All Forum Posts by: Caleb Mclamb

In my opinion, it would depend completely on your market. Would the people who primarily seek to rent or buy your "level" of home see that as a valuable feature. If it is a high-end home it may make your home better than home X, but if it is a middle to low end home it may be unnecessary because your home isn't competing against homes with brand new kitchens, golden toilets, and a landscaped lawn.

In summary, I would lean toward focusing on what my competition's homes don't have, whatever it may be (landscaping, new kitchen appliances, 2 tone exterior paint job, etc.) before putting in a sauna. 

I base my thoughts of off Albert J. Lowry's ideas 

Hello BP! 

I went to my local credit union today (Gulf Winds Federal Credit Union) and asked many questions about loans and credit. I found they have a new, and most likely permanent, 100%, no money down, mortgage financing program; it is based off of credit score and it tier's as so:

740 & up: 4.125%

700-739:  4.625%

670-699:  5.625%

They also have a traditional loan program that starts from 4.125% (credit score 740 & up) with only 5% down. 

(neither of these have mortgage insurance fyi)

So to recap: with credit of 740 or above, you can 100% finance for 4.125% or 5% down for the SAME amount. 

So what do you think? Amazing? Unimpressive? Something I am missing? 

look it up at https://www.gogulfwinds.com/loans/mortgage/

thank you for any feedback!

I am located in the heart of pensacola, I have little to no experience investing but am studying to begin investing here within the next year. Stay away from southwest pensacola, brownsville, and ensley. If the street name is a letter ie" M street, F street" its probably in a bad area of town, the lower down the alphabet u get (downtown streets) the further your going from the center and the worst the properties get. Like i said im no proffesional and am looking to ge started in this area myself. 

I see many helpful posts on my question but the most "AH HAH" comment was that the investor is selling when the market is peaked. I have read this but it makes much more sense now. If he bought low he has much to gain by selling at a peak point if his mortgage is paid or not paid if he wants the cash to 1031 (or something) into another property. 

thank you for the many helpful responses!

@Hattie DizmondI have been formulating goals and a long TO DO list for a few days, I posted my ideas in the Real Estate Goals and Currently seeking sections of my profile page, its not fully detailed out but this is my general game plan. My price points for the different sizes of homes are based off rent ranging from $500-$800. 

@Hattie Dizmond i love how much i cringe at your responses haha i could spend a week findin the answers to all your questions. Thank you for being thorough and very helpful. I contacted a broker today who i went to school with who's father is a full time realty investor and am setting up a meeting asap i cant wait to learn and eventually invest for myself. @Ethan Atkinson  the more i learn the more i hear the 2% rule is a high figure and the old 1% rule is a dont even think about it if its bellow this number. Does anyone shoot for 1.5? Maybe 1.8? 

@Hattie Dizmond thats the calculator i meant, yes. And ive only found one REIA in my area and am looking forward to going later this month, is it worth using a wholesaler as a new investor? I dont have allot of properties so I have nothing but time to search for deals and learn on my own. What do you think?

@Hattie Dizmond i found 1 of them on the MLS and the other 3 i just realizered wernt mls as i though but a foreclosure section of the website :/ but i was going by thinking that if i find compe in the area for rent and then use the 50% rule to see whats left for the mortgage, then subtract my mortgage and see the left over money. I know my reasoning is very elementary but im just getting started, I found the deal calculator this morning and will start using it on one or two to see what I am missing.

How do you market when first starting out? Just buying One or two off the mls to get your roots solid and then start finding foreclosures? Or is that something even a beginner can pursue with the right team?

Thank you

This is going to sound dumb but I truely don't understand. Ive been searching properties and out of hundreds have found 4 in my area that are killer deals, meeting (and exceeding) the 2% rule, while not being in the ghetto or having a cracked foundation. My question is, why would someone sell these investment properties when they cash flow very positively? They already have renters (some of them) and the math shows the owners are collecting a nice check (a check that would definitely cover the mortgage of the property 2 to 3 times over)

Any feedback would be much appreciated, constructive criticism welcome!!

@Hattie Dizmond  found it! and yes i found the guide very interesting, but its just the beginning. there's so much more to learn specific to my area.