All Forum Posts by: Chris L.

Hi Wendy,
You will need to check with your local banks on the details on the portfolio loans for your area.
My recommendation was based upon creating a bigger down payment by selling the existing property and to use those funds as a down payment to purchase two properties at once. The advantage to a portfolio loan is that you can purchase more than one property per loan.
Here is another concept to consider: When do you sell? I sell when I have a better place to put those funds.
Chris

Hi Wendy,
At the risk of being rash without knowing your entire situation, I would sell if I were in you position and then look to buy another one or more properties.
Do you have any lenders in your area that will do portfolio loans? (If you are not familiar, a portfolio loan is one loan for multiple properties.)
You might be able to combine the profit from this sale and your down payment to potentially purchase 2-4 homes at once.
Good luck to you.
Chris

Hey Brian,
Welcome to BP.
I like to caution every new investor that it is better to miss a deal than to end up with one that you will regret for a very long time. I am firm believer that the new investor should measure twice and cut once.
Bring your questions here and you will find a host of friendly people that will be happy to assist.
Chris

Hi Lisa,
It is great that you have good tenants now. If this becomes a long term rental for you, I recommend that you consider getting a property manager. Landlording on a small scale is very stressful. Having a competent property manager makes having rentals a great long term option.
Have a great day and welcome to BP.
Chris

Hi Nick,
You will want to validate the rents by checking on craigslist for other homes in the area.
If this is a bank owned property, it is likely that you will have plumbing issues because the house was either not winterized properly or in a timely fashion.
This has the potential to be a good deal. If you are new or inexperienced, it will probably be worth your time to get an inspection to rule out any huge surprises.
Chris

Robert,
That is awesome. Keep up the great parenting. We have way too few financially literate young adults.

Beth,
Wise input to remember to balance the earning with giving and proper spending.

Super topic that will hopefully be an inspiration for other parents.

Hi Perry,
Without knowing the specifics of your loans, I have to believe that paying off your credit cards would be your best return on investment.
You have worked this for two years so it may be time to rethink your strategy.
Chris

Hi Jeremy,
welcome to BP.
What aspect of real estate investing are you planning to start with?
What is your background and skillsets?
The more you share the more that someone will be able to give you more specific advice to your situation.
Chris

Welcome to BP Zachary. I would be happy to help you out.
Chris