All Forum Posts by: Ryan Muska
Ryan Muska has started 10 posts and replied 372 times.
Post: Real estate investing tips
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Podcasts and audio books are awesome because you can drive and listen to these:
BRRRR book by David Greene
Long Distance Real Estate investing by David Greene
Being able to communicate with people is a very good skill to have. Avoid getting really excited about everything. Learn enough about each aspect of the industry where you can decide what you like best. Then hone in on that aspect solely.
Post: USDA Land Loan Lenders
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
First check if the piece of land is eligible for USDA loan: https://eligibility.sc.egov.usda.gov/eligibility/welcomeActi...
Then connect with a mortgage professional in you area to help you finance it (mortgage broker, bank, lender, investor, etc.
Post: Real Estate Rookie NEWBIE!
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Congratulations on your first **hopefully** investment property!
Welcome to the REI Industry!!!
Post: How to build relationships
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Reach out to anyone and everyone in the market you are investing in. Make 10 new connections per day and nurture those connections. Don't always need to talk just business, people want to work with people who they like.
Post: Agent looking to help!
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Welcome to the forum! Wish you lots of success!
Post: First Time Investor at 17
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
What an exciting stage of life for you!
Not only do you have to be 18 to get on title, but you have to be 18 to get a loan. You are not an adult by any legal measure in the United States. So, there is no use in trying to get the loan until you are 18.
On top of that, you will have to have a 2 year history of employment if you are leaving school and doing a full-time variable position. If you were salaried, this would be different, but since you are not (wholesaling/RE Agent/contractor), you will not qualify for an FHA loan on your own.
If you were to get a coborrower, getting a loan after you are 18 is not too hard (as long as your DTI is good).
Feel free to connect with me if you have any questions!
Post: Quadreplex with a Building Class Designation: C
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
You will not be able to get any residential-type loan on this building. You will also not be able to get a DSCR loan on this since it is commercial zoned. If you are planning on purchasing this property, you will need to do so with a bridge loan, then get a variance (which is not guaranteed) to change the zoning to residential. HUGE HEADACHE.
My advice, pass on the property.
Let me know if you have questions.
Post: Seller finance and amortization
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Check this out to help you calculate: https://www.bankrate.com/mortgages/amortization-calculator/
Post: Investment Properties in Philadelphia
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Wholesalers, craigslist, facebook marketplace, old listings on Zillow/Redfin/Realtor.com, connections with real estate agents.
Post: Equity of 100k on the current property
- Lender
- Saddle Brook, NJ
- Posts 391
- Votes 218
Quote from @Ankith Yeru:
Quote from @Justin Hammerle:
@Ankith Yeru - I'm assuming this is your primary home? If so you can refinance or pull out a HELOC. If it's an investment property, refinance may be your only options as seconds for investment properties are difficult to come by these days.
What if i want to buy it as my new primary residence for the second property? Then can i do a HELOC? @Justin Hammerle
You can do a HELOC on investment properties. It's not hard and I do it all the time.