All Forum Posts by: Nicholas L.

@Benoit Tranape

hire a property manager

@Trevor Hansen

you said it - go to meetups.

@Abigail Bennett

i'm not sure entirely what you're asking, but one thing you shouldn't do is finance a property with a HELOC for the down payment, and another loan for the rest. unless it's some kind of unicorn deal the rent will not support all of the debt service and you'll just lose money. HELOC money is expensive money.

hope this helps.

@Tyrrie Neal

hello!  that is not enough to do anything. that goes in a savings account.  good luck!

@Zach Beaton

where are you located?  can you invest closer to home?

@Charlotte Katakuri

house hacking to start is a good idea.  the rest of it will not work - you will not generate enough cash flow in the short term to purchase single families with no debt.  but that's OK - we're trying to build equity because in the long term, there are multiple ways to convert equity to cash flow.

@Jordan Ray

i really don't think we're being 'negative' - i at least am genuinely interested and think your success is great.  i'm just cautious on behalf of brand new out of state investors.  you are neither brand new nor out of state.  just because Lebron is successful in the NBA doesn't mean everyone can be.

@Jourdan Schmidt

seller finance means there is a fully paid off property - no mortgages, liens, or HELOCs - and the seller, for whatever reason, may not want all of the proceeds up front.  so they're the bank.  they get monthly payments from you, the buyer, just like the bank would.  the payments consist of principal and interest and are paid out according to whatever terms you agree to.

seller finance deals are out there, but very tough to find - and they generally don't just sit on the MLS ripe for the taking. if you're looking to house hack, just use a mortgage. talk to lenders about lower down payment options if you're not doing that already. trying to find a house hack you can seller finance isn't impossible but is going to severely limit you in terms of the total available inventory.

hope this helps

happy to answer any more questions you have

@Angelica LeMaster

hello - i would not do this. period.

no offense, but they want to partner with someone who has no experience?

even if they're sincere - it makes no sense.

can you start with a house hack of your own instead?

good luck.

@Nate Herndon

that's definitely solid. I don't know anything about the OKC market, but 60K seems like it's on the low side, so you'd really want to know the area you're buying in. and 126K ARV puts you well below the median price for the city...

same as in Pittsburgh - there are definitely safe, quiet neighborhoods where you can buy a property for 60K (although it's likely going to need a major rehab) and neighborhoods where you definitely would NOT want to buy a property for 60K.

i have not been able to find 80% LTV - is it the same lender (you?) doing both the refinance and the initial loan?