All Forum Posts by: Joel Calkins

Hey there BP!

Lately, in the forums, I have noticed that many new and even experienced investors are finding possible deals and analyzing their deal to death. I know I do this sometimes when running numbers on what seems to be a great deal and I subconsciously analyze until I find something I don't like or that doesn't fit my criteria, even when it may be a simple fix or low effort solution.

Are there any strategies you guys use to cut out the emotion and see 20/20 deal vision? Also, when is enough data enough?

Thanks!

You're just shy of the maximum allowable front end DTI by 5% for a conventional loan. As for FMNA 1007, there are PDF examples online and you can fill out the form as follows. This form is just a close approximation but still try to be as accurate as you can.

This definitely a good way to reduce your front end if you think you can add rental income.

If you have any other questions don't hesitate to ask. I'm always down to talk RE!

Most states require that this information be a part of the public record. To my knowledge New Mexico and maybe a few other states allow full anonymous LLCs. You could think about having a different address in your articles of organization as well as a different registered agent. I would call your States business and regulatory affairs office to see what your options are.

Suraj, luckily you aren't alone. I have met many investors with the same question.

Here's the thing about all these strategies whether it's BRRRR, Wholesaling, or rentals... They all work! The next part is up to you. You need to identify what your short and long term goals are. Once you have done that you can backtrack and research what method or investment vehicle will successfully carry you to those goals.

If your goal is to learn more about fixing houses and having expendable capital to work with maybe you go down the Fix and Flip road. Or maybe you want a property management group to give you passive income in a buy and hold.

Personally, I love starting out with the classic house hack because it provides a multitude of skills essential for attaining my goals. I can become a homeowner and build equity, I can learn how to fix things, create lease agreements, and much much more. Then after the first deal, you have insight that will help for the rest of your REI career.

If you have any other questions don't hesitate to ask. Goodluck!

Hey Kat!

You're going to be dealing with your county's Zoning Commission or Office of Planning and Building. Most likely you are zoned for an SFR and will have to file an application to petition for re-zoning. Depending on your area this may be difficult and time-consuming.

If you have any other questions feel free to contact me!

@Andrew Stephens

Absolutely!

Unless this is your first time buying a house you will get an early withdrawal penalty of 10% on your IRA. I like to treat this method as a last resort to funding anything. If I were in your shoes I would wait to source funds from somewhere else.

However, it's up to you to put your money where you want.

If you have any questions feel free to contact me!

Hey Henry, this is a great question!

Here are some ideas:

If you can find a seller financing deal, often times down payments are negotiable and flexible.

You might also want to look into an FHA-style loan, the lowest amount you can put down on a house hack deal on a small MFR would be 3.5%. However, it would have to be your primary residence.

There are also other options like hard and private money lenders.

In some states or areas, there are down payment assistance programs and grants so do some research and see if these apply to you.

If you're going the conventional route lenders will want to see more not less. 

Hopefully, this gave you some more options. If you have questions don't hesitate to contact me! Goodluck!

Most of the leg work is done already. (Congrats by the way!)

Since you're in such close proximity to the tenant and ADU you can monitor/fix/collect anything you need to. An amazing way to dip your toes into REI.

Since your a pro member there are plenty of valuable sources. Whether that's a lease agreement or connections to tenant screening programs. You can check this out in the "Tools" section.

If you have questions on anything don't hesitate to ask!

Hey Joseph, Welcome to the BP community!

If you have any REI questions or are just looking to make connections don't hesitate to ask!