All Forum Posts by: Jeremy Morton

@Andrew Postell solid! That finally made the light bulb turn on for me. Thanks for explaining that. Definitely have to put a lot of weight in the pre-approval process.

@Andrew Postell yes that makes sense! Always a fan of a good metaphor.

So when I go from the private lender to a conventional loan, how does one make that happen without having to pay 20%? Or would I need to get a different type of loan?

@Andrew Postell awesome! So how does the transfer of title work? If a private money lender agrees to work with me, will the title be under their name until the point of refinance? Then the deed would be transferred upon a second closing?

Say I purchase a house for $100,000 through a private money lender. They also contribute $25,000 towards repairs. ARV is $165,000. Once the home is ready to go on the rental market, how would I then put that home down on my own conventional mortgage with no money down? Is it common practice in this situation to get a mortgage for $125,000, to repay the PML? Then that would keep the mortgage at around $750/mo leaving more room between rental price and mortgage. 

What am I missing?
What are other ways should I consider looking at this? 

@Irene Nash Thank you for your response. Good to know I'm not alone in this. Luckily I've found some books that will be a good resource as I dig deeper. I'll add your recommendations to the list as well! :) 

I'm looking more into becoming a real estate salesperson. I've started taking the class to become licensed, but am really curious to learn about any possibilities for education outside of the legal necessities. What is are some recommended resources, online courses, books.. etc that would be good to look into for a beginning real estate salesperson? 

I want to be as ready to go as possible once I get licensed.

@Chris Egan solid to see someone else from the big O. Yeah, I’m figuring the next big thing is to reduce how much money I spend on our mortgage, which leads to the idea of house hacking. I’m actually in the process of getting licensed as a real estate salesperson. Seems that would help me better understand our market and it would be an awesome opportunity to explore as profession in general.

@Frank Wong very well said. Appreciate it Frank

@Dion McNeeley

Yes that would be very ideal! Big thing right now is convincing the Mrs. to buy into that plan haha

@David Nacco

I like the idea of investing more in real estate while young. I think the plan right now is to keep that my focus for now, and as my portfolio grows start looking into more intentional diversifying stocks.