All Forum Posts by: John Clevenger

Love the detail.

Just curious, what are your thoughts on navigating the current rates from an investor perspective? I have many clients asking themselves this same question and am always curious about new ideas. 

Chance,

Love to hear your thinking alternatively to better your investments. 

I want to preface that I haven't done much work in Plainfield at all but depending on your proximity to the hospitals I think it could definitely work. Landing travel nurses on a regular basis can make a property very successful. 

I would stick to the basics and think about who your renters would be based on the activity in the area and work backwards from there. 

Just curious, which section of Plainfield is your property located?

Tyler,

See you are utilizing the forums in a great way!

I have a handful of contractors I have had success with in the past. 

Feel free to text me individually and I'll send over some information.

317-771-2228

Tyler,

This is a great question as I feel like it is more common than you may think. 

I think there are limited loan options that would also pay for your rehab. I would suggest networking and trying to find a private lender. 

Private lenders can be very flexible and accommodating depending on the relationship and the property. 

It may also be beneficial to talk to a mortgage broker as they will know of many more options than a loan officer for a specific institution. 

Hope you are able to find your solution!

@Nate Sanow nevertheless I appreciate the insight!

Sounds like a great idea if you're willing to wait out the term of the lease before moving in!

Love the creativity. Keep it up!

Hey Alecia,

Unfortunately it really depends on your specific financial situation as well as your plans for the subject property. 

If you are flush with cash, from an agent perspective I recommend purchasing in cash, the refinancing directly after to have a stronger more compelling offer. From there you have a myriad of options. 

If you are more restricted for cash, I'd recommend looking toward hard money that will finance construction costs. 

If you have credit issues or are a new contractor, I'd recommend a DSCR loan which uses the potential rental income to qualify individuals for lending.

If you have a partner that can double as a private lender, you can make almost anything work!

Hope this helps!

Love to see international members on the site!

Wish I had some exposure to help in this but I unfortunately do not. 

Just curious, how have you structured and acquired your first property there?

 This is great to know! Have you had any specific challenges when compiling taxes, receiving income or anything else I should keep in mind if I decide to take this route? 

I have a scheduled call with a real estate CPA next week but wanna have a better understanding going in to make the best use of our time. 

Thanks again for the insight everyone!

Welcome to the community Aaron! 

Love to see your determination to get into this life changing industry. 

Typically the easiest way to get into the industry is househacking, if you're unfamiliar, its when you buy a duplex, rent out one side, and live in the other. However, I can understand the hesitancy in doing so given the size of your family. 

With that being said I'd recommend trying to find a partner to go in on your first deal. I would try to find someone who has some experience in the industry and will respect the plumbing knowledge you bring to the table. Doing your first deal with a partner helps both parties stay accountable as well as opens up opportunities with the additional capital and skills each bring to the table. 

In addition to that I would try to analyze deals and expose yourself to the industry as much as possible. Try to listen to a podcast about real estate investing while you drive and plug numbers into a deal sheet on a daily basis. 

With you background in plumbing I'm sure you will feel more than comfortable to pull the trigger when the time is right. 

You got this 😤