All Forum Posts by: Frank Hinck

@Joseph Cameron

1 SFH cash flowing $200 month isn't exactly going to help you pay down debts, it has to be understood as a long term investment. You'll want to set aside for CapEx, property mgmt and Emergencies in your monthly after PITI, and really have 6 months of mortgage saved up before starting to take cash out. USVI or long distance is tough to start with before knowing how to be an owner, especially if you don't have a strong network in the city you buy

@Kimberly DeLeon

Real estate disrupters listen to them, all the guests are successful wholesalers. Most are Arizona but some are Texas as well. Jamie Burleson might be a good person to look into, she’s super successful.

@Scott Henrikson

Start looking now, get your financial feelers out there. Hopefully lending will be better in 6-8 months than it is now.

@Farida Mostajabi

Buying a seller finance deal, and immediately selling it on a land option. Buy for $100k at 10% down, sell option for $120k at 10% down. Make small $2k for the deal, get monthly cash flow, no maintainance calls, all insurance/taxes paid by new option owner, they make improvements. They default, you get property back. They buy in 5 years, good for them. Rinse & repeat.

@Niki M.

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!!

PS fill out your profile and add a professional pic

@Daniel Becerra

If it's an apartment you can House Hack it and get an FHA 3.5% loan and live there for 1 year then move out. Seller could owner finance you and take 5% or 10% down. You could get a partner and figure out an expedited pay back schedule.

@Jamila Thompson

Just check with co-op or condo board there’s no restrictions on renting or leasing it out. most will allow it for 12 month leases just not Airbnb type stuff. Boards can be problematic sometimes with raising HOAs or special assessment charges for a new roof or parking lot, but if you’re cash flowing you can take the hit. West Chester might be great right now as people look to leave NYC.

@Jamila Thompson

You could look into a Condo or CoOp, not a house hack but can still be a good investment. Just make sure the property allows it.

I went to Fordham so I’m a bit familiar with the area. Westchester can be a good idea too. Duplexes can be hard to come by in good enough areas you’d want to househack. Contacting property managers (saying you’re looking for one for your upcoming property), and they’ll sometimes see properties for sale from their clients first.

@Jasmine Guio

I’d do the first 1-2-3 on your own, become and established owner & operator. Once you have a good rep & portfolio of properties it will be easier to A-attract investors, B-ensure trust and earn full operating trust. Plus come 4 mortgages you will need other folks to help take on the mortgage (actually 10 but some banks stop you at 4). Document your entire process from evaluation, buy, rehab, rent refinance - even in a picture flip book so you can show others what you’ve done and why you deserve to be trust with their investment.

@Joshua D baker

These guys said it all. Try a portfolio lender maybe since you're established they lend 90% LTV do you can maximize leverage.