Finally are the tax benefits the same for both options? Any issues or advantage one has over the other? I know FHA is lower down payment and possibly lower interest, but not 100% for sure. I need to check that out soon. Any guidance or advice is appreciated. Thank you

@Ariel Smith Thank you, were are looking to buy and yes the HOA scares me. This would be our first investment and thought what a great way versus paying rent for my daughter. However, listening to podcast and reading we also need to be careful what we buy so we get a good return. We have so much to read and learn! Thank you for the great advise.