All Forum Posts by: Damaso Bautista

@Amber McCarthy

That is the best kind of deal. AKA right place at the right time and luck! I have been the victim of that before.

Congrats!!!

@Rodney Innocent

Hey Rodney, 

Those are given everyday with the following:

$25% down payment

good credit

Last 2 years W-2's

Last 2 years Tax Returns

A job that shows you can make the payments

A bank account that shows you have the money in the bank for the down payment and closing costs and that the money has been there for 3 months.

If you have the above you can get pre-

approved for an investment loan really easy.

Good luck!

If 100% leveraged was possible, that is what I would do. It has nothing to do with reserves.  It has to to with someone else, mainly the bank or whoever is holding the note taking all the risk. 

This is the answer to all of the posters "how can I get into real estate using other peoples money" question.

This is the holy grail for them...and everyone else who wants to play because there is nothing to lose.

@Tyreef Mahboob

Congrats! This is the break and many many people on these boards pray for.  Make sure you plan your moves to make the best decisions possible with equity in that property.

Good luck!

@Isaiah Jones

You need to do the following:

Get your last 2 years W-2's 

Bank Statements for the past 6 months showing how much money you have

Submit this to a mortgage broker. They will use this information along with running your credit to see how much of a mortgage loan you qualify for

Once you do that you can realistically look at properties and analyze numbers that are real.

Good luck!

@Tyrone Dennis

For me homeownership was a measure of success.  Getting out of the neighborhood and buying a house was the way I proved to myself as a young man that I made it.

@John Hinnant

We did it for our son but it isn't a straight house hack.  We did it because the amount we were paying for housing in the FRAT house was more than holding costs for the house.  At the end of the day, unless we keep it as a long term rental after he graduates, we will have gotten 3 years of free housing.

The cost would be having our down payment locked up until the house is sold to get it back which I don't feel will be a problem.  The area we bought the house is nice and sought after. 

We added him on the mortgage to help him build his credit score.

Good luck!

@Jimmy Epolito

Calm down! The knots you are feeling are the excitement of having your first project.  What works for me is working through the worst case scenario. Once you work through that you will realize that the worst case scenario on this deal is going to result in death and destruction.  

The worst case scenario is that you loose money and you can even recover from that.  Move through your plan and you will be fine.  Control the things you can't and let go of the things you can't.  

Congratulations and Good luck!!

@Shiloh Lundahl

I believe there are many factors that go into the answer. Like anything in life nothing is cut and dry.

At my age in life, the financial position I am in and real estate being a fun hobby for me, I would take the $10,000 a month free and clear.

I know that I can live a beautiful and happy life with $10,000 a month free and clear.  

I have never chased money in my life and the way the question is posed, that 1 million dollars is to be used to chase more money.  Not the person of lifestyle I like to live.

My 2 cents

@Jody Dobson

I feel like adding a bathroom gets a lot of bang for the buck! At least that is my experience