All Forum Posts by: Jordan Woolf

@Victor Wasson

I found my agent through a referral from a contractor. He has worked with investors for a long time. Most agents before this would ignore me or never call me back. Part of the reason I think was because a lot of agents I spoke with, their husbands were investors and didn’t want to compete. You may be able to find a good agent through a contractor referral or a property manager referal. It just takes time to find the right one.

@Andrew Postell thanks. I have lived in my current home for about 7 months. I thought about refinancing to get a better rate. I also consider turning this one into a rental after being in it for a year. I wasn’t sure if I would have to wait an additional year after refinancing, or if I could still turn it into a rental after the initial year was up. You answered my question though and I will hold off on the refi.

I know you have to live in your primary home for a year before you can turn it into a rental. If I was to refinance to get a better rate, would that 1 year period reset?

@Frank Geiger I’m not sure how other than having a line of credit from the bank. Are there other ways?

@Timothy Douglas Using other people’s money is good but there are sometimes additional cost you should think about. Like closing cost etc. If you can find 100% seller financing you may not have a lot if additional cost but those deals are not easy to come by. If you want to scale your business you will probably need traditional bank financing at some point and they like to lend to people with good debt to equity ratios. I’m not saying it isn’t doable it would just be easier to have income from a job until you have a good foundation. When I was making 50k and single I was saving a ton of money. If I could go back I would have found a duplex and house hacked for 3.5 down, live in it for a year and do it again. 

@Timothy Douglas if I were you I would start with wholesaling. By doing this you are gaining valuable skills and experience with little risk. It will be difficult scaling it full time without having a source of income.

@Carson Scott I am about to purchase two rentals on one note and I will only have to pay closing cost on the mortgage. I asked the seller to finance the 20% down payment and they did it. Not having a steady income will make it difficult getting a loan for you though.

@Frank Geiger to purchase a foreclosure

@Scott Mac she should have learned to play the guitar

 Awesome! Are there free networking events?