All Forum Posts by: Frank Geiger

I would offer 6%-8% depending on the terms and risk level. My first flip I offered 10%.

I would like to see a video on your due diligence process. There is a longer checklist with MFH and that is something I am still wrapping my head around. These videos would be super helpful coming from someone with your track record.

@Steven Glod I have never purchased a primary residence. I have been stationed in the military in high cost of living areas. I never had a problem getting a mortgage. You probably aren't talking to the right person. 

If you just need help with the paperwork, offer a flat fee. Your agent should be happy seeing as this is quick money for them as well. If there is only one agent, that agent gets the full 5% (unless negotiated).

Don't expect them to help you out with title, etc. They are just providing the contracts. 

This is why Dave Ramsey is so popular with his debt snowball methods; because it's such a psychological game to pay off debt. Sure, you can huddle in your families garage for the next 10 years and pay your loans off. But is that really motivating you to continue? 

A lot of good advice here. My advice is to start your own life, save money, house hack, then tackle your debt. House hacking can save you an additional $1,000 a month and speed down your debt payments. Good thing is you make more money than most people. So this may be a quicker process.

A big problem you're having is that the rent after the REFI needs to cash flow at the ARV. A 300k property will be negative every time with a $1600 rent. That's the mortgage.

May work as a flip though...

If you are a citizen, I don't see why you would have trouble qualifying for a mortgage. Try reaching out to national/online lenders. They don't have the best rates but you can still close deals. 

Here are a few online to reach out to:

https://limaone.com/rental30/

https://www.lendingone.com/rental-loans

I have a few older homes that had the same problem. Repairing plaster does take a bit longer and will probably cost a bit more. But if it's minor, I wouldn't sweat it. We just rip it all out, replace plumbing and electrical, and then replace with drywall. 

@Geoffrey Fellner didn't take it that way. Did your parents say they wanted a balloon or are you suggesting that? They may hold it for longer. The more important thing is that you can qualify for a mortgage in a few years. If the property is worth 130k today, I doubt you will feel much of a downside.  It can drop 20% and you only lose 26k in equity (which won't matter if you hold). 

I think your head is in the right place. House hacking is an awesome way to pay down your student loans. If you are living for free, you can devote an extra $500-$1000 a month on your student loans. Or you can keep paying the minimums and start growing your portfolio. Only you can do the math and see if that makes sense. 

The first step is to see if you qualify for a mortgage. With a PHD in a health field and the way you're thinking, I am sure you will be financially free in no time.