All Forum Posts by: Grant Doyle

Hey @Quinn Preece I'll echo what Charles is saying, the most important thing you can do right now is learn, learn, learn. I also have to say I wouldn't mess around with the stock market to much as a way of becoming financially free. Save your money, live well below your means, and once you have a well paying job you'll be able to rapidly save for your first down payment. For books I would suggest; Millionaire Next Door (teaches you that millionaires dont have exotic cars and mansions), then Rich Dad Poor Dad (Teaches you fundamentals of cash flow and compound interest and discipline), Then get into the real estate books (How to get started in Real estate by Brandon turner, Crushing it, what every real estate investor should know about cash flow, and the BRRRR strategy are great places to start. Best of luck!

I personally think the BiggerPockets interface is good to use but could be greatly improved. I think users could benefit by being able to see how many votes their comments bring without having to find the original post, being able to have a thread that follows a chain of conversation rather than new comments that just @ another user, and more ways to track your posts, comments, and allow users to dive into a conversation with much more ease. I think if BiggerPockets were to have a forum interface similar to popular sites like Reddit, users could have a much deeper interaction and experience with the rest of the BiggerPockets community. 

I am closing on a four-plex in the next month and will be renovating it while I live in. I do not currently have a credit card and thought that using a card to pay for renovations would be a good way to start building more credit. What things should I be careful of and what recommendations do you have?

@Derrick Hines Hey Derrick I am purchasing a four-plex with an FHA loan and one thing I have never heard about on the podcasts or on the forums was that for FHA on multifamily properties you have to have 3 months of payments in reserves, in addition to your closing costs. So if you monthly payment is $1,000 and your closing costs are $5,000. You would need to recognize $8,000 with your bank sometime before closing. Hope this helps paint a better picture for what you'll need!

@Kyler Ng Congratulations Kyler! I am just a few minutes north of you in Bartlesville. If you would ever like to work a deal or anything together please keep me in mind! 

@Felix Osoria Hey Felix, I am doing my first deal with an FHA loan as well! I know its not related to your specific question and I don't know where you are in the process of buying the property but one thing I learned is that with FHA loans on multifamily properties you have to show cash reserves equal to the amount of three months of Mortgage and insurance payments, on top of your down payment. Ex: if closings costs are $6,000 but my monthly Mortgage and insurance is $1000. I need to have $9,000 at the time of closing. This was something that surprised me since I've never heard about it on the podcast and in the forums.

@Kevin O'Brien Looks great! How long was the process from closing to finishing renovations?

Are there different types of owner occupied loans? 

I am currently working to close on a property using an FHA loan but since the property is partially in a flood plane, if there are other types of owner occupied loans with similar down payments and rates I would like to go that route to avoid paying FEMA flood insurance.

Hey everybody!

I am about to close a deal on a fourplex by October 1st, this fourplex is in a flood plane. I plan to house hack this property and live in one of the units. One quarter of the property is in the "X zone" of the flood plane and the other three are in the AE zone which is more likely to flood. The problem is, the seller initially told me that only one quarter of the property is in the flood plane. What are your thoughts about buying in a flood zone and what tips and tricks can be helpful.

Thanks!

Check out "Rich Dad, Poor Dad" to get started, then read the Millionaire Next Door, then dive into the Bigger pockets book!