All Forum Posts by: Andrew Emery

Thank you friends, @Jonna Weber ,@Account Closed I am very excited.

I learned today that if we do it correctly it may be possible to get in to our next property with $0 down. Then we can turn our current home into our first rental. This was amazing news as I had saved a chunk of money while overseas to come home to invest in our first rental. This will be done via conventional lending, This will leave us with our savings intact and ready to go for a 3rd place, however, this will require me to get creative with financing for that place as I won't be able to qualify for additional conventional loans without a track record. The only catch at this point is that I must wait 90 days as I am in currently in a probationary period with my new job, as I had quit my last one to come home to take this one. No sweat though, I will use this time to get a realtors license and try to find partners to invest with maybe on a flip. 

Again I will keep you posted. 

Thanks 

Andy 

Hi Everyone,

I want to let the community know I am on my way out the door to meet with my mortgage broker here in Colorado Springs.

I have been back in America for about 4 weeks now. Man what a great feeling it is to be home. 

A goal I have set is to have our first REI property purchased or have the process started in the 1st quarter of '15.

I wanted to post this here for accountability purposes. I figured the more people I tell the more people I will have checking up on us and our progress. 

Also I didn't know where to start so I decided we would secure financing so when we find a property we can move on it without hesitation.

I will keep you posted.

Andy

@Steve Babiak after you told me about the stickies I went to go search it out but the search feature was not functioning correctly. Last night, however, I looked again and I found out about the @? within the post and how to use it.

I am very impressed by BP and the caliber of individuals that I have come across in my short tie here and the willingness of every one to help out. I am going to follow this lead and if I have an answer to someones question I will get the info out there as: Knowledge is power.

Thanks again sir. I look forward to a continued education here.

You got it sir! When I come back to the states I will be looking forward to my new job and my hour long commute now that I have found the BP podcasts. Supremely informative.

Thank you for the education.

@Mark Brogan and @Roy N. Thank you for the great tips. I will add this to my bases that I am trying to get covered. 

@Donald Crockett did you strip the old varnish/finish prior to applying the new? If not what you have is a compatibility issue. Some varnishes are oil based and other are water based and as you know these two don't mix. Also if that weren't the case there maybe chemicals in the new finish that may have activated the chemicals in the old finish and that is why it isn't curing. Your options are going to cost you either time or money. Stripping and refinishing may save you money but if you don't have spare time it may be better to reface. Me personally I would prefer to reuse so I would sand and refinish.

Good luck sir.

My questions maybe a repeat but I am not able to access the search feature right now.

If I purchase a property and it is currently rented out, but not at market rates, do I have to wait until the property comes back up for renewal in order to raise rents?

Also once a new property is purchased would I be able to run history checks on the current tenants and if they do not meet my qualifications, criminal past, credit issues, things like these, I am required to honor the current agreement? 

Again I am new so please excuse my ignorance. 

Thanks

 I am an aircraft mechanic and in aviation we have an acronym that goes like this K.I.S.S. 

For these forums I'll keep it soft: Keep it Simple Silly.

This advice was given to us in A&P school but the instructor used stupid instead of silly. However rude this may have been it has proven to be great advice. I myself try to keep things as streamlined as possible. 

Good luck to you!

Welcome @Braden Hobbs. I too am new here and to the game. I just recently started listening to the BP Podcasts as I have some time on my hands. From one newbie to another check these out. They are very informative. I have started with the most recent ones first and will be working backwards. 

@Bill S.  and @Anson Young give great advice. I was actually on the verge of coming home and throwing caution to the wind and taking my savings and jumping in. But with advice from people here on the forums I thought better of it. Plus my wife was not thrilled with my plan.

Good luck and maybe one day we may meet in the neighborhoods of Colorado.

If I may be so bold,  as I am relatively new here, may I suggest that you listen to BP podcast #98. Allan Glass talks about how you really can't look an entire city as whole as to whether or not it would be a great market, or best market. It really will depend on the areas/neighborhoods within the city. 

Also Jay great advice with respect to the capital.