All Forum Posts by: Kaja Baum

@Mat O'Grady

In my experience if the cash is coming from an already owned asset like a retirement account, the seasoning for 2 months doesn’t matter. As long as they can track where it came from within your pool of assets.

I'd think a refinance or HELOC would be the same? Genuinely curious.

@Ryan Kroeger

There are lenders out there that loan based on AirDna analysis. They’re not the norm but they exist.

Visio Lending is one. I’ve never worked with them but they do 20% down based on airdna revenue.

Sounds like you have a great advantage in already knowing how to run a property!

@Jacob Claxton

I’m working on my licenses now as an investor. I know several people who are part time agents and very successful.

As an investor, my reasoning is to be able to visit houses to run more accurate analysis, and put in bids as often as I want. I’ve found that with an agent I run the risk of running them ragged with showing after showing, writing offers on deal after deal.

It’s also a way to scale income if you’re in a salaried job.

@Jose Aguilar

First step is the hardest! Do you know what market you want to be in? If you do, great. Make sure you know what the average price/sq ft is, average rents, the good and not so good neighborhoods, and whether you’re willing to do rehab work. Then call a lender for pre approval and then an agent (who will help you with learning the market).

If you don’t know where to start, figure out first what kind of real estate you want. Sort term, long term rentals? Flip? Then find a market conducive to your goal and price point, and do the above.

Biggest thing is defining what you want. Otherwise you’ll be overwhelmed with all the options.

@Audrey Spina

Long term rentals should definitely be least time intensive. Consider a turnkey someplace with high cash flow like Buffalo or lots of Midwest cities.

At the end of the day, long distance investment is mostly a series of phone calls, e-mails, and studying the market, all which can be done while taking baby for a walk or during nap times!

And listen to as many audiobooks and podcasts while doing all of your house chores. 2 hours a day will get you a long way. Analyze some markers, call some lenders, then some agents, and you’re on your way.

Hope that helps!

@Marty Johnston

I need a love button for this post. Thank you! That is hugely helpful when you frame it in terms of strategy. I’ve been approaching it with a focus on refinancing as quickly as possible and with minimal cash down, but I see how a blended strategy depending on the situation could be even more effective.

I may take you up on your offer. Would love to learn more from you!

@Timothy Hero

Pre rehab, around $80k. Credit is excellent.

@Luz F.

Wow, good to know. Here I figured it would be about the same as closing on a regular loan. Thank you for that insight!

@Matthew Irish-Jones

I did finally hear back from Alden. What a difference those terms will make for next time.

@Timothy Smith

Ah gotcha. So you don’t recoop the down payment but you don’t pay for a refinance either. And the finished property has whatever equity it has after the loan is converted?