All Forum Posts by: Chris Tarpey

Welcome aboard,

You will find plenty of information on this forum to include posts, articles, podcasts, books and contacts both local and national to help you learned more about wholesaling and REI in general. I would start by simply searching your questions on forum posts. Chances are if you have the question, someone else has already asked and and others have answered.

Second knowledge is power, so READ and LISTEN to books/podcasts. This will help your understanding of how wholesaling works, the best strategies, do's and don't and much more.

Another resource available to you in your local REI group. you may be able to find a FB group as well, but finding your local REI group will directly connect you with local investors, agents and wholesalers...novice and veteran who can act as your sounding board or mentors and help you on your way.

Be specific on the terms of the lease...

I would also compare what you could bring in as far as income for those rooms using AirBnb. In some markets, you can make more money even with vacancy and cleaning fees. It is not for everyone but at least worth running the numbers!

Awesome congrats, looks like a great deal!

Welcome aboard,

You will find plenty of information on this forum to include posts, articles, podcasts, books and contacts both local and national to help you learned more about wholesaling and REI in general. I would start by simply searching your questions on forum posts. Chances are if you have the question, someone else has already asked and and others have answered.

Second knowledge is power, so READ and LISTEN to books/podcasts. This will help your understanding of how REI works, the best strategies, do's and don't and much more.

Another resource available to you in your local REI group. you may be able to find a FB group as well, but finding your local REI group will directly connect you with local investors, agents and wholesalers...novice and veteran who can act as your sounding board or mentors and help you on your way.

Congrats and welcome! Sounds like you are in the right path, continue to read books, listen to podcasts, watch videos and attend local meetups.

Immerse yourself in the environment and you will be ready to take that leap. Consider taking advantage of the owner occupied loans (1-4 units) where you can get in a nice MF for little money out of pocket!

Best of luck!

As Bjorn said, completely doable.

I would emphasize that while you may have more legal protection under an LLC, getting a loan will be more expensive, which will impact cash flow of course.

Food for thought!

I would start with the BP bookstore, There are some great reads on the page across all areas of REI.

Personally Rich Dad Poor Dad is my favorite, setting the stage for any investor to get in the right mindset.

1) at least to my knowledge, once you gain the necessary equity (appraisal, loan pay down) you can refi out of FHA into a conventional loan.

I don't believe you can cancel "get rid" of MIP anymore for FHA loans anymore ?! You would be stuck with refinance in order to do so.

https://themortgagereports.com...

2) This one is definitely investor dependent, however I always leave 5% for maintenance, CAPEX, and vacancy. Your essentially paying yourself to hold these funds in a rainy day fund. Better to have it and not need it...

Congrats on taking the next step! The best way to get into REI is to acquire the knowledge base... mistakes happen, we've all make them and continue to make them.

Continue to read, ask questions and reach out to local investors for information. This will ultimately keep you on track and set you up for success. This forum is a great resource, and I’m sure any specific questions you have, someone has already asked/answered!

Welcome aboard!

I don't think it is a bad idea to start off your investing career house hacking. With that said, you want to make sure you find the right property, something that you can afford, and desirable enough that someone would want to rent in that area. I would use being in the military to your advantage, and finding friends/roommates that way.

The VA loan is a n excellent tool, and I would definitely use that as your first resource to get into a property with little to no money out of pocket.

Best of luck!