All Forum Posts by: Edward Callaway

@Bijou Diaou

I would say that it’s a bit unsettling how many responses you received assuming your reason for not securing a mortgage had something to do with a financial hardship. And not to mention you explained several times in replies that wasn’t the case. Especially given all the “advice” being spewed out when it’s clear that most aren’t even simply reading your replies in an effort to actually answer your question.

Aside that, traditional banks will be more strict in proof of financials as opposed to hard money lenders. It honestly just depends on what your end goal is. If you intend to buy and hold or used the BRRRR method then as many have explained you may have to use creative financing to secure but if you're looking for fix and flips then hard money may be your best bet. Either way, i wish you much success and am kinda jealous you were able to take a year off to travel lol!!

@Art Perkitny thank you! I will begin to dive into the Census in a effort to better familiarize myself.

@Michael Georgiadis this definitely sounds like a lot of good information to start with as it gives me more direction as to key things to focus on. I always hear people saying “know your market” but it would never be explained. This helps a lot!!

@Nicholas Lohr i checked out the link you posted explaining how your first BRRRR went and had a question. You stated after your refi the loan amount was $245k and your original loan amount was $155k. After you paid the $155k, you stated you were left with $90k to re-invest. With those number, didn't that still leave you with $90k left on the first property since the new loan amount after you refinanced was $245k? Or did paying the $155k originally borrowed settle the debt and now you owned the bone free-and-clear? Sorry if this is confusing. Just trying to understand the numbers as i am interested in the BRRRR method as well and new to it.

Good morning,

Newbie here! My wife and I have decided to start our strategy of exiting the proverbial “rat race” through real estate investing. We are currently interested in short-term rentals and buy-and-hold rentals. All the time we hear people stating to make sure you “know you market” and “understand your local market” and various other verbiage similar to that.

What exactly does “knowing your market” entail? And what are some steps in the right direction to learning more about your local market?

I’ve been advise to join a REA in my area which i plan to do, but other than that don’t know much more on info on getting me to the right direction i need to be in.

Any advice is greatly appreciated!!