All Forum Posts by: Dakoda Spencer

Brent Coombs , I'm glad you clarified that for me! So thank you very much!

Waylon Gates Thank you very much for your insight! I really appreciate your assistance and wish the best of luck to you!

Dustin Verley , I think what Waylon meant was it would be a fraud if I told the bank that it would be my primary residence but then turned around and make it a rental property.

Waylon Gates , I guess that's my real question. What all changes when I tell my lender that I want to buy a house as a rental instead of my primary residence?

Thanks Waylon Gates ! Does it make it different if I do or do not tell them it's going to be an investment property or not as long as I can put 20% down?

John Anderson Thanks for the comment! I told you it was a simple question! I feel a little silly asking it now that I know that but that's okay. If I am able to put 20% down, can I buy a property "as is" through a bank?

Hey all, I have a simple question. I want to purchase an REO as an investment property but I'm not sure of the process. Do I need to be sure to tell the bank that it's going to be a rental or does it matter? I plan on putting the 20% down on it to acquire it. Please answer for both REO's and normal houses on the market. I live in a small town and most of the renters will most likely be college students. I have good credit score and a couple thousand to put down. I haven't bought a house for myself yet so the actual buying property process confuses me just a tad for now. And please tell me if an REO is much different than a traditional house on the market in terms of the buying process. Most of the houses I look at aren't bank owned but this one happens to be. Thanks guys and gals, -Dakoda

@Daniel Hyman, this group has been very supportive and that's what I have been needing in my situation. My friends and family are very scared of RE and constantly warn me about getting into it. 

@Brett Snodgrass, I've been actively pushing myself in RE for about 6 months now. It seems to be hard for me to do since I don't have someone I can physically talk to and have them show me simple things, like how to fill out something as simple as a letter of intent.

@Jon Kepler, I would love to do that and apartment buildings are one of my favorite niches! I've been calling for rent advertisements to try to get my feet wet in asking whether or not they would like to purchase more or sell any units but I like your idea better. What kind of apartments should I look into? Like, should I only look at 5+ units or does it matter? I'm not going to lie, I'm scared to go there in person to tour them. I just don't know what to ask or how to respond to questions. 

@Donte Askew, I know there isn't any overnight success story and that's why I've dedicated myself to this for real. I've called every FSBO in my area and I'm starting to reach out to areas that are two hours away from me. I'm in a small town so there isn't much here. I know patience is a big deal but at the same time, I'm not patient with learning or "doing my homework". I'm so eager to make real estate investing a reality for myself that I have dedicated hours daily to this. I can't even let myself "relax" and do something like play an online because it just feels like such a waste of time and energy. Like I tell my best friend, my ROI on gaming in is the negatives.

Thanks everyone for all the encouragement! I'm ready to do what it takes to get out of this merry-go-round and into something that I love. I'd even be willing to move to a different state to work for a real REI investor for free if I knew I could come home with the confidence to invest in RE myself.

Matt Motil , I was doing some thinking about this as I was attempting to fall asleep. Can I still get transactional funding if I plan on selling the house with seller financing?

Thanks for the encouragement! It really does help to see that just starting out! Which books do you recommend to read and do you recommend any particular order to read them?