All Forum Posts by: Jonathan Boyd

So I'm going to buy a duplex in my area to house hack as I get my investment adventure off the ground. I'm wanting as little of my money in it as possible, so I'm looking to do FHA loan. However, most of the multifamily that I feel comfortable putting my wife and kids in are more expensive than the bank will loan me because of debt to income ratio. My question is this: if there is a signed lease for one of the units, does that rent get taken into account when banks look at my DTI ratio? I'm approved for pretty close to what I need, and if the rent of the property I want to buy is considered, I could definitely get it. I have cash reserves for this and my one other rental property, but don't want to tap them for a downpayment if I don't have to.

@zach 

@Zach Scheer thanks for the advice. I'd like to get into mix use eventually, but I think starting I'll do residential, flip or hold. I definitely want to get into commercial use for sure.

@Chris Mason thanks for the reply. Those were my thoughts so far, also echoing what @Sebastien 

@Sebastien Hitier said, buy good deals for holding and ride whatever may (or may not) come. There will alsways be renters in any economy.

As the title suggests, I'm a newbie: late 20's with a family and a SFH that was once my residence but now being rented. I'm in the early "learn-absorb-network" stage of investing, scouting a first real deal. I'm looking to: short term, flip for capital; and, long term, buy and hold. My question is this: with all sorts of speculation (real or hyped, doesn't matter) of a another "housing bubble," what is your advice to a new guy? Even before getting the little bit of REI knowledge I have now, I could see in some places something was up when house prices outpaced job pay/ job availability. I know this can be local, and speculation plays into "bubble" talks. But since I'm new I'd thought I'd ask the seasoned veterans their advice. Just to clarify, I am taking those first steps: join local REIA, look for houses, and I've even made some offers last couple of months. I'm simply trying to learn from those wiser than myself to help form a plan. Thanks in advance for any info or feedback.

Welcome to BP! My passions for real estate started while I lived in Little Rock, and BP became (and still is) an indispensable resource!

Sorry all, my need wasn't well communicated. My concern is: do I need to know rehab costs before I offer a price? Whether I flip or wholesale, rehab cost will play largely into my purchase price, and therefore the profitability of flipping or wholesaling.

@Christopher Brainard @Dustin Davis Great info- thanks! I guess I should have mentioned I do have some people in place. I have an agent/broker team who have flipped some themselves and are willing to oversee and market (for a fee obviously) and another semi-retired flipper willing to oversee the whole project. I know them all well and trust them. I considered wholesaling, too, but wouldn't I still need a ballpark of repair cost to know the wholesale value? Thanks guys

Good day everyone. I'm needing help getting started on my first flip. I contacted the owner of an abandoned house in my neighborhood in Benton, Arkansas / Little Rock, Arkansas. They are motivated to sell, however, house is a complete dump. The problem I face now is that while waiting for a response to the initial letter I sent inquiring about the property, I moved out of town: everything will be done remotely. This doesn't bother or scare me, but does complicate things some. I know a rough estimate of ARV based on other houses in area, but have no clue what rehab or current value is. Should I hire an inspector and ask for a estimate on repairs? Pay a contractor to do a quote? And if so, what is the best way to go about finding these people? (hopefully some BP members in the Little Rock / Central Arkansas area will see this.) Thanks for any input!

Welcome @Aaron Bloodworth! We are shortly moving to NWA, so hope to see you at some meetings!

@Jessica Hawkins, well, I'm not actually from Springdale yet! lol I'm moving there soon, so changed my location. I'm currently still in Benton (few miles from Little Rock, AR) I've been to Springdale several times. From what I can tell, RE groups are few and far between there. I found one online and sent several emails to the people listed as contacts and never heard back. And from cursory investigation and observation, the real estate investors in the Springdale/Fayetteville/Rogers area are (for the most part) a tight-knit and tight-lipped group. I hope I'm wrong about that, and maybe someone here can show me I am. But I've had no luck reaching out to the one group that is listed at the REIA for NWA. If you find anything out (or your brother) let me know! I'd love to meet up! Good luck!