All Forum Posts by: Matt Wanner

@Brandon Turner

A few years ago I had a triplex under contract for an unbelievable deal, but it was only zoned to be a duplex. The city required me to convert it back into a duplex to close on the deal. Believe it or not the numbers still worked as a duplex but my stubbornness got the best of me and I backed out of the deal because I really wanted that third unit.

@Charlie Anne

There is something about a tile backsplash that makes prospective tenants lunge for a property. Assuming everything else is clean and well maintained. They can be installed for very cheap and in only a few hours.

@Taylor White

You can buy state specific, lawyer reviewed lease packages right on the BiggerPockets website. I bought them last year it was only $99.

@Erin Dorsey Robinson

As many posters have already said there are many different ways to make a million dollars in real estate. You can expedite your wealth by realizing the great advantages that RE investing has to offer.

-Cashflow

-Appreciation

-Mortgage Paydown

-Tax Benefits (depreciation, 1031s, etc.)

Buy and hold allows you to exercise all of these benefits by collecting cashflow each month while your tenants pay your mortgage for you. While your property is being paid for by someone else it is also appreciating in value. This equity can be leveraged to buy more property. Your tax savings spill over to your w-2 income saving you even more money to invest with.

@Christina Linn

Thank you! This was very helpful and more along the lines of the response that I was looking for. I knew there was a number of mortgages that banks didn’t like to exceed but I wasn’t exactly sure how that work.

@Bradley Olges

Right, as long as my debt to income is solid I guess I shouldn’t have a problem. That makes sense! Thank you.

@Aaron Hunt

I imagine at some point in the future hard money will become an option for me. Just trying to stay a step or two ahead. Thanks for the advice.

@Matt Wanner

Maybe I am just being a little paranoid about the debt because you do not hear much on this topic on BP or really any other real estate source.

Hi,

I am fairly new to real estate investing, and very interested in growing my real estate portfolio. I purchased my first duplex in 2016 with an FHA loan and have lived there since. I am now under contract for my second duplex with my sights already set on my next investment. I am using a HELOC on my first duplex to help supplement me on the second property. All of this debt added on top of my student loan debt makes me curious as to how my credit score may react, and how difficult it may be to swing my next deal. I have never missed a payment and my credit score is generally in the high 700s, but I was wondering if anyone had any advice or insight.

Thanks in advance!