All Forum Posts by: Joshua D.

@Mindy Jensen

We have about 18 months of expenses in cash on our 13 houses.

@Dan Mackin

Wasup! We are here for sure. I have been Brrrrrr ing properties for about 7 years now. We have also completed 4 live in flips, many just normal flips, and hold more than a dozen properties.

We have been investing about 7 years.

My Biggest lesson currently if leveraging other people's time. I'm not great at it yet but getting better for sure. I think early on it was all about reinvesting profits. Get a sexy 50k profit on a fli, re invest it all!

@Oscar Flores

Well the awnser is a big solid... It depends.

Most convetional and FHA uderwriters want to see 2 years of stable job history. So for the good 5% down stuff you out a while.

But you could tryin find a tired landlord and buy his duplex or something with owner financing.

Or do an "in house" loan from a local lender.

Or save up and pay cash for one. But being that you don't have a job that might be hard.

Good luck out there! .

@Sienna Parker

Good for you getting started! My wife and I moved into a small duplex for our first deal and rented out the basement unit. Great starting place. One mortgage and easy to figure out stuff.

Good luck!

@John Weiss

Welcome to bigger pockets! I'm from down near Billings and love to see new guys from Montana on here. BP is what got me hooked on realestate and their podcast and books have helped me is so many ways. Glad you can get stuff from them as well!

@Lee Prado

After googling the course it seems that it’s not to expensive at $300 for the lessons... however the give you the titles of the 16 modules. So I would just google the chapter titles in question form and get all the answer for free...

For example lesson 1 History of mobile homes...  read the top three sites and you will have a very solid grasp on the history of mobile homes.

Same for most common mobile home repairs.. Just go though the whole list. 

I own and have owned 3 or 4 mobiles over the last few years and they have all been money makers for me. They are a small percentage of my portfolio but it’s a great place to get started.  

Most important deal is your first one! Because it means you started.  Good luck! 

@Tyler D'Alessandro. We have done it 3 times so far. 2 houses on one large lot. 1 conventional loan. It's great.

@Latifa Al Latif

Having spent some time in Naperville I would for sure opt for another neighborhood. Way overpriced for the value... I would look at moving building a realestate empire enough to fund a nice house in Naperville in about 7-10 years. You can move back there with margin instead of stress like the rest of the world.

That's what I would do anyway! Good luck and work hard!

@Clovis Mcclain

Great to have you on line here sir!  I am in a similar boat. I own about 14 single family homes and I’m really looking to break off into commercial Real-estate soon. The thing that seems to scare me the most is the financing.  It feels so weird to not get that 30 year fixed rate stuff.  I just hope I don’t let it stop me. 

@Samuel Nigbur

Good questions.   Yes you can get an fha loan with as little as 3.5% down.  This allows you to get into a 4 unit or less and start making money!  However the condition of these properties must be in great shape to qualify for fha  so generally there isn’t much room for adding value after purchase.  This is not nessisaraly a bad thing, you just need to have a cashflow plan from day one. 
To do a cash out refinance on a house a bank will give you money up to 80% of the value of a house.  So You need to have a sizable equity position to do a cash out refinance.  I recommend getting this position by rehabbing or forcing equity & by finding a really good deal.  

Generally a bank will want you to own a house for 6 months before you can refinance. 

Best of luck to you and work hard!