All Forum Posts by: Ryan Tessier

@Jaysen Medhurst Not enough equity in the house. I want to pull out enough to use as a down payment on another property. I've been asking around it looks like I can make it work with a HELOC instead of a ReFi. Rather not have two mortgages on the first property but it seems easier than going non-QM

I'm in Fairfield County, CT. I'm about to assume a mortgage with some equity but I need 90% LTV to make it worth my while. Its a triplex and I don't plan on living there. But I cant find a lender because its outside of standard QM terms.

Whats the best way to go about finding non-QM lenders? or does anyone have a specific company they'd recommend for this specific situation? I have a good credit, income, and DTI ratio.

Land your gig fighting fires and budget and save at least 50/75%  of your paycheck.If you're 17 and still live at home with your parents this should be attainable. Don't spend money on a new car or going out to eat and drink. Even if you're making minimum wage you can save $10,000 in a year. Do it for a couple of years and when you have $20/$30k you have a down payment for a multifamily property. And thats how you get your foot in the door.

@Mariah Bardwell

Exactly why I made this post. I don’t want to move forward unless I verify everything. Thank you.

He wants to cut out agents to make more money on his end.

I'm in a situation right now where I have a motivated seller who wants to unload a 3 family in a nice area. It's an FHA Loan with what I estimate to be about $100k in equity after appreciation. I want to assume his loan to my name (something he's willing to do) and pay him directly the profit he would've made on a traditional sale. Turn around, cashout refinance, and recoup pretty much what I just paid the seller to acquire the property. (Seller isn't able to tap into his equity because of poor credit, medical, legal, and credit card debt.)

I'm relatively new to investing (2 years) and this would be my first FSBO deal where no agents are involved. All the numbers and stipulations I just stated are based off of what the seller has told me. But before it comes to putting money I down, what should I be looking for as far as due diligence? What documents can I check to see if the assumed mortgage is in good standing and no missed payments? Can I get a pre approval from a lender for a refinance before I even acquire the property? If I cant refi the property relatively quick to acquiring it the deal wouldn't be worth it for me. What documents should I be looking for? Where should I cover my bases?

Thank you in advance for any help in making this deal a successful one

@Carson Scott

I acquired my first rental at 20, if you want to do what I did. Graduate high school and go straight into the trades. Your wages start low but increase quickly (at least as an electrician). Stay living at home and maximize how much you save. I’ve been saving over half my paycheck since I started working because I lived with my parents and drove beat up piece of **** cars and I didn’t have any student loans. Do that for two years you’ll have about $15,000 and that’s your down payment to start investing. Good luck.

For those of you that have them, what are your day job? Does it help with your investing at all? Do you have an exit strategy?

I’ve been working as an electrician the last 4 years, the pay is good but the job is demanding physically and time consuming. I’m really interested in possibly switching careers to something that helps me learn skills with real estate and investing. Or at least something that will leave me with more time and energy to build up my investment portfolio and manage my rental units.

I appreciate all the advice, there’s two real estate investor meetings coming up in my area and I’m going to try to make both of them. Is there anything I should know, or do in preparation? What should my goal be at this meeting?

I’m 22 years old, I’ve been working as an electrician for the past 4 years. I’ve been managing my own 3 family rental property for the last 2 years. I’m sick of working my day job and I’m dead set on working for myself in real estate in the future. The equity in my house is about 10% without accounting for appreciation, I have $25k saved up and ready to invest, and I live at home with my parents. So I can afford to take a lot of risks based on my current position. I’d be willing to quit right now and work 80 hours a week for myself building a future business than to waste my time making peanuts while my bosses gets all the money. The problem is out of all my friends, family and coworkers I don’t know anyone who’s particularly entrepreneurially minded. My circles are small, I’m not on social media, and I’m not particularly sociable as a person so finding helpful connections is difficult. 

I suppose my question here is what can I do to make the jump into financial independence? What skills should I be learning? I’m willing to make a career shift as I don’t have much interest in being a contractor, some DIY skills are nice but I don’t see a great future in this industry and I’m not sure what I would excel at. Are there any investments I can be making now with the funds I have? Knowing the right people I feel would be beneficial to me here. But going up to an experienced investor (if I knew one)and asking to be mentored seems ham handed at best. So what can I do to make myself marketable to an entrepreneur so that we can both benefit?

I’ve been looking into another rental but the 20% down is high(property values are high where I am) and it’s a long term investment. I’m interested in flipping houses and I’m willing to jump in head first but I don’t know where to start. All in all I’m feeling lost and very unhappy where I’m at now and I’m wondering if any of you can see something that I’m missing.