All Forum Posts by: Danielle Jackson

I suggest start penciling out properties and see if they seem out of reach or actually are out of reach. I'm sure 80% of the investors in this forum would say their first home/investment purchase felt too expensive. 

Hard money lenders will take a chance (most likely) with no income, as long as you find a property that pencils out. They will be very focused on the asset - given they are taking on more risk with no income. 

Agree with others. An emotion and rushed real estate decision is NEVER a good one. Give yourself some time to figure out the right path forward. 

@Malik Jackson Generally speaking, if you aren't paying it off immediately (and especially in a rising rate environment) it makes sense to go the cash-out fixed rate route. If you are paying it off short-term, less than 24 months in my opinion, then HELOC would be my recommendation.

Also, if you go HELOC route, make sure you ask whatever lender/bank you are going with if they ever reduce or even pull the line at their own discretion, which is something they can do with a HELOC.

It sounds like great exposure to learn how to build your own pipeline, including learning best practices on engaging with sellers and even more importantly how to comp properties. 

Make sure you have a system in place. There will be times (hopefully) you receive a response/return phone call (not just outbound) and you will need to quickly be able to decipher who the lead initially belonged to. Good luck! 

Congrats on graduating! I would check with a broker (one who has access to many loan programs vs. a bank who is limited to their own). 

I saw a program recently that combined job offer/school to count towards work history. It looked like they just viewed the offer, and as long as it was consistent with your major, it counted. Good luck! 

Would you rely solely on others for completing work on the property? Or do either you or your husband have some expertise in construction/maintenance? If the former, I would tread lightly. 

You will continue to get mixed responses because everyone has different perspectives on this topic. It depends on risk appetite, personal income/cash positions, long-term goals, etc. 

In your situation, what are your long term goals? If it's to acquire multiple doors, I would put 20% down (to secure best terms) and invest in additional properties. This is of course assuming that your numbers look good. Also, what would your cash position look like if you bought a property in full? If it depletes it, I wouldn't do it. Emergency funds/cash reserves are critical to have in place. And you don't want to have to pay to borrow against your own cash when you will have good terms at 20% down. 

Most agents provide a market update in some form (social media posts, or monthly newsletter/email). I suggest connecting with a couple who specialize in investment properties. Most importantly, access to MLS.

Find lenders that offer DSCR loans (look at your debt coverage re: include potential rents on new property). Rates are still very good, even with LTV up to 85%. Good luck!