All Forum Posts by: John Smith

What has worked for me is posting on various fb housing groups. I then get bombarded with messages and i always reply back do you meet all requirements in the ad? That eliminates about 40 percent of people. I then answer any questions they might have. Then they are all told to come on a certain day at a certain time. I tell everyone to show up then. This is for vacant units. It rubs some potential tenants the wrong way but i tell them point blank im really busy.

I am in iowa. I am looking into getting my RE license. I have a hanful of rental properties but i want my RE so i can get offers accepted that are lower by waiving my commision. Why does RE license say you must work under a broker? I am confused how I hear of these investors getting a RE license and then using it to grow their portfolio. I soley want it for growing my pirtfolio not for selling my cousins house etc

@Austin Fruechting      Nice outcome for you.     When did you start to utilize a property manger?    From day one or once you had a group of properties.

Originally posted by @Joe B.:

Originally posted by @John Smith:

you will have a hard time getting a loan making 20k a year.       Maybe you need to work a less desirable job that pays more for a while

 Ive already been approved for a loan before. Was looking to do this a couple of months ago.

That aside, my resume makes me "overqualified" for any less desirable job. Id take anything however.

If you were already approved once why didn't you go thru with it?    I don't want to be a hater or a troll but at 20k a year, that's like 10.60 an hour.      I assume you can find something related to your degree and skill set that pays more.  McDonald's pays around 10 here.     Like Jay said, get your real estate license.  

Can you house hack?     Maybe, maybe not.     You are currently rent free, and probably food, electricity, etc.  even with a house hack I could see your monthly cash flow dip slightly for the above reason

you will have a hard time getting a loan making 20k a year.       Maybe you need to work a less desirable job that pays more for a while

people own non local property every where.      You will need a property manager or a sibling or parent etc.     this will lower your cash flow so take that into account

keep shopping with banks most will say you needa20 year investment loan with 20 down u will find one that says yes to 30 yr conventional wit 25 down. i recenty got a duplex, asked 5 banks, 4 said investmet 1 said conventional. i went with the conventiinal it was a 6 state bank they are super nice said i qualify for VIP banking where everything is free incuding cashirs checks. i have an accounant with wells fargo for 16 years and they acted like it wa he biggest deal in the world to give me a cashiers chec for freey d

I highly doubt this is THE Doug Martin.  

@chrismason @danielodess

Thanks for the info

I only have my primary residence as my only other mortgage.   

It's good to know that residential is possible, the other banks that want commercial made it sound like I was crazy for asking.  

I got an offer accepted on a duplex. And am busy shopping around for the best deal.    It will be a strictly investment purchase.    I have had a few banks tell me it must be a commercial loan whiles with have said they can do it residential.      I want the residential for the 30 fixed.    Can both of the banks be correct?

It is a 123k duplex, I have 50k in cash, great credit and a 120k income