All Forum Posts by: Corey Hawkinson

@Fred Roth Thanks. I do try to check that when I’m on a desktop. I wish it worked on my phone.

@Kurt Pauley Beer and discussing real estate. I’m in. When’s the next one?

@Laura P. I toured a 4-plex where the tenant (could only view 1 unit) stated that they had over 100 showings. I believe the tenant was exaggerating, but you could tell they were annoyed at having so many people come through. Sellers will typically want to avoid this annoyance on their tenants. I’m not saying that’s the best practice, but that’s typically the reason for the seller.

@Bill Partin Sounds like there might be some confusion on what is being asked. Is your agent talking about a pre approval letter? Maybe they are trying to say that your letter should show the potential purchase price. Banks/lenders can be a little different but an ideal pre approval letter (my opinion) would show the loan amount, type of loan program, and purchase price.

Otherwise I’m not sure what your agent is asking because with a loan for $160k and down payment of $40k you can purchase for $200k.

@Royjamain Etheridge welcome to property investing. On the one hand, your first purchase is the easiest due to the programs available to you. On the other hand, mentally the first purchase can be the most difficult because you don’t know what you’re doing. Everything can feel overwhelming. Hang in there.

The first steps that I would recommend include finding a local mortgage broker that is easy to work with. (Doesn’t have to be local but I prefer the pleasant touch of a local broker instead of the national players that give you a great interest rate but charge 3 times as much in fees.) Also, you should try to find a good real estate agent, preferably one that works a lot on multi family properties.

Often times, the agent will even have connections to local mortgage brokers so you might want to start with meeting a few agents.

@Nhi Nguyen It was a factor, but the cash flow was a much more important factor for me.

@Nhi Nguyen I just bought a property next to a railroad. The numbers are great. Time will tell if I’m a genius or moron.

@Travis Lucy I think about interest rates going up, but it is only 1 factor to consider. Personally, I don’t get overwhelmed by thinking about that. What numbers are you using that show your payment going from $1,000 to $1,800? That’s seems like way too high of a jump to only be caused by interest.

@Kenesha Lewis You could try ‘advertising’ the property to realtors. Let them know there’s a property that’s not listed but is available. They might have a buyer.

@Brett Cox I think low market with high rates offers better opportunity. You can buy properties and refinance when the rates come back down. The current market of high home prices with low rates works for people who are locking in long term. Obviously every strategy has risks and I am making some assumptions/predictions when I purchase a property and lock in for 30 years.