All Forum Posts by: Ivory Hayes

To piggy back off of Joshua Maestas, understanding real estate investing is key. Knowing what kind of investor your brother would like to become will help in understanding the direction that should be taken to become just that. There are soooo many areas to dive in to that plotting out the best one for yourself starts in understanding what you're looking to receive from investing. Wealth that comes in the future after a significant amount t of time money and efforts have been invested or short term quick money that that you can reach out and touch immediately after investing or a steady residual income method where you're putting your money in position to work for you and not the other way around. These are all options along with so many others. I would definitely suggest your brother first figuring out what his goal is then he can figure out a plan of how to get there!

Happy Investing...

I'm learning something new here so I have a few questions... We're talking about mortgage insurance right? So first, I thought that you could only receive fha loans on owner occupied properties, unless  @Mark P you occupied the property for a period then moved on and made it a rental..? Secondly, I was under the impression that after 5 years of owning a home with mortgage insurance and living in it for at least 2 of those years you could simply call up your mortgage company and request the mortgage insurance to be taken off.

Am I sadly mistaken about the information above or am I somewhere in the ball park but simply misguided? Please help...

Welcome... First thing's first, you will need to decide what type of investing you'd like to do. There are many avenues and knowing your strengths/weaknesses and resources will assist you in choosing what route you'd like to pursue. Once you do that then I believe you can fully dive it to a plan on how to execute effectively within that realm.

Happy Investing...

Way to go Sean, that's awesome! Here's the million dollar question... Now what? Figure out the answer to that and you're well on your way.

Happy Investing...

You could approach the situation with private money or hard money lenders and have them back your financial needs. Or you could find someone else on the same page and enter into a joint venture with them and share the cost. Both of these are options to achieving your goals but I would obviously do as much homework on both options so that you know as much about each process before jumping in. I hope this helps.

Happy Investing...

@Carlos Oros the question is what kind of investor are you striving to become? There are particular routes for particular niches. You must first assess what area of real estate you truly would like to tackle, then I would say the next step comes more appropriately after that.

I would definitely suggest having some sort of income to subsidize all of the costs included with real estate investing. Either a regular job or one involving yourself in real estate works well if your savings can't take on the venture.

You can also study ways to invest without using a lot of your own money, but that goes back to assessing your direction in real estate investing. Any lender, if you're looking to leverage your credit or any other assets you have to use other people's money, will be looking for some sort of income that you have coming in that can support the potential lending of funds.

These are all food for thought, but I would definitely start with assessing your goals and the different niches that are out there for real estate investors.

I hope this helps. Happy Investing...

@Bill Gulley I sense your knowledge is unlimited in this area and I simply appreciate you entertaining the conversation. Creative finance cognizant is definitely apart of the mission/goal for 2016 and beyond. To answer a efew of your questions... There are two opportunities. One is a duplex and the other is a 4-family. I'd like to find 100% financing under one roof on the deals but can come up with 20% down for each of the properties, but the down payment would also be borrowed money so there's extra cost on that borrowed money as well. These are buy and hold long term investments so I'd need the longest terms possible. Of course I'm looking to, after a year, refinance the properties and pay my lenders off but the longer terms are to reduce immediate overhead and not be under the extreme pressure of a balloon type money situation. Do you have any advice on how to positively progress in regards to the particular opportunity at hand?

Welcome aboard John. Have fun, learn a bunch and happy investing...

A national lender is the route I chose to take. I got nowhere with local lenders. A corporation might have made a difference in order to qualify for a commercial loan but I believe I would have still been in the same position as local banks have a bit more control over lending policies. So it wouldn't have made a difference if I applied as an individual or corporation once they inquire about the primary residence of the owner of that company I believe I would have been right back in the same position. I'm still in the process with the refi through imortgage. It's become a bit of a drawn out process but I can let you know how it works out if you would like to keep in contact.

You came to the right place Will. Enjoy the process of learning as much as you can!

Happy Investing...