All Forum Posts by: Chris Tarpey

I would say this is all based on your income, savings, credit worthiness etc..

With that said, yes generally many people can buy more than one property.

Partnerships are an excellent way to exponentially grow your business/portfolio. Just make sure you find the right partner, work out all the terms ahead of time, making sure that both/all partners bring something ($/network/skills) to the table.

Awesome, congrats!

Awesome, congrats!! That is an excellent way to put the VA loan to good use!

1) If you intent to occupy the property, you can use a loan product that wraps renovations. If it is strictly investment, you may find a smaller bank willing to lend based on the numbers, but the larger, more well known ones may not assume the risk.

2)Its a bit of a bite for a first property but manageable. First thing would be to walk through with a contractor and get your estimates, maybe more than one, so you can sit comfortable knowing exactly what needs done, and how much it will cost to do so. Then go back and check the numbers to see how it will work out, and if it is still a deal you can personally pursue.

3) From your last line, DON'T get too caught up in the deal. There an be a lot of operating with blinders on when trying to get the first property, but don't jump on it for the sake of getting a property, make sure the numbers work, you get your estimates, you know where capital is coming from, you have reserves in place, you are working with a good realtor to pull accurate comps. Due your due diligence but treat it as an investment, if it doesn't work, fold and go after the next one!

Awesome, I definitely will need to check out that book!

Hey Dan, Welcome to the forum!

Awesome man, congrats!! Sounds like you got a great start to your portfolio in a property that should hopefully require little maintenance over the next few years!

Cant wait to see what is next!

 For me, I want to know their terms, usual interest rate, down payment, duration of loan. 

-Is there a seasoning period?

-How many branches are there? ( Bank size)

-$$ amount of loans closed last year (Size/relevancy)

I will also look into the reviews, or ask around for other investors that have dealt with them. In the end it comes down to personal preference. I remember reaching out to 30+ banks until I found one that gave me all the terms and conditions I was looking for as well as the speedy customer service and direct support!

Great question! I think one obvious answer is finding properties on the MLS my checking Zillow, Realtor, Trulia etc...

2) REI groups

3) FB Groups / FB Marketplace

4) Craigslist

5) Direct mail campaign

6) Word of mouth/friends/family/neighbors

7) Courthouse listings/auctions

8) Estate Sales

.....I am sure the list can go on, but commit to these sources, analyze the properties that come across (even if you do not intend to buy them) and if a deal comes across and all your pieces are in place... JUMP IN!!

BEST OF LUCK!

This is awesome thanks so much for sharing! I agree with everything you said and have implemented those points in my own business. Google Drive or another cloud storing source is a great friend for keeping documents at the ready so you can quickly send files to a lender when needed.

I think a large part is understanding the process so you have a 30,0000 foot view when purchasing a property and can see what is ahead so you can prepare everything ahead of time and just submit when it is time.