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All Forum Posts by: Nicholas L.

Nicholas L. has started 3 posts and replied 5265 times.

Post: How to get financing for a property without a steady income?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Alauren Lane if you're on BP now, you're already ahead of the game!  Here are some things to consider:

-When you graduate get a full time W2

-Rent for a short period, reduce your expenses, and build your credit

-Go to REIAs and network

-House hack as soon as you're ready (in other words, adequately capitalized!)

Post: We can move anywhere. Where should we live and invest?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Angela Orecchio I always think this is an interesting question, but it's also so personal.

Can you tell us a little bit more about... where you might have family ties, or places you've visited that you liked?  Whether very cold weather or very hot weather is out?  

Etc.

Post: Pulling the trigger on long-distance buy and hold

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Adam Barakat OK - something that is $100K after renovation is likely going to be in a tougher neighborhood.  $150K or above is still possible but very tough to find those deals, and with interest rates rising cash flow is being compressed.

Post: Options on raising capital?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@John Guy

I am with @Matthew Irish-Jones on this one.

A lot of people say they have "analysis paralysis" when what they MEAN is "I am not in a strong enough financial position to invest yet."  WAY different things.

You're 25.  Keep saving, keep building your credit, and start networking and going to REIAs.  There just isn't any way to invest without any of your own funds, even with heavy borrowing.

Post: Pulling the trigger on long-distance buy and hold

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Adam Barakat no offense intended but I think this going to be very tough for you to do from so far away.  A lot of the properties in Pittsburgh with the best potential for investment need major rehabs, as others in this thread have noted. And, prices have risen such that cash flow has really been pushed down.  

What types of properties are you interested in, how will you purchase them, and what are your cash flow goals?

Post: Thoughts on $15k or less homes/multiplexes

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Jenny Elomaa $15K isn't C class.  And 15K + out of state = the most difficult thing you could possibly do.  BP has a success bias because the unsuccessful stories don't generally get posted.  But if you review the forums you will find folks who bought in Cleveland or Detroit from out of state and the properties ended up not penciling.

Are there outlying submarkets in SoCal that will cash flow?

Post: Need some advice on ARM loans

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Lacey Burns we can wax philosophical all day long about whether or not it's a good idea.  I have a better question - what are the numbers?

Post: What I made in July as An Airbnb Co-Host

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Bailey Kramer

you and 2 partners own 3 houses?  and then you have 28 others that you manage?

Post: How would you invest $100k?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Laurie Palagyi do you want it to be more active or more passive in the beginning?

The advice in the thread is all over the place.

And to answer your question - yes, there are lenders that will do 15% on investment properties.

Post: Newbie refinancing plan

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,328
  • Votes 4,362

@Trevor J Dammon it would be better to find something with some kind of value add.  For example, a live-in house hack with a minor rehab is a great way to get started a la Mindy Jensen.  

What you have proposed isn't risky, but the property would have to appreciate significantly for it to make sense, because refinancing isn't free.  The lender is going to consume some of the gain via the sweet, sweet fees that they will charge =) and you've got 100K+ of equity stuck doing nothing for years.

Make sense?