All Forum Posts by: Luke Trovinger

Hey @Aaron J Latal! Congratulations on the deal! Sounds like you had some excitement with the wood staining. Have you done another one since?

Hey @Austin Lennox! Loan term standards are 15 and 30 years for fixed rate, with 30 year being most popular. You can look up current rate estimates via Google/Zillow/Bankrate and get an idea for what you'd be approved for. Best of luck!

Hey @Jeremy P.! Owner occupied loans come with the contingency that you're intending on living in the property for at least one year, and that interest rate would remain. There are life events that can allow for early move out / purchasing another property and maintaining your current interest rate / terms, but knowingly purchasing the property with the intention of renting all units out is considered mortgage fraud. 

Hey @John Nelson! If the numbers work including the HOA dues, then you're probably set from a dollar perspective. My real concern with short term rentals and HOAs is that the HOA likely has rules on short term rentals, and often unfavorable. Definitely double check with the HOA you're considering to see if short term rentals are allowed in the community. Best of luck!

Hey @Barbara Nuno! Always looking to network and happy to answer any questions if my experience is applicable. Congrats on looking for your first deal!

Hey @Cedrick Givens! Analyzing properties in your own town will help you understand when a deal appears and give you the ability to move quickly if able. But if you're just looking for practice, there's definitely no harm in looking in other towns and analyzing deals there. If anything that'll help you with your due diligence skills since you're less familiar. Best of luck!

Hey @Pretty Khare! Your best bet will likely be partnering on deals, where others bring the funding and you bring a different value proposition.

Hey @Matt Concannon! You'll typically be looking at 6-12 months but will depend on the lender. Shop around and see if someone will do it sooner!

@Lance Jorgenson definitely not a bad spot to be in! Best of luck!

Hey @Salman El Hamdouni! Check out the book "Set for Life" by Scott Trench, it has a ton of valuable information for getting your foundation set and prepare you for the future. Definitely spend some time educating yourself (podcasts, forums, etc.), and that'll help you understand which direction you'd like to start out with. Best of luck!