All Forum Posts by: Effram Barrett

You have your mind in the right space. Your mom would not be able to apply for the loan under her name if you're going to be living there. That would be mortgage fraud. I would need a lender to confirm this but I think she would be able to gift you the down payment. I'm not an expert on how that process would work out. 

Another thing you can do is get a debit secure credit card and make small charges and pay them off monthly to establish credit. There's a difference between consumer debt and investment debt so establishing a good record early will pay off with better rates later down the road.

The last thing would be the most practical but that would be to simply wait. We all want to start off running but sometimes letting your nest egg grow can put you in favorable positions down the road as well. Get you a good amount of capital and you can get the snowball going. Good luck

One thing you can do is pay a realtor or RE attorney a one time fee to show you the ins and outs of your states contract. It will be the most binding document between you and the seller so you want to know how to navigate it and also explain to the seller what they are signing. Gurus will teach you to have the seller sign a napkin and put down $10 earnest money, but a contract is best.

The investment in learning your states RE contract is worth it's weight in gold.

Is this your primary residence? If so why not wait another year to avoid capital gains tax? The market could drop slightly altering your sale price but you would still keep the cap gains. Me personally, I would find another way to pay off the debt. Maybe look into loan consolidation 

Find a realtor/broker who specializes in raw land 

Even if you go the owner finance route, they can still pull your credit and treat you as if you were trying to get traditional financing. You do have a few options though:

You could look in the MLS and there is a way to filter listings to show sellers willing to OF.

You could look into probates as well and reach out to the executors of the estate to see if they are willing to sell.

You have to sell the idea of passive income for a few years as opposed to one lump sum. Talk to any and everybody because i'm sure someone has thought about selling a secondary home or maybe their primary via OF.

I live in the Humble area so I would consider Atascocita and a few other older neighborhoods because those homes have a higher chance of being owned free and clear

There was a podcast I started listening to a few yrs ago for agents but I can't remember it. You can find a good one if you search though and check out various youtube channels. 

To your other point, I understand where you're coming from. Another thing I could recommend is maybe working with a title company for W2 income. You can learn a lot about the industry at a great title company, but only you will know if you're better suited in the packaging industry. That experience will leverage you whether you are an agent, mortgage broker, or work at a title company. 

You have a cool setup man. I am curious if you had trouble getting insurance, primarily flood insurance and is it pricey?

Welcome to BP! Have you thought about being an agent? Your skill set and experience could transition well for you.

Welcome to the world of REI! There are a few ways to find deals but they all require endurance and consistency

Talk to any and everyone you know and tell them you are looking for a home to invest in. 

Look on social media. I've heard of people buying property from FB marketplace.

you can try bandit signs and direct mail although those methods are oversaturated.

Network with realtors and other professionals. You can even talk to your mailman because he might pass by an abandoned home every day on his route. 

There are several more ways but the big thing is to bring value to whomever you speak with! Good luck!

As others have said, BP can be a good place to find what you're looking for. I would network on social media as much as possible until you find a team that works for you.