All Forum Posts by: Dallas Schwab

@Josh R. great read! Tree house is awesome! I need to get plugged in frequently to my local meet ups and your story is a great reminder to not delay. One question I had when reading: I thought most banks didn’t allow you to be “gifted” the down payment...is that incorrect? Or how did you get around that? 

Hi guys,

I've been doing a lot of research and listening to BP webinars and podcasts lately and it's really gotten me excited to start investing. I plan to acquire my first rental and/or house hack in Summer of 2017, but in the mean time I'd like to get some hands on experience while I save up and continue research. 

With that, I'm looking to find an investor I can help out in exchange for their some of their time and/or advice. Who of you needs help?? Or, if you just want to connect and don't need any help at the moment, feel free to message me on that as well! 

Dallas

@Keishee Hill Maybe I should've put a little more thought into the numbers; I see what you mean. Good thing they are only hypothetical! Your input was still helpful and is appreciated! 

Hopefully something like this will work out. It would definitely help me get started in investments. 

Thank you all for your input! 

@Rogelio Rosales I go back and forth on whether or not I want to do the 203k for some reason. I would almost rather fork up the cash to rehab and not pay for the rehab over the life of the loan to pocket the difference in cash flow. I'm undecided on that. 

@Account Closed I didn't mention it, but I do plan to occupy one of the units for at least one year, so that's no problem. But, do you know how I could occupy for 1 year and refinance to remove PMI and rent out the remaining unit(s)?

Also, if I do a 203k loan there's no way for me to get cash out of that refinance, right? 

Hi everyone!

I'm a newbie in the OKC area looking to buy my first property and have a financing question. I'm fairly familiar with the BRRRR method, but I have a question on the "Buy" portion of that and how to get that cash. I understand there are conventional loans, private/hard money, etc. but want to explore all options before I jump in. I'm curious if I could use an FHA loan so that I can acquire the property with 3.5% down.

Here's what I'm thinking with hypothetical numbers: Buy a $100K duplex/4-plex/etc. using an FHA loan. Make the necessary repairs, say $15K, and the ARV is then $150K. I do a cash out refi and get 75% of the ARV ($112,500). At that point I will have rented the units for good cash flow, no longer have to deal with PMI, and will have some cash for the the next property!

1. Is this possible? 

2. Am I understanding the BRRRR here?

Thanks!!

Thank you @Dave Visaya and @Jose Matuk for the welcome! I will definitely be spending a lot of time reading and getting acclimated to the BP Community. 

Hello everyone!

My name is Dallas and I am new to both BP and real estate investing. So new in fact that I'm still renting an apartment (ugh) and don't own any property - yet! I was born and raised in the outskirts of OKC. I'm excited to get started ASAP after I get married (in March 2017) and plan to start with a multi-family unit to occupy and rent out other units simultaneously. My main focus is generating the most cash flow possible to support my (future) family solely from rental income, preferably sooner rather than later. Any introductions, advice, etc. are all appreciated!