All Forum Posts by: Tanner Pile

@Neel Iyer

Mobile homes are always tempting but I prefer to stay away from them due to the problems they bring and you do not own the land and have to pay a land lease.You also have to go through the DMV not a title company for the purchase of it. 

Owning the mobile home park is a way better route to go. 

@Katherine Wilkerson

There are so many ways to make money in real estate that it can be overwhelming and lead to analysis paralysis like @Abbey Humphreys mentioned above. Once you decide what to focus on make that the only thing you do for several months to give yourself the best opportunity to be successful. 

I do notice a lot of new fix n flippers and BRRR investors that want to get started eventually lose steam from not finding a deal and stop analyzing deals. Have good expectations on what to expect of your first deal in order to get a good learning experience.

@Brandalyn Dolan

No you have to pay hotel accommodations separately 

@Brandon Nguyen

Have you looked to having a co-signer for the loan? 

A family members income could help you qualify for a higher purchasing power. 

You could also refi out of your VA loan into conventional and then use the VA loan again.

VA loans also have an amount of eligibility of the VA loan that is used up. If your first VA loan is under $400k you may have room to get another VA loan for a loan amount of $350k-$400k. Have you asked lenders about this?

@Austin Remus

One thing to note is that airbnb will allow people to book themselves. Furnished finder is different where people will message you about booking and you will need to organize a lease with them. Often times possible tenants will send out message to multiple available units and you will need to reach out to them about your listing and see if it will be a good fit. 

I have noticed that many travel nurses prefer to have a unit all to themselves. I have a furnished bedroom in my primary residence and had only one travel nurse stay in in the 8 months it has been active. 

If you also work in the medical field that could be different in finding roommates but keep in mind you may need to have other strategies than only travel nurses. 

When house hacking it's hard to save up for down payment and reserves right off the bat when purchasing your first one. I would do 3 months or less because you could be waiting for a while to get started if needing 6 months reserves. 

I've personally done 1 month or less in reserves before to get started on my next deal. 

@Alfred Hall

I would call several lenders that would be open to financing on it and see what they say about doing the land as well since you can utilize the VA loan.

You may need to get creative and find a way to purchase the land with owner financing or an investor because this would be a large risk to the bank on your first large deal. 

@Alfred Hall

When doing a new construction project getting a loan for both the build and the land is tricky. Most lenders for the build will want you to own the land in full before lending on it. Even with aa VA loan they offer financing for builds like this but owning the land has always been a must for the lenders. If you can find a partner to buy the land out right it could make this work.

@David Gonzalez

I like the idea of selling the condo. Yes you could get a few hundred in cash flow but dealing with HOAs can cause problems in the long run. Plus depending on the market you're looking in multi-family properties and apartment buildings can be a massive downpayment of 20-30% at times. In Colorado Duplexes are around $500k and a 4-plex can get up to $800k+. 

Apartment buildings are into the million range and depending on size can be several million dollars to purchase. A down payment for one of those would be $200-350k. Plus If you only have a few properties going straight for an apartment building may not be the best idea. Starting with a 2-4 unit would be better plus you may need to have cash set aside for reserves and rehab. 

Also, what are you expectations for cash flow and appreciation?

The west (Colorado) is great for appreciation but you will still only break even or cash flow a few hundred dollars per unit compared to other markets that will cash flow a lot more a lot sooner.