All Forum Posts by: Chris Marshall

My goal is to pay off my current home loan on the place I live. (40k) then purchase two rental properties for about 50k each. And I can find some small backers or other personal finance to pay for any overages on the two new properties. I cannot refinance my house because of deed and mortgage issues. But if I could have a mortgage that was on two homes that had enough extra to pay off my current loan that would be very nice. Any other ideas on something I could do for that?

Or can you get a mortgage for three times the amount of the property you wish to buy?

Is it possible to have a mortgage on two separate houses that are across town from each other?

Yeah when we got the original $20k loan I believe they set up a deed of trust or something along those lines to where my wife and I would be on the loan but instead of a mortgage it was more like a home line of credit type of deal. I'm not exactly sure. I have an appointment to speak with the banker we used but i was trying to gain as much knowledge and options beforehand.

Here is the situation. On one deed lies my house and the rest of my parent in laws property and house. They have a mortgage and I have a 20,000$ loan for the next four years. But I want to take out 150k against my house to pay for two more rental properties. How can I achieve this? My plan involved using the 150k to pay off my current loan and the remainder of a vehicle loan which would reduce my monthly bills by 350$ but the 150k loan would have to have a term of 30 years. What are my options? My property and house are worth about 200k for reference and total the deeded property is worth about 1.2mil.

So I want to lay out my plan so far to see what you all think of it so far. Last I had shared I was looking at buying and renting out my first rental property by January 2017. Like Grant Cardone says "if your not scared your not doing anything big". And that idea of doing this did scare me since I had no idea how i would get the money or what i could do and i haven't seen real numbers yet. But i wanted to go bigger because i could be more scared. So over the last week I've been looking at my financial situation and trying to find how i could save money.

I decided I wanted to go bigger with my plan and goal of having one rental by 2017. So if you will bear with me as I have not mastered the lingo of the trade nor am I the best at writing, grammar, spelling, or punctuation. 

I would like to start off describing my personal financial situation just a little. I currently have a $20,000 on my house that will be paid off in 5 years so we could renovate the inside before we moved in. and then i owe a little under $30,000 on my wife and I's cars. Now what i am looking at doing is taking out a 30 year mortgage on my house for $150,000 If i can achieve a 4% or under interest That would be ideal but i could go higher if needed. My thought is take the $50,000 and pay off the other loan as well as both vehicle. The payment on the House would be $400/ month cheaper than all three of the other payments together. 

Immediately it betters my financial situations and frees up some room in my monthly expenses before I ever factor in the rent every month. If we keep both of our jobs We would never have to worry about if one of the places goes non-rented for a short while.

Now beyond that I would have the struggle of finding 2 properties to purchase for $100,000 or less (whatever closing costs might be or any other fees we may have) So Ideally I'd have $100,000 and i would go buy two houses at $50,000 each and they would need 0 work put into them and people could move in the next day. but even I realize that's a fools hope. 

I have a couple ideas on how to gain the rest of the money I would need to purchase the houses, such as family that may want to start an investing career. I could try notes on the house's or whatever it takes. Now rent for a 2 bed 1 bath 1000spft home in this area is looking to be around $850 just by looking around on zillow. I still have to meet with a real estate agent to figure that part out. 

I just want to know what people think about what i have so far and if you have any suggestions please respond I am a dry sponge let me soak up your knowledge! As well if any one here is local to my area I wouldn't be against a partnership especially if you are the type that can write very well or you are super organized.

Thank you, I was planning on a buy and hold plan. Rentals are very popular around my location and since property and houses are cheap(ish) I figured a buy and hold for rent plan would be best. Is that not the type of plan you would want to go with? I have a business associate I should probably be asking since he is a land developer right here in the same town, so I will get his input as well.

Hello I am a brand new investor, over the rest of this year I plan on just sticking to learning about real estate investing, the terminology and all that goes into this line of business, as well as making connection through my current job. Right now I'm working on a business plan and I'm getting stuck. In the area of Missouri I currently live in the market seams to be very friendly, we've always had really low taxes compared to the rest of the US and property is very cheap. I want to start slow and so for the first place I purchase I want to stay below $50,000. If rent is $1000 or 2% what can I expect the loan payment might be. I'm trying to find a source to learn more about how the lending works when doing real estate investing, I haven't found much yet. I apologize if this is on the forums already I searched through a good chuck of the forums this morning and haven't found anything regarding this. My overall goal (ideally) is that by the end of 2017 I have $2000/month in income after all the payments and upkeep with houses and whatever else might come up. That may be bold but with that income I would be able to devote more time to my software company instead of selling insurance. I would love any comments you may have to help me reach that goal, Thank you.

Sorry, yes sir that is what I meant. Interest not insured. The concept is what I was trying to convey though. The ability to get notified on tenants activities with their insurance. The same way a lien holder can see the insurance on a vehicle they are financing.

Again, I don't know if that is anything that interests land lords but from someone who sales insurance I find that pretty interesting.