All Forum Posts by: Nick Thurston

Thanks so much @Greg Dickerson this gives me a great start!

Came across an opportunity to partner up (in a small way) on a land deal that a friend has listed for sale.

I was asked to look into the potential costs that may be associated with it before bringing it to investors. The current owners already did all the planning (selling because they ran out of money and going through divorce now) but never submitted plans. Very thorough plans but I have no idea what to do with them.

Any advice besides not to jump in with the big boys when I dont know what I'm doing? :)

Finding costs on permits, costs on adding the infrastructure, costs on building ground up etc etc.

Where should I start?

@Grant Shipman very interesting thank you. I'll definitely look into what ever that is!

Oh and a slight update. I'm currently homeless (staying with friends temporarily) so I need to make something happen asap. I can't beef up my tax returns for 2 years to make it work.

There may be other discussions about this but I can't seem to find any that fit my exact situation.

I want to do a house hack but have one major set back... I'm self employed and write off a lot of my income so I'm having a hard time getting financing. I make decent enough money to get into something with a 3.5% FHA loan but I just can't get the approval.

My initial thought is to partner with someone in the sense that I'll bring the down payment and they just cosign then we split everything 50/50. Is that reasonable?

Any other thoughts? 

Maybe if anyone knows another way I could get financing without needing 20-30% down?

Thanks in advance!

@Ryan Heywood

I haven’t yet. Been slacking big time.

Need to though!

Thanks Joe Gamatoria ! Great stuff to know

What is the next step after getting your RE license?

I know you look for a sponsoring broker but what then?

Do you work along side another (experienced) agent in order to learn the ropes from them? Or do you just kinda get after it on your own? 

Any advice would be great.

Also if anyone knows a good brokerage to work under for someone who wants to be an "investor friendly" agent. 

Thanks in advance!

Probably not likely unless you have a lot of cash in that checking account. From experience with my business (not real estate) no lender will entertain a line of credit without substantial cash reserves or very strong history to show. Probably better off trying to open a bunch of credit cards at the same time and use those for the repairs. But very risky, not recommended. Best bet is to find a partner who can back the money.

Alright that's potentially two!

I thought the cheesy title was scaring people off... I was just trying to be clever lol