All Forum Posts by: Patrick Flynn

Hey Gavin,

Congrats on moving forward to make your first investment. Using an FHA loan and doing a BRRRR are two pretty different strategies due to the differing amount of money both require down. FHA (low money down) BRRRR (cash or expensive hard money). Is there one that you feel more comfortable doing at the moment? In terms of areas I would say pick somewhere that you personally know the market well or where you have a trusted person teach you about the market. It is best not to go into your first investment blindly.

What are you using the Private Money for the down payment? Are you already pre approved for an FHA loan?

Private Money probably around 8-10% 0-1pt, HML 10-12% 1-2pts

Looking for a PM company that can manage rentals in the Ocean Isle/Carolina Shores area of NC. Any referrals would be greatly appreciated!

Looking for referrals for contractors in Framingham MA. One of our client's has a property that is a legal two family that the previous owner converted to a single family and now they are transitioning it back. Need a contractor ASAP for the downstairs unit for a simple turnover rehab (paint, countertops, possibly flooring). The second unit needs a much more extensive rehab. Any referrals would be greatly appreciated. 

@Jeendanie Lorthe I like how you have narrowed down to two strategies with both of them having to with purchasing a property that needs some sort of rehab. Focus in on what price point and what specific area you are looking to purchase at and how big of a rehab you are willing to take on. The longer/pricier rehabs are the more risk you take on with either construction delays, increased holding costs, or the market turning 

@Paulino Miranda Buying a good property is always a great choice. Buy a property that meets your needs whether it is an investment property or for personal use. If it is an investment property make sure it cash flows and does not have any major capital expenditures coming in the near future that will kill your cash flow. If its a personal property do not overleverage yourself, make sure you can pay your mortgage, your other bills and still live the lifestyle you want to live. 

@Craig Titus Congrats on the awesome decision. One of the first steps to take is to figure out exactly where you want to be living. Another is to meet with a Loan Officer to see what you currently qualify for a mortgage. This in turn will help you decipher where you can actually afford to live or what your time line to purchase. Maybe you are ready right now or need 6 more months for reserves. Good luck!

@Fletcher Sergile Figure out what part of MA you want to live in, what type of multi you are looking to purchase, and how much you qualify for in terms of purchase price of a property . 

I would first see how much you qualify for on your own and if you need more money for a down payment you could ask a family member for a gift or use a co-signer if needed. FHA loans are popular among house hackers since the down payment is much lower (3.5-5%). Any loan lower than 20% down is going to require to pay PMI(Private Mortgage Insurance) since you will be considered riskier to lend to. I am not a loan officer, so contact one if you have more questions. Good luck in your search!

@Justin Farr Congrats on the move! Are you moving for work purposes? Do you know what part of MA you are looking to live in and what type of property?