All Forum Posts by: Frank Hinck

@Nhan N.

If your family members could buy a 4plex on an FHA and House Hack it, you could also rent a unit hopefully they'd give you a deal on rent and save up for your own. You could find owner financing and put down $20k since without a job you won't qualify for a loan. Hard money would be too high interest to keep as a permanent loan. Private money could lend to you but as a first timer they probably won't.

@Dewayne Hopewell

You can House Hack using a loan 3.5% down FHA and BRRRR up to a Quad plus you'll learn how to be a landlord in a Hands-on manner. If I was 20 I'd go back and do it that way.

@Dewayne Hopewell

Likely 20% down + closing costs, and have 6 months of operating expenses in reserve if what a traditional bank will want to see. Maybe try to go 50/50 with a more experienced operator to start, they can get the Loan and put 10%, you can find the deal, manage the rehab, manage the property and put 10% down. Starting out a little bit is better than nothing, and having a mentor involved in your deal will mean of good learning, and hopefully it all works out and they want to do more deals.

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!

@N M Clarke

Shop 10 banks until one of them agrees to the refinance. Finding a bank who will do it May be a point or 2 higher loan interest but the amount of equity you have and the use of the refi cash to purchase a MF and expand the portfolio outweigh it.

@Nakia Addison

If there’s a lease in place it reigns until it expires, then you can change whatever terms you want. If they’re month to month now then get a new lease ready and present it to them.

@Robin Lee

Mold can grow on paint which is I think I what you’re seeing. Most flippers gut out plaster walls and do new drywall. Might want to take a look at the electrical while you’re in there. Could still be knob&tube.

@Matt Schreiber

FHA if you're owner occupying It. Otherwise maybe a community bank but still 20%

@Christen G.

Worthwhile to pay an Attorney in your state for a Lien Waiver. Then it’s on You to get it signed at the time of payment, always pay with checks never with cash.

@Rhys Monaghan

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!

@Elijah Kordzaia

Welcome!! Colorado has some great markets, there will always be a market within 2-3 hrs you can invest in.

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!