All Forum Posts by: Chris Youssi

Add Lakeville, Mn to your keywords ( other cities you want to invest in ) that will provide you with opportunities for meetings /networking then ask fellow investors. Personally, I have never heard of rent o meter and Craigslist - is just that. Another thought is ask the agent you are purchasing the props from and if they are clueless get another agent. Happy Hunting!

Personally I agree with your partner and would never overpay because of seller financing. It's a similar concept to owners who do 1031 exchanges and then over pay to avoid taxes. One ? WHY? FYI 20% down seller financing is no deal that can be done with any commercial lender all day every day. Happy hunting !

Alex, I love your goals and in fact I know someone who did exactly what your referring to on your thread. At 22 he graduated from college went to work for one of the DOW  30's. He quit at age 26 ( hated corp America ) and at age 28 left to travel the world with his wife. that was 8 months ago he was able to do this because of his J O B that allowed him to finance the 10 properties he now owns. Himself similar to yourself had family in the business that helped him along the way. Go get em and Happy Hunting.

Actually surprised no one has mentioned this - interview 3 Realtors to help you with the purchasing of your investments. Pick one and ask your Realtor who he/she recommends for a lender, ask them all and then your off and running. No reason to make it difficult - remember smarter not harder always wins. No reason to overthink and be intimidated . There are few on this site who actually have 4-10 props under ownership. The goal of 4-10 is a worthy and ultimately a profitable goal when you pick the correct team. Smarter not harder! Happy hunting!

Jared is spot on FHA financing tied with FHA 203K loan ideal for your situation or live there for a year do minimal cosmetic and sell - 2 years and your walk away with tax free profits up to 250K!

I concur with Caleb Heimsoth in that wholesaling varies by state and even regions within said State. I will be closing on my first wholesale deal tomorrow and very pleased. Eyes are in the beholder and of course that old saying in real estate "Buyer beware". Any wholesaler worth his services will provide you with comps / ask an agent for verification with the idea you will use them for future deals. Experience is the best education. One has to get out and try. 

Agents are hungry for listings not buyers because of the overall shortage nationwide so in my mind this offers another option to purchase props. Happy hunting

Curious why u do not want to owner occupy? Lower interest rates / lower down payment requirements are just 2 advantages of occupying prop. When you do down payment requirements are only 3.5-5% allowing you to purchase quicker and often as you repeat the cycle. 21k should be ample depending on your avg price point and your objectives.

I've never heard of what your asking sounds absurd to me that someone can place a utility in someone elses name without their permission. I would contact the utility company certified letter . phone them getting their policies on your question. At the very least tell them noone has permission to place anything in your name but yourself and they MUST have your SSI to do same.

My# 1 rule for investing" You can never lose money by taking a profit!" Certainly there are tax consequences but LT Capital gains better than ordinary income. Not educated on your market but I would assume if your looking to grow your portfolio having roughly $ 155k ( after you pay 20K LT Tax ) a great jumpstart no matter where the market. EG ... the 155K will give you purchasing power of 700K vs your current asset of 355k or 2X owning 1 unit.

My thoughts - happy hunting!

# 3 using FHA. In a thriving market which currently is across the nation you can refi out of your FHA loan within a few years and avoid anymore PMI .Disadvantage is rates will no doubt be higher, which simply means you will have to do a cost analysis PMI payment vs higher rate. Personally IMHO if you are owner occupying multi family silly to try and save for 25% down as you will lose any upside in the market and sometimes life gets in the way in that 25% may take longer than originally planned. Happy hunting!