All Forum Posts by: Ryan Burns

Scott, thanks for the reply. On the Homepath do you have to use an approved contractor and do the repairs in stipended sections? One of the ways I plan on making money in this business is with sweat equity and friends I can hire at a discount. I'm curious about rates hard money lenders charge and how that relationship works? Im leary of getting involved because I picture intimadation if anything unforeseen happens. Obviously my plan is to be prepared and knowledgable but there are always surprises. I do like your idea though. Are there any low percent down programs like FHA or Homepath for non owner occupied? Thanks again for the time!

Ladies and Gents thank you so much for your time. A little about myself and my situation. I have a solid job I'm respected at and make about $75,000 a year working six days a week. I was able to buy a duplex in Lowell, MA with FHA financing for 245,000 and my gross rent from the side I do not occupy is $14,400. I have spent the last 6 months fixing the house to suit the needs of myself and my wonderful girlfriend. I view real estate as the way I will make my fortune and I'm wondering, what next?
I've read more than a few books on the subject and my current strategies I'm considering are using my 401K to buy a 2/3 family to fix up and hold or using hard money to buy a larger 4 br (or convert a 3br) home with hard money, fix up, mortgage with 70% LTV to cover hard money, and rent to section 8.
I'm currently putting my gf through school for another 6 months, during which I plan to read more dilligently and formulate my plan more fully. I suppose my rear problem as I see it is financing a property purchase and a rehab so I can refi the cash out of it needed to get the next house. I plan to study appraisal and inspection procedures so I can know what to expect in rehab costs and returns. Any advised reading or course of action truly is appreciated. Thanks!
Ryan

Hi Chad,
I have looked into the 203 k and some things to consider. I personally wanted to do the work on the home myself but with a 203 k you have to get estimates from approved contractors and the money is paid out in stipends as the work on the house is done in segments, with periodic inspections of the house. Obviously there are pros and cons but I absolutely wanted to use sweat equity to increase my profits. Good luck and welcome from another new member/long time reader!
Ryan

Hey guys, looking for some recommendations for some solid books to read while I'm in my last few months of saving before hopefully investing. Looking to buy and hold with an eye towards comfortable retirement. Interested in reading on leverage, capital gains, buy and hold, and especially the math involved. Specifically the formulae lenders will be looking at when evaluating my portfolio to look more attractive and less risky. Thanks for your time!!

I have spoken to a broker and know I can qualify for an FHA loan, I had a deal fall through for a single family I was going to purchase, in retrospect a blessing in disguise. I was under the impression I could withdraw the money from my 401k if it was to purchase my primary residence. If not the case I'd still consider it because I think the money could turn into a lot more income by the time I retire, based on some reading. As usual very open to all opinions and I appreciate everyone's time!

I have spent multiple hours reading and absorbing from the community here, and enjoyed it immensely. The attitude of selfless sharing is motivating!
I am a 28 year old newbie looking to shore up the holes in my knowledge and firm up my plan before I really invest, which I hope to be in a few months. My plan starts with the purchase of a 2 or 3 family home which will be owner occupied. I plan to buy and hold in Lowell Massachusetts. I have 15k to put down from my 401 k, as I see it as a poor retirement vehicle, and 17k in the bank and growing by about 650 per month. house price to be 160-230k depending on number of units with traditional financing and 5% down.
The plan gets fuzzy after that. I am unsure how I can be sure I would be able to leverage my property to get another, and so on. My focus will be a comfortable retirement as I feel I am young enough to accomplish this at a decent age and comfortably if I am diligent and plan properly early on. I would love to talk to anyone willing to share their opinions and experiences with me! Thank you in advance and I am excited to be a part of this community!