All Forum Posts by: Michael Dumler

@Caitlynd Fawn Born-Dohm unfortunately you're in a tight situation. Yes, I don't recommend going down the hard money route unless you have a partner that is well versed to help you. Do you potentially have someone that could be a cosigner for a loan? The lender will account for their credit and income as well, therefore, granting pre-approval. If you bring a good deal to the table, you can structure a partnership so that your cosigner has equity in the deal and receives monthly cash flow. Win-win situation if an opportunity comes about. 

@Nico Alianiello if you're planning on getting your real estate license I highly recommend that you use Prep Agent on YouTube to help when studying content. Depending on your school's course, I found the material to be extremely dry and boring. The instructor for Prep Agent teaches the material in an applicable manner and helps you memorize concepts much easier. Best of luck! 

@Abigail Robertson given you're new to wholesaling, I would definitely recommend that you do indeed find a mentor in your local market. I know it's awkward trying to find someone that will teach you the ropes, but offer your time to them and work for free if you must. In the meantime, simply listen to wholesale podcasts and watch YouTube vids to absorb additional information. Believe it or not, you'll pick up on the process quick. Hope this helps! 

@Caitlynd Fawn Born-Dohm private lending is going to be hard to come by if you have no prior investments or real estate investment experience. Are you currently pre-approved with a lender? If not, an additional step you can take is to start networking with different lenders and see which vendor is the best fit for you and the investment. Awesome to hear that you have found a REI group near you, definitely take advantage and try to soak up as much knowledge as you can from those who have grown a real estate portfolio. Best of luck!

@Joseph Post the 25% down rule on 2-4 unit non-occupied properties is a guideline set by Fannie and Freddie. The only way around this, to my knowledge, is by using a portfolio lender that will have options for a lower down payment. Hope this helps!

@Rodney Barlow your real estate investing strategy is dependent on your market and the conditions of that market. What works well in one specific market may not work well in another. Generally, the BRRRR strategy works well in multiple markets, but great deals aren't going to be listed on the mls frequently. To get a solid BRRRR deal, more likely then not you will have to put in the work to acquire an off-market property. There are other strategies that I'm a big advocate for right now, but it is based in my current market and a couple of other locations. Hope this helps!

@Caitlynd Fawn Born-Dohm easier said then done. You're correct, this is legal and the method is talked about constantly when referring to house hacking. I would start networking with real estate agents in your area that have or are currently house hacking. I would also be open towards renting the units long term depending on your market and what makes the most sense analytically. Hope this helps! 

@Benjamin Robinson a balloon loan does not fully amortize over it's term. Therefore, at the end of the term you will be responsibile for paying the remaining principal. Many investors that use a balloon loan plan to refinance before their term is over or sell the property in order to pay for the remaining balance. I don't advise going down this route unless you've had prior experience with this type of financing or at the very least have all your ducks in a row for a 5-7 year period. With a nine unit property, your options may be limited only to that of a commercial loan. Hope this helps! 

@Regina Sloan the platform Propstream is one of the best tools to find off-market deals that meet your criteria. Navigating the site is very similiar to the mls. As far as I'm aware, Propstream provides the owners names as well as any secondary addresses that can be used to send mailers to. There's a ton of YouTube tutorials that demonstrate how to get the highest use out of the platform. Definitely worth checking out. Hope this helps! 

@Danny Ferrari yes this is standard. The credit check fee, however, should be the only fee that the lender chrarges if you are obtaining a loan estimate. If there are any other fees that the lender included, those are the one's I'd be questioning. Hope this helps!