All Forum Posts by: Ryan Howell

If you buy 2-4 units, you could house hack, get an owner occupant loan. You can also find a value add deal and BRRRR it (refinance out leaving less in the deal).

@Joel Hutchinson - That's reasonable for an asset based lender. I am doing a cash out refi right now 5.375% at 60% LTV. If I remember correctly it goes up to 6.5%+ at 75%. Similar ballpark. Credit >740. Mine is with Lending Home.

Youtube or go take a class at Home Depot.  

Look at asset based lenders. They will do 30y loans on investment property based on the income of the property alone (DSCR of that property). They don't look at your tax return. You will pay a higher rate, but you can secure the loan and refinance after a couple years once you have the history.

Personally, I'm a fan of not "having all my eggs in the same basket".  I assume at some point, I'm going to make a mistake or a bad deal...If it's one out of five or ten, then I'm okay, but if I keep trading up to a larger property, my risk grows each time.  I don't think there is a wrong or right answer, but that is how I approach it.

@Cameron Li - I would start by listening to every BP podcast and reading as many books as you can. Then look up any local REIA's in your area and start networking and meeting people. At your age, I would suggest that your first property be a house hack where you can offset your living expenses. Until you're ready to buy it, do what @Jody Sperling said and bring value to those that are already where you want to be and learn from them.

Hey @Zachary Steidl - I second the Asheville/Hendersonville area.  You get mild weather and get to live in the mountains with lots to do outdoors. 

I second the Asheville area.  You have a mild climate with 4 distinct seasons.  Plenty of hiking and mountain biking.  

Is it a walk-out basement?  Is there a way to put the bedroom where you can leverage whatever egress is already there?  

@Maurice El-Amin - As far as the climate, I suggest buying something that you are okay holding for 10 years, which is enough to weather a down-turn and make sure it meets your criteria.  

As far as next door, you may like the tenants, but that could change easy or make it easy for them to take advantage of you.  I wouldn't let it stop me, but just be aware.  An option would be to give it to a PM and they don't have to know you're the owner.