All Forum Posts by: Ian Kee

It's definitely possible to get a loan, but as others have said, and it sounds like you have also figured out, the more income you have the better your chances are at getting approved. There are all kinds of things that play in to getting approved. You can always buy a house with seller financing without any bank involved. I have a couple friends who just did that in Chicago.

I agree with @Alina Trigub, it's always a good time to buy. You make your money when you buy, you get paid when you sell. With a rental you're selling every month.

Learn how to use other people's money so you don't have to wait a year for your own cash reserves to grow to buy your next rental!

You should use the purchase agreement document that is drafted by your state. But if this is your first time buying a house, yes you should have a realtor or an attorney help you figure out how to submit an offer. You don't want to get stuck with a deal you can't do.

Sounds like this would be a perfect candidate for purchasing the property subject-to his mortgage. You'd definitely need a bunch of info on how to do it properly, but that's what I'd use in this situation.

Talk to your family and friends. I'd be surprised if some of them don't have money that's not getting as good of a return as you can get them. Ask this question: What type of return are you currently getting? Then follow up with: Would you be ok if I doubled that?

If they are invested in stocks bonds or mutual funds are are accustomed to 4-12%...and you double their return...you're likely still leaving PLENTY of return for yourself.

Do you know how to train someone to do it properly in your state? Maybe start with that if you haven't already, and then once you're comfortable teaching someone near you, then try to do it somewhere else.

I have no idea what your mailers say, but direct mail typically has 3-5% callbacks if you're lucky, so you'll want to send letters out to people more than once if you want a decent response. Just sending them out once won't get the response that you're hoping for more than likely.

Regardless of your current networth, owning a rental in an LLC should definitely be something that you do. Look up Mark Kohler on Youtube and do a search through his videos for this topic.

Wow, that's great that you would like to help your tenants be more financially secure. Smart obviously because it'll help you, but besides being smart on your part, that's very kind of you as well.