All Forum Posts by: Sam Horton

@Dustin Pringle What about a partner to fund the down payment? They offer cash for a down payment.  You offer to become the property manager and decide on a split of the monthly cash flow profit.

@Dustin Pringle If the seller owns the property outright or close to you could explore seller financing or even a lease back. Assuming the seller would take 0 down seller financing. 

@Jack Powers Welcome to BP! I think depending on who you ask this question to you will certainly get different answers. I will speak from my experience in the business and hopefully, it will help you in your journey. 

Personally I wouldn't wait until you get out of college. I waited too long to get into the business because I let too many people tell me it was a bad idea for one reason or another. There's a lot you can do to start working in the industry. Finding a mentor would be a great start to help learn more about the industry. You can look up local investing meetups and just start talking to individuals there. If you were able to qualify, house hacking is a great way to get started in actually investing. Find a single-family or 2/3 family, take advantage of low first time home buyer programs, and then rent out each of the rooms. Good Luck!

@Jessica Piff Generally speaking, your primary residence can still be the property you are house hacking even with traveling as long as you don't actually change your primary address and pay your mortgage on time. It would be a different story if you claimed it as your primary residence but then rented the entire home out, living in another address in that event the lender could technically initiate a due on sale clause if they were to find out. You can always verify with your account as well. 

@Matthew Leal It's the upfront points you are paying that's causing your closing costs to be so high. To @Elise Marquette 's point you are probably buying down you're rate. I'd shop around and see if you can qualify for a decent rate without buying down the rate. If I can assist with any recommendations DM me. 

@Brennan Taberna 1) Yes, attorneys have standard P&S agreements as well as standard Assignment contracts. You can also ask if an Attorney will draft one for you. I'd recommend consulting with an attorney that works with investors. This will obviously cost you upfront but will be contracts that you can re-use.

2) There are free versions online or you can buy templates. I'd still recommend having an attorney look over those contracts if you go that road. 

Your other questions... 3rd party depends on the laws in your state. Here the wholesales I work with do not try and get involved with title, the assignee handles that. Putting $110,000 as of the contract price to the end buyer and then you net your fee. Write a check for earnest money. 

@Jonathan Bombaci This is amazing and inspiring. Looking to start my journey this year into investing. Bought my first house last year as a house hack and ready to try and find another deal. 

@Joon Park That kind of depends on how much risk you want to take. House hacking would be the least risk and likely least amount of cash needed to get into your first home (using first-time buyer programs), in my opinion. I went with a house hack for my first investment property and my mortgage was dramtically less than most rent in the area as a result of tenants paying it for me. 

@Andrew Carlson Covid evictions are banned for any tenant that can prove hardship as a result of covid through job loss, sickness, etc. That being said I believe the moratorium expired 10/17/20. I have not seen news of them extending it yet. Secondly, weed is legal both for medical and recreational use in Mass. If the language is not in your lease regarding smoking then you may have an issue there. Regarding the junk cars, depending on what town you are in, the town themselves could start fining you as the owner for zoning by-laws (I've seen it in my town). I'd see council and see what you can do to remove the cars and to begin the eviction process for the weed smokers. 

@Stephanie DeLeo The asking price is always negotiable but whether or not the bank will entertain your offer is a different conversation. If you want to go in below asking, I would recommend walking through with a licensed contractor and or home inspector. Come up with a list of repairs and what it would cost to fix those items and package that with your offer. This way you have reasoning for offering less than what they are asking for. Hope this helps.