All Forum Posts by: Ryan F.

I guess I never thought of it that way, just assumed it would always be cheaper and have a higher profit from doing everything myself.  I will have to look at what the market is in surrounding communities as well as crunch some numbers with management fees included.  Thanks for your advice and knowledge.

Chris,

Thanks for the advice, I will look further into how I can obtain the first chunk of money to do the initial buy.  Can you share your strategy on how you obtain this?  Also, I will be doing my own management so would like my properties to be as close to the Madison area as possible.

Christopher, thanks for the response it is much appreciated. From what you said I will start to take a look at the Madison REIA as well as the readings you had suggested. I can look into taking equity out of my current property I just don't believe I have enough equity built yet as I have only owned it for just over 2 years. Thanks again and hope to meet you in Madison sometime.

Thanks for the advice Trevor.  I will have to do more digging into private money and become more knowledgable on that.

Thanks for the response Brie. Yes my current mortgage is an FHA loan.

Hi Everyone,

My Name is Ryan and I am from the Madison WI area,I currently own a duplex that I bought just over two years ago as an owner occupied property.  For this loan, my first mortgage, I did only have to put down 5% and also received an $8K down payment assist/first time home buyer credit which if I can remember correctly I had to remain in this property for 5 years in order to receive the full amount.  I have been doing very well with this property and have learned a tremendous amount of knowledge over the past couple of years.  With that said I was wondering what ways or options I have if I wanted to pursue another property??  Obviously I could just use a conventional loan at 20-25% down, but unfortunately I do not have roughly $40k laying around.If at all possible I want to move into the new property, most likely another duplex, and rent both sides of my current property.  Any help would be much appreciated!

Thanks for your response Nick, I am fairly new to this and am not familiar with banking strategies so I don't know what the best option would be for this but I will take a stab at what you mean.  Would you refinance the current duplex that is under a 5% down owner occupied loan with a 20-25% down investment loan and hopefully be able to use the current equity to do so.  After that then get another owner occupied loan at 5% for my next property?  Also, if I do this I will loose roughly 60% of my $8k down payment/first time buyer assist as it is a 5 year program and I have only owned it for just over 2 years.

Hi Everyone,

My Name is Ryan and I am from the Madison WI area,I currently own a duplex that I bought just over two years ago as an owner occupied property.  For this loan, my first mortgage, I did only have to put down 5% and also received an $8K down payment assist/first time home buyer credit which if I can remember correctly I had to remain in this property for 5 years in order to receive the full amount.  I have been doing very well with this property and have learned a tremendous amount of knowledge over the past couple of years.  With that said I was wondering what ways or options I have if I wanted to pursue another property??  Obviously I could just use a conventional loan at 20-25% down, but unfortunately I do not have roughly $40k laying around.If at all possible I want to move into the new property, most likely another duplex, and rent both sides of my current property.  Any help would be much appreciated!

Hi Everyone,

My Name is Ryan and I am from the Madison WI area,I currently own a duplex that I bought just over two years ago as an owner occupied property.  For this loan, my first mortgage, I did only have to put down 5% and also received an $8K down payment assist/first time home buyer credit which if I can remember correctly I had to remain in this property for 5 years in order to receive the full amount.  I have been doing very well with this property and have learned a tremendous amount of knowledge over the past couple of years.  With that said I was wondering what ways or options I have if I wanted to pursue another property??  Obviously I could just use a conventional loan at 20-25% down, but unfortunately I do not have roughly $40k laying around for a down payment.  If at all possible I want to move into the new property, most likely another duplex, and rent both sides of my current property.  Any help would be much appreciated!

Hello,

I am a new RE investor from Madison, WI. I bought my first duplex about a year ago and am enjoying everything it has to offer. I would really like to buy more rentals as soon as I can and possibly get into flipping homes. From what I have seen so far on BP it looks like I will be able to get a wealth of knowledge searching and posting on the forums.