All Forum Posts by: Marc Rice

@Emily Rymer

@Evan W. Following

@Christian Kama

Awesome plan! Could even hook up your buddies with discounted rent too

@Sarah Simonin

Most hard money lenders want proof of experience or serious skin in the game. I’d start reaching out to some using the BP database. I’ve heard Wildcat Lending is used in Ohio but can’t speak to any experiences with them

Definitely talk to lenders first and make sure you know what you can even qualify for, then go out and find the property that meets your financial criteria. Hard money will be best for fix-and-flips as conventional lenders won't lender on seriously distressed properties.

You can do an owner occupied single family with as low as 1% down with a down payment assistant program offered by many lenders - just ask them if the down payment assistance is forgiven if you sell or must be paid back.

In regards to a small multi-family, there is a home-possible loan that allows for as little as 5% down on a 2-4 unit. Some states have certain income caps you cannot make more than to qualify or they require the property to be in low-moderate income neighborhoods. I'd reach out to some local lenders and see what they offer. A local lender here offers a 3% down loan on a duplex no PMI. Call 20 banks, I'm sure you'll find a good product.

Overall always house-hack every year if you can IMO, best cash on cash return.

I second @Mitch Messer, Google Voice is great.

Good luck!

@Zachariah Hays

If you can do another low money down house hack loan, always do it. Best CoC return in the game. Then use what you have left over to start BRRRRing or buying more rentals.

@Michele Foreman

It’s taxed as an installment sale. Ask him what is taxed less - interest or capital gains. You could charge a higher interest rate and lower purchase price to mitigate taxes. Consult with your CPA.

@Steve Pizzarella

House hack where you live, also look into south coast MA for cash flow and lower purchase prices near New Bedford/Fall River