All Forum Posts by: Chris Davidson

@Ben Bartels I am a fan of lock in low rates as long as you can and keep the payments lower and cash flow higher both personal and investments. But you have to do what is best for your goals. Are you looking to grow investments quickly, or more pay down your debt. 

The questions about max out through refi or using HELOC's will come down to numbers. Both cost money to do and change how payments are made. Heloc's can be forgiving if you don't find a property for a while you don't draw the money until it is needed and thus wouldn't have the payments. A refi can also be nice as it puts cash in your pocket and gets you really motivated to go find an investment.

To answer your question about a lender liking the HELOC for the down payment I wouldn't see an issue as long as the lender knew in advance of approving you for the loan as it would change your DTI.

If the HELOC is big enough to outright purchase the property you can just refi then payoff the HELOC rinse and repeat (this is my favorite).

@Ryan MacIntosh Yes. Go find a house and a lender!

@Brian Brown what state and city? Do you have any boots on the ground, if not work on building those relationships the easiest with be starting with a Realtor, Lender, or PM. From there just start growing your network with referrals and trust your gut but do your due diligence. 

And to answer the second part you would collect funds in your account, and distribute them according to the contract. Either you take a fee or whatever your company "you" and your friend agree on.

@Sean Haardt If I was you I would write a contract or have one written between your company and your friend. Then a lease between the tenant and your company. 

@Paulino Gonzalez way to take some time on research and taking the first few steps. To find a market you need to first set your criteria.

First, what can you afford. If you only can get a 100k property that takes you out of a lot of markets.

Second, what are your goals. why are you wanting to invest in real estate (this helps answer number 3). 

Third, how are you going to invest (long term rental, short term rental, flip). If a rental will you manage or have it managed for you. If a Flip who is doing the work.

When you know those 3 things you can then start to look at markets and but until you know what you are wanting to do finding a market isn't important yet. The only time a market comes first is if you are wanting to invest locally then you have to find a strategy that works for your market and needs.

 Best of luck!

@Crystal Shepherd not sure where you are looking at doing it, but get ready for some legal issues if you call it Hobbit. But check out https://ancientlorevillage.com Sounds similar to what you are looking at doing. I know a small book was written to clear up some legal issues on this project.

Hey @Josh Halat congrats on taking the steps to actually invest. The reason you don't find a whole lot of info on that online is that is very specific to the property and local codes along with the utility company. Depending on how the house is wired it could be a nightmare or it could be rather simple. Along with having a new meter installed would be along the same lines. If you can get an electrician out there to check it out they should be able to give you a much better estimate and idea of the process.

Best of luck!

@Tadiwanashe Chirongoma If you have decent credit FHA may not be the best route. There are lower down conventional programs for owner-occupier. I would find an agent in your market let them know what you are wanting to do and come up with a plan. Local lenders can be key when trying to get the deal done vs just getting pre-approved.

@Jordan Brant For every statement out there about being late to the game you will find another investor closing on a deal in the same area. While not all strategies will work in every market, I am a believer of every market has an opportunity for an investor. It really comes down to what your criteria and constraints are. If you have any question about the Boise market shoot me a pm would love to chat.