All Forum Posts by: Luke Trovinger

Hey @Edwin Revolorio! An option that might fit your mom's situation would be to utilize an online lender to get preapproved. A company like Better.com will only do soft pull, which will not impact your mother's credit score and will give her an initial preapproval letter. Best of luck!

@Steve MacNerland what a cool goal fixing up your town! How many into it are you now? Congrats on the deal!

@Elijah Brown congratulations man! Very inspiring and awesome story, keep it up!

Hey @Dylan Jongerling! House hacking is a great way to get started! By living in one unit/room and renting out the others, this can lower or even cover your living expenses. This will help you save the downpayment for your next investment even quicker. Depending on your market, there are several iterations to do so. If you're in a more expensive market, renting by the room is likely the best way to get the cashflow you'd need to cover your expenses. If you're not, an FHA loan can be used on up to four units. So you could purchase a duplex, and live in one while renting out the other! Same thing up to four units. There are a lot of great resources on the site that describe this in greater detail, so I'd definitely recommend searching the topic.

Regarding your direct question on funding, you can get financing with a low downpayment if you owner occupy the property, which is the reason house hacking is such a great way to get started. You can get into a property via an FHA loan with as little as 3.5% down, and there are other conventional options that go as low as 3% down. I'd recommend reaching out to a local lender and see what loans make sense for your situation, and if not now, they can help you with recommendations that will allow you to qualify for the loan in the near future!

Good luck in your search!

Hey @Damein White! I think this is going to definitely depend on your goals for your properties. If you're looking for cashflow, you'll find good cashflow properties in the midwest at an inexpensive price point (especially compared to LA!). However, these are often linear markets, so won't see much appreciation. On the flip side of that coin is lower (or no) cash flow, but higher appreciation which you'll see in primary and secondary city markets. And of course areas inbetween.

If you're looking to get your feet wet close to home, I think house hacking could be an awesome option! Doing so will likely lower your living costs, and give you landlord experience. I don't know the LA market (other than it's expensive!) but would imagine there are several scenarios within an hour or two of your central location that would allow you to either rent out the rooms in a single family house, purchase a duplex and rent one side while living in the other, etc. There are a lot of really awesome resources on the site for house hacking, so definitely dig in and see if it's for you!

Good luck in your search!

Hey @Tony DeDionisio! Not in the Tampa area but super supportive of your pursuit of a househack, awesome choice! Good luck in your search!

Hey @Blake Winfrey! Congrats on looking to get started early! Through listening to podcasts and different blog posts, it definitely seems to be a common theme that some successful investors wish they would've started earlier. Good head start! You're definitely in the right place, BiggerPockets has an incredible amount of information and was my inspiration to get started as well.

Great article @Dan Sheeks, I'd definitely reiterate the importance of credit. If you can spend some time learning what makes a great credit score and can start working toward a high score, that'll be a HUGE help to get the best loan terms that will be available to you. Credit can get messed up quickly for those who don't know any better

As @Jonathan Greene mentioned, you can get some hands on experience if you're willing to shadow/assist another investor. Even if you can offer some help painting for cheap or drive for dollars that'll add value to an investor and help foster a mentor relationship for the future. I believe Brandon Turner painted for one of his early mentors when he was young and was able to learn a ton while building that mentor relationship.

Keep it up! Stay consistent and doors will open for you. Good luck!

Hey @Chai Jonn! There are definitely some new builds that meet your criteria in the suburbs, but will likely be mostly tertiary markets further outside the metro area. I'm not sure how far outside of the metro area you're willing to look but Commerce City / Aurora / Brighton's tertiary markets will have new build SFH within your criteria. Check out Baessler Homes and Oakwood Homes Colorado for some examples. If you're willing to open it to townhomes (or a half duplex) you'll open additional areas closer to town. Good luck in your search!

Hey @Antoinette Maria Russum-Hane! If you are interested in hanging on to your existing place, you can tap that equity through a HELOC loan (Home Equity Line of Credit). This will allow you to have access to your equity, and you can use it as a down payment on your next place. I'm definitely a fan of house hacking, so really like your duplex plan to rent out one side! And you can get favorable loan terms for the duplex if you intend to owner occupy. HELOC loans are fairly widely offered, so call up your local lenders and see who can offer you the best terms. Best of luck!

 Thanks for the clarification @James Carlson! Upon my original due diligence my post was in regards to ability to apply for a waiver in Sec. 5-31-4(D)(2) in accordance with Sec. 5-31-9(A-E). Certainly I'd agree that this is a stretch in ordinary circumstances, but wanted to put said possibility out there for further research and follow up for those who may fit the criteria such as a property zoned commercial.

Congrats on multiple contracts this weekend!