All Forum Posts by: Jonathan Wooten

I'm from Gastonia, about 30 min from you. Go look at lampwick ct and lampwick lane and the neighborhoods around it. someone just baught 6 houses in the last 2 years averaging 60k a house. decent neighborhoods and a lot of commuters in that town. good luck man.

zeke, I don't expect it to be easy, but I do expect to gain as much knowledge as possible through these forums and other outputs to increase my overall return by fixing mistakes in the beginning with time as opposed to future financial troubles by not asking

I have  looked at the mls with a few Realtors,but not alot of options there in this market (so far) so I've looking at door knocking and direct mail. from those 2 things, what makes more sense and what do the numbers as far as acceptance to ask ratio look like? 1 in 100? 1 in 500? thanks guys 

I'm 24, live in Cleveland Tennessee, have access to liquid 40k. I am trying to get in my first property (I know...greenhorn) my plan would be to estimate rehab cost then talk with my partner. if he agrees, then we go on to due diligence of lien searches and contracting estimates. since we are in Tennessee, everything would be outsourced to your city. After rehab, I would get in touch with a few property managers and even pick your brain as to who is the best. I would hire the manager and assign funds to cap ex, prop manager, vacancy according to the better business borough for your city. this is all very general and if acceptance would follow, I would be happy to submit a 5-10 page report on the analysis including comps, 1,5 ad 10 year goals for this specific property.

Thank you.

Jon Wooten

First of all, thank you for reading.

I am 24 and I live in Chattanooga, Tennessee I have made my goals for the year ending 2017...to have one owned hack house and one investment property. I have access to 40k liquid and have spoken with hard money lenders about pursuing an interest only loan with the goal to refinance after 12 months. my problem is quite common. I am having issues finding deals. I just offered on a for sale by owner and it was shot down real quick (expected) My big question is (If you were in my shoes, how would you go about getting your first deal using creative financing? I have all the pieces lined up, but I feel like my market is tapped due to the high amounts of sellers increasing home values. should I be contacting landlords for portfolio properties, old run down houses, fsbo, or pre-foreclosures...offering to buy the owner out of their foreclosure?)

thanks so much for the input everyone! 

or are you saying I should seek a hard money lender who can go up to 2 years?

Chris, so I spoke with just 1 bank ( I know) will some banks look at that rent as income before the one year mark, and if it's cashflow is positive, it won't be considered a debt? 

Thanks

Ok. Example time

I buy first house to house hack with traditional mortgage. Cool.

I buy 2nd house with hard money and refinance with a bank. My problem is when I would go to get it refinanced, my dti would be rediculous because the rent doesn't count as income for 2 years. 

I make 30k a year. Finance a 70k house. Put friends in to pay rent. Lets say 500 debt to my 2500 income which is 20% but school loans make it more like 950 (school credit cards new mortgage) debt to 2500 income is now almost 40% I can't add in anorthern 70k refinanced home because that would send me over the 43% dti. and since the rent from 2nd house doesn't count for 2 years, how does one beat the dti???