All Forum Posts by: Dillon Goral

So as a kid right out of college I had bought a house for a pretty affordable price in my market. A few years later on after a few big value-add projects, I had discovered the BP community and had decided I wanted to try and rent the house out (lots of new industry nearby, colleges less than 2 miles away etc), but after a basic calculation on the analysis it seems as though the numbers wouldn't work out cash flowing extremely well, leaving me basically dead even. I think I can attribute this to extremely high property taxes in the area, but what I want to know is there any way to create a strategy on a basically break even property I've already been househacking to make it work as a rental or is it better to cut my losses and sell it to get whatever equity I have in cash for my next real estate move?

To preface my question, Im fairly new to real estate investing and fairly young in general (26) so this question may have been asked and answered before on this forum but to those people who have formed partnerships on deals through BP, how did you go about finding a partner and did you guys get any successful deals done? Id like to learn from an expert through a partnership deal, but I don't know where to start! Im extremely eager to learn and hard-working, but getting my confidence up by learning would be key in my development I think

@Kevin Romines

Extremely helpful actually, thank you I really appreciate it!

@Cameron Tope

You may be right about shooting the idea down, I wasn't sure how they would view it since there was no actual cash flow yet, would they consider that theoretical rent into DTI? Thanks for the help!

So I am a beginner and I have purchased my primary residence on an FHA loan about 3 years ago before I became interested in REI. I put 3.5 down, and after that started doing a bunch of updates that have created value (hidden bedroom/ half bath) before I had any idea they could be such good ideas. So now I need to refinance to get out of pmi, but I'm wondering how I can go about buying my second deal. Since it's me living here as my primary residence, there's no rental income. If I try to get another FHA loan, will the banks turn me down because of debt to income? The first house will be rent ready, just without a tenant in it and I'm afraid that if I buy another house I will get turned down simply because of the debt to income. Any experience with this?!

@Bryan Noth

Perfect, I just joined so I wasn't aware of those benefits.. Thanks!

@Bryan Noth

Thanks! I'm trying to build equity and learn from all of you guys that have experience and put it into play as much as possible. The one thing I guess that may cause a problem is not having official written leases right now. My main reason simply being I don't know how to go about drafting any of that info, and making the transition to becoming more "official" with all of this. Do you know of any resources I can read that would give me a sort of How-to on how to make that transition whether it's finding a lawyer or drafting leases myself or whatever steps are best to ensure the best chance of success? Thanks for your response!

So I've purchased my house a few years ago, and have had my friends living with me and paying rent while I fix the house up. I've gotten almost completely to where I wanted it, but now I'm ready to start looking to make a move to my first real investment. I want to be able to keep the house and rent it out while I buy another house to live in and fix up, and continue over and over. On my normal work income, how do I get approved for a new loan, find renters for my first house while I'm purchasing my second, and make that transition to then being a first time official landlord?