All Forum Posts by: Onan Dumas

@Joel Soforenko Well thats not the full story now...

It depends on your definition of an investment property. If you mean non owner occupied, then yes you cannot use FHA for an investment property. But if you plan on living there at least one year, then you can purchase your first investment property that way with a low down payment. Just know @Dev Why that if you do the low down payment option then you will be paying a PMI, which is insurance to the lender because it is a government backed loan in case you default. From my understanding, it is for the life of the loan now even if you pay it down to 80% LTV. I may be wrong but at the bank I work at that is how our mortgage specialists have explained it to us.

That being said, you can now find conventional loans (Non FHA/USDA loans) that allow you to put 10%, even 5% in some instances. Just remember, if you are putting less than 20%, you will be hit with that PMI...but if the numbers still work with PMI then by all means use every tool you can to launch your investing career!

Cheers!

Greetings Anthony!

It's always great to meet another new person at BP. This website is a life changer and you will meet many many awesome folks here that are only here to help everyone succeed, including you! If you have questions about financing your real estate adventures, head on over to the real estate financing section of the forums and you'll see lots of great questions and great answers including bank financing, creative financing, private financing etc...

Welcome to the winning side!

Onan

Hi Ted and welcome to BP. You'll meet lots of great people here on BP and specifically many great people in Portland that are members of BP. Glad to have you here!

Onan

What the two above said...basically what you see in a typical mortgage is all that included into one lump sum...or what is seen as your monthly note/mortgage payment etc, whatever you want to call it...

I'll also plan on bringing 1 to 2 guests

I just saw the response! Make sure to @ someone when responding if you want them to see it right away (they'll get a notification in their email)...and what I mean is @ and type their name...a list of suggestions should come up below the message body and click it...like this: @Brian Lenz !

And yes as Lucas stated it is this Thursday...see you there if you can make it!

My general rule of thumb for my properties has been 7 to 10% and that can vary for many reasons which usually include repairs. Also remember to factor in vacancy. In my area vacancy usually is not high/long, although I still always freak out when my vacancies go past 2 weeks. If I am able to get my residents (I don't like to call them tenants) to sign a longer lease then my monthly reserve may go down a bit, but I only factor that in once I know the length of lease.

A long vacancy (or longer than expected) can eat into your yearly cashflow very easily if you do not factor that into what you put aside, so just think about that when you are coming up with a good number...but again I usually do 7 to 10%...I know plenty of people who do higher...Hope that helped!

Welcome to BP Brian!

It's always good to see another DFW'er here on BP...there is a BP meet up Dec 5 in Los Colinas, try to come out and meet a bunch of us there...

Onan

@Rick Baggenstoss Then you haven't listened enough lol...I know for a fact that most of his podcasts are longer than that so you only made it through the introduction.

I can't really give specific nuggets as I haven't listened to all his stuff but he seems to be able to give you a way to build a system in wholesaling, which is what people want to learn right? Create a system, listen in on real calls, what specific people you need in your business, etc. Sounds like a pretty decent training to me. I'm not sure what price plans he has but it sounds like a fine training to me.

I've listened to his stuff before...he gives great advice and seems like a solid guy who regularly updates his stuff. I've heard of some who still have the same info from when they first started their website/academy/training facility and just keep bringing people in using same old outdated info.

Anyway, he seems like a good guy...can't spell to save his life...but a good guy...I would recommend anyone trying to join to make sure to listen to his podcast, and for a while, before signing up for anything of his...