All Forum Posts by: Tyler Herman

If you aren’t buying with cash I don’t think a good wholesaler has much incentive to work with you. They want buyers with deep pockets. 

If you can use that rental to get into your next property that is an option. 

Nothing wrong with going with a single family to. Maybe you can make some improvements and redo out in a year or two. 

Sherrif  sale is a whole other deal. Yeah you’ll need cash for that. You're going to need to talk to probably several hard money lenders although I have no idea if they’d lend for something like that.

There are several different types of mortgages. Think you have a little bit of research to do. Luckily bigger pockets has lots of good info to get started 

Phone tag can be just as bad as email/messaging tag but its whatever you think is most efficient for you. In your posts tell them exactly what you want them to do and what information you want them to supply. If it's call, tell them to leave a message with the specific info you want. Anyone who doesn't comply is weeded out. 

You didn't mention what you want to do with the property (flip, rent, live in it). 

Buy at 70k to appraise at 100k won't make you any money if you plan on selling it right away or try to refi you're money back out. I'd only do that if you'll have a better quality house after those repairs than what the newer construction would be. Not sure of the exact house but 70k homes in Texas tend to be pretty rundown. I'd play it safe with the newer construction. 

Not owning a home won't disqualify you from getting a mortgage on a rental. There something else wrong with your income, credit, job history or debt/equity situation. Just ask the lender(s) they'll tell you. 

The cheapest way into real estate is to buy a property to live in since you can do as low as 3.5% down. You can either do a live-in flip (fix it while you live there to resell or refi), house hack (have roomates) or buy a 2-4plex and rent the other units while you live in yours. After 1 year you can do it all over again, and again, and again. Its slow, safe and works and builds up your credit, portfolio and gives you experience. 

you can and should do both. They both involve finding good off market deals. If you don’t have the funds to flip or the time you try to wholesale the property, but finding those great deals is the first think you gotta do

This is what lots of people do. Nothing crazy about it. I don’t see saving for 20% being any safer unless you expect turbulence in your income or that money includes your emergency fund. Interest rates are only going to go up from here so the sooner you get in the less you’ll pay there

I'd stay away from turnkey. The turnkey company squeezes out all the profit and you take all the risk. 

I'd probably shy away from out of state construction too. Hard to control the quality of work and keep contactor honest. 

With 200k you'd be able to get a handful of cashflowing single family rentals in the south or Midwest. Wouldn't be seeing crazy returns or appreciation but it's  slow and steady without much stress. 

Just do some research online to pick a market, go fly out for a weekend, have a realtor take you around, and you're off. 

Looking to do land deals in North Carolina and am having trouble finding information that is specific  to empty land and not buying a home. 

Do I have to have a closing attorney? I've read yes but NC doesn't show up on most lists of states that require one. 

If yes to attorney, how much time/money is that going to suck up? I get that sellers don't have to make any disclosures in the state but it's not exactly rocket science doing a title search. Rather not involve a lawyer in the process if I don't have to. 

Anything else I'd want to be aware of? Obviously early in the process but want to purchase something soon. Thanks. 

Not sure how far you can get on 30k in LA these days. I'd probably start small. Live-in flip or house-hack your first property are probably options within your budget. After that, you probably will have to wait another year for the next one. Not the most exciting way to get started but it's slow and safe and you'll learn what to do along the way.