All Forum Posts by: Daren Miller

@Kyle Knowles Hey Kyle, Scranton and surrounding areas are my main market. I just want to caution you as you said that the market in Scranton has been depressed for several years - that is true and that will continue to be true. Nepa is mainly a cash flow play, similar to upstate New York so I would not expect much (if any) natural appreciation beyond what we are seeing now due to low inventory and the current interest rate environment. If you want to know more shoot me a PM.

@Justin Walker I am currently using Bob Rother with RMS out of Wilkes-Barre, great guy.

You as well, I totally agree with the off-market strategy and I am in the beginning stages of speaking with off-market sellers. However, if your experience, do you think an off-market seller would accept FHA financing?

@Salvatore Lentini

Hi Salvatore,

Thank you for taking the time to help out us newbies! The only thing holding me back is getting an offer accepted on a multi-unit house hack. I have made ~8 offers on duplexes to quads in the past 3 months. The market in my area is red hot as almost everywhere and it is tough to even find a deal that will cash flow when I move out.

This is holding me back because I am ready to do a brrrr and my lender has told me that if I have debt on an investment property I may not qualify for the FHA loan I want to use to house hack.

Also - I see you’re from PA, are all of your units in the Doylestown area?

@Ben Leybovich I love your clarity sir!! A cash flowing property is a cash flowing property - market up/down, correct?

I am planning on purchasing my first rental property within the next six months using a conventional loan from a community bank. I have already found a bank that is a known portfolio lender so I should have no trouble convincing them to lend on a solid deal. 

I was wondering if anyone had any tips on how I should present myself or my deal when applying for financing for the first time. Do I focus on the merits of this deal only or do I lay out my plans for the future as well? 

Any tips would be appreciated!

@Lawrence Paul Hey Lawrence, where in PA are you investing?

@Cameron Riley Hey Cameron, I’m from PA as well. What areas do you invest in?

My main source of real estate education at the moment is books/BP/just doing things. However, when it comes to general finance/life advice I have some highly successful individuals I confide in whenever I have questions. I found the most valuable lessons came from simple conversations with people who have much more life experience than I do.

Hey BP,

I am from Northeast Pennsylvania near Scranton. I am 22 years old and will be graduating from Penn State in May with a B.S. in Accounting. Also, I have $0 in student loans and I have enough cash to put down 20% on just about any property in my area. Now let's get to the important stuff:

Background:

I was turned on to real estate investing about two years ago (yes, after reading Rich Dad Poor Dad). Since then, I have been learning about real estate (and personal finance) non-stop. I would say I have always had that entrepreneurial bug in me from a young age. I began mowing neighbor's lawns when I was 13 years old and I still continue to operate a small landscaping business while in college with about 30 clients. 

Present:

I have listened to over 150 BP podcasts over the past 6 months and they have been crucial in my growth to the point where I believe I am ready to take action. I am interested in small multi-family properties at the moment. I am actively searching for and analyzing deals in my area (mostly looking for seller financing as I cannot get traditional financing). 

Short-Term Future (<1 Year):

As mentioned above, I am currently self-employed and as a result cannot qualify for traditional financing. The second I am approved for a conventional loan is when I plan to buy my first rental property (2-4 units) unless of course I can find an owner financed deal before that (I realize I have a very slim chance of finding SF due to my age and experience level, doesn't mean I'm not willing to ask!)

In all likelihood, I will have at least one rental property by the end of this year. 

Long-Term Future (5 years+):

Honestly, I have had to reevaluate my goals after listening to the BP podcast and reading so many success stories on the forums. My current goal is to have a minimum of 20 units within the next 5 years. After that, I would plan to scale up and purchase larger apartment complexes with 20-50 units each. 

Thanks for reading! 

Is this a SFR? If so, with the correct numbers it could be an ideal BRRRR deal. I also account for 0% PV increase in my reports.