All Forum Posts by: Craig Jeppesen

Keep looking at other financial institutions. I bought my first place right out of college just starting my first job. Look for a place that does 1st time homebuyers programs.

I would just get new cabinets. You don’t have a lot of cabinets and it wouldn’t very expensive to switch out with Lowe’s stock cabinets, especially if you are getting a new stove.  Watch for 20-25% sales at Lowe’s or HD. They have them pretty much all the time. Replace the countertops with Home Depot laminate slabs. They are super cheap and look nice.

What would the townhome rent for? You just need to run the numbers. If the numbers work it can be a good deal. If it doesn’t cashflow not a good deal. 

Here are a few options for you.

Heloc on your personal residence

401k loan

private loan from people you know

traditional mortgage (only if a cosmetic fliip)

construction loan

HML loan

I advise you like others to not commit tax fraud. You are paying more to Uncle Sam to defraud the mortgage company. The lender would give you money based on a lie. That is called deception.

First of all no need to make multiple posts; one will work.

Owner financing just means you get a loan and make payments to the seller. You decide together, the purchase price, down payment amount, interest rate, number of payments etc and create a contract. You will get a title company to assist with the closing and possibly the payments.

Whether the seller gives you a loan without income is completely up to them. There are no rules, just two people coming to an agreement.

It depends on how much you can save over what time period to save up for your down payment.  If you need less than a year savings acct, 1-5 years a cd, 5+ years stock market (mutual funds). the stock market can go down in value in the short run and having money in a cd ties up your funds if a deal comes up.

I don’t use retirement funds for re investing but many people open up solo 401ks or use Ira acts. Make sure you understand it if you go that route.

Heloc

Private loan

Hard money loan

Sell a car

Salary advance

Cash out vacation/sick leave 

Second job

Refi properties to payoff one and lower debt ratio

401k loan

Sell something

I am not an opportunity zone expert so take that into consideration, but don’t capital gains go away or are drastically reduced with an op zone fund? I think an op zone is a replacement for a 1031? I am curious of what others have to say here. I am not sure why you would do a 1031 if you will move to an op zone fund.

There is this thing that no one ever thinks about and it is called inflation. Your excess cashflow will all be gone after a while. Also you need to think about heath insurance. I think you can scale back or take some time off work, but not permanately yet. Maybe this is a good time to figure out your passion where going to work each day is not actually work.