All Forum Posts by: Elealeh Fulmaran

Go with “light value‑add” for your first: move‑in ready or simple cosmetics, not heavy rehab. You’ll learn landlording, screening, and lending without contractor chaos. Set a tight buy box, verify rents with a PM, stress test taxes/insurance/vacancy, and only buy if it cash flows with a modest repair buffer. Walk three, get contractor bids on one, and write an offer on the first that hits your numbers.

You're right on time. Fix credit in the background, but start moving now. Pick one simple buy box, analyze 20 deals this week, and practice a clean private‑money pitch with your mom: what the money is secured by, how it's repaid, and your timeline. Use a basic promissory note and lien through an attorney, keep funds in a separate account, and plan your refinance exit before you buy. Hit two meetups this month to find a lender who can do DSCR/hard money and a mentor you can text. Imperfect first step beats waiting for a perfect score. Which market are you targeting first?

Great first move, Ryan. For a NJ house hack, set a tight buy box near your train line or bus route, run actual rents from listings and PMs, and stress test with higher taxes, insurance, and utilities. Before offering, line up a local lender familiar with duplexes/triplexes, confirm zoning and owner‑occupancy rules, and pre‑screen a property manager even if you self‑manage. Walk three similar properties this week, write one offer that meets your numbers, and hit one meetup to meet a lender, PM, and agent in person. Action beats perfect timing.

Lock in one clear buy box, analyze 50–100 deals inside it, then write one offer this week on the first property that meets your cash‑flow and risk criteria, even if it’s a little ugly. That single act flips you from theory to traction. Line up a property manager before you offer, keep rehab simple, and plan your refinance path on paper. Imperfect first deal plus tight debrief beats waiting for perfect every time.

Congrats — that's a solid first step! Verifying the studio's legal use and permits, checking for a separate entrance and parking, and reviewing any flip work that's been done. Pull rent comps and talk to a couple of local property managers to confirm demand and realistic pricing. It's also smart to get insurance quotes (with and without solar), check for wind/flood zones, and factor in a possible tax reset after closing. For now, keeping the title in your name with good landlord coverage works fine — you can form an LLC later as you scale. If the rent comfortably covers insurance, taxes, and reserves, move forward; if it's tight, try to renegotiate or walk away.

You're not out of luck—get it in writing from the city that the residential use is legal nonconforming, price out special insurance for rebuild risk, ask about a rezoning or variance path, and talk to a lender who does "nonconforming use" loans; if those boxes check, you can still refinance or sell, and if not, consider selling to a cash/DSCR buyer or keeping it as a cash-flowing hold with clear disclosures.

Great move using your own title company. Next, lock in buyer-friendly terms: use your own purchase agreement, keep EMD refundable, and get a solid inspection period. Verify the wholesaler's equitable interest, chain of title, liens, and legal description. Require full inspection access (general, sewer, roof, HVAC, termite) and budget based on real findings. Confirm rents, leases, deposits, and utilities with third-party proof, not just their word. Set clear timelines, prorations, and disclosures, and keep your agent or TC in the loop. Be ready to walk if anything doesn't check out.

Now's a fine time to start if you focus on cash flow and keep it simple. With your income, low expenses, and 30k saved, get preapproved and set a clear buy box. Look in solid cash-flow markets (out of state if needed) where a small SFR or duplex can rent day one. Line up an investor-friendly agent and PM, analyze 50–100 deals to learn your numbers, and make offers when one fits. If the down stretches you, pair with a partner, private lender, or use a purchase-rehab loan. First step: pick a market, get preapproved, and send your buy box to your agent this week.

Great question—batch refis to limit credit pulls, and stick with the same lender or broker for multiple properties. Use soft-pull prequals until terms are locked. Route working capital through business credit/lines that don’t report personally to keep utilization low. Time inquiries by knowing which bureau each lender pulls so you can space them out. Before each refi, pay down revolving balances and avoid opening new personal accounts. If a lender “shotguns” your file, ask them to stick to one bureau or stagger files. To reduce pull frequency, consider portfolio or blanket loans, HELOCs/first-position lines on stabilized assets, and reuse existing lending relationships. A quarterly refi cadence with a “which bureau” map helps keep scores steady while scaling.

You're on the right track—use the HELOC for down and pair it with a purchase-rehab loan (conventional w/ repair escrow, or hard money/DSCR bridge) if the deal works by your numbers and team. To decide "good enough" from afar: set a tight buy box (C–B areas, target rent range, max all-in vs ARV), verify rents with a PM not just online, and inspect the big five (roof, HVAC, electrical, plumbing, foundation). Budget rehab as needs vs wants to get rent-ready fast, and keep offers contingent so rehab costs adjust your price. In markets like Cleveland or Memphis, I'd start with a light value-add SFR or small multi and build your core four (agent, PM, lender, GC) locally to pressure-test comps, scope, and exit.