All Forum Posts by: Tiana O.

 Hey Kyle, it’s good to hear that you have been able to acquire so many properties in a short amount of time. That definitely gives me hope. I think I’m going to have to start searching some different rental markets. Where I am in the DC area, it’s hard to find properties low enough to acquire multiple. Baltimore on the other hand, has a ton (along with its own problems).

I’m not sure the extent to which I can house hack. I’m already renting out rooms in my current home to some friends. If I can find a duplex or multifamily in DC to house hack, I’ll jump on it. But right now, I’m priced out of the DC market, and I’m not quite ready to move out of the city. I think I’m going to start looking at the Homepath or Homestyle loans pretty soon. Those seem like good options for buying fixers.

 Thanks Nick. I listen to podcasts for hours every day. I think I can officially claim a BP podcast addiction. But, for me, it's also inspiring to hear more about people's first deals and how long it took them to scale to a larger portfolio. I like that BP has some newbie shows, but I would also love to hear directly from the BP Fam.

Hey BP Fam, do you remember your first 10 rental properties?

As a newbie REI, I would love to hear more about your experiences starting out. I've set a 10 year goal for myself to acquire 50 rental units. As a shorter term goal, I want to get at least 10 rental units in the next 3 years (maybe a couple of SFHs and a couple of duplexes or 4-plexes). I've heard for new investors many banks require at least 2 years of rental income on your tax returns before they will allow only the rental unit by itself (not your debt-to-income ratio) to qualify for the investment mortgage. (Side note: has anyone been able to get around that 2 year requirement).

I'm looking for some anecdotal evidence on how realistic is my goal of 10 units in 3 years and 50 units in 10 years. Can anyone tell me how long it took for them to get their 10th deal, or 10th unit? Also, what did your first 10 deals or 10 units compose of (ex. Single family homes, duplexes, 4-plexes, larger multifamilies, apartments)?

Additionally, what strategies did you use to finance your first 10? (BRRR, hard money lenders, conventional mortgages, house-hacking, saving for 20-25% down each time, helocs, private equity firms, syndication, private lenders or investors, etc.)

If you buy a property using a mortgage, and then renovate it, and rent it out. How long do you have to wait before your bank is willing to refinance for the ARV? The minimum time I've heard is 6 months. Has anyone heard anything different? Have you all ran across banks with different seasoning requirements? For example, I've heard some of the bigger banks may require longer seasoning requirements, in comparison to some of the smaller local ones.