All Forum Posts by: Vincent Chan

@Jean Torchon Thanks so much! I'm actually looking into Bridgeport and New Haven so I'll definitely PM you. 

That's awesome, congrats @Jean Torchon! I just started using BP and I hope to be in your shoes one day. I'd love if you could share some insights on the below - it'd be super helpful for me to get started in REI:

1. How were you able to get conventional financing on a foreclosed home? I thought foreclosed homes had to be all cash

2. How did you get comfortable around purchasing a foreclosed home? Were you able to visit it?

The biggest challenge will probably be getting conventional financing with an LLC.

Welcome, @Wade Megan! I'm also a rookie real estate investor and still researching REI. I found the below books super helpful so I strongly recommend them:

- The Millionaire Next Door

- The book on Rental Property Investing

- The Book on Investing in Real Estate with No Money Down

- Long-Distance Real Estate Investing

- The Millionaire Real Estate Investor

- What Every Real Estate Investor Needs to Know About Cashflow

- How I Turned $1,000 into a Million in Real Estate in My Spare Time

- Rich Dad Poor Dad

- The Book on Estimating Rehab Costs

In terms of your budget - is this something you already have in cash?

Unfortunately, I don't believe you can get conventional financing (e.g. FHA) without any current income streams. I'd recommend getting creative with your mortgage options (e.g. private lenders).

I believe it's good practice to get pre-qualified for the loan you're looking for. That way, you can have the papers ready when you submit the offer.

I'm from NY but I'm very interested in the Lehigh Vally area. I hope you don't mind if I join :).

Welcome! I'm also just starting to learn about REI. I compiled a bunch of helpful books that I'm currently reading through which might be helpful to you. My biggest suggestion for you is to improve your credit score and start reading as much as you can.

- The Millionaire Next Door

- The book on Rental Property Investing

- The Book on Investing in Real Estate with No Money Down

- Long-Distance Real Estate Investing

- The Millionaire Real Estate Investor

- What Every Real Estate Investor Needs to Know About Cashflow

- How I Turned $1,000 into a Million in Real Estate in My Spare Time

- Rich Dad Poor Dad

- The Book on Estimating Rehab Costs

That place looks awesome @Dwight Porter, congratulations! Was this a turnkey property or something you found on MLS?

@Erik J Anderson I just sent you a request. It'll be awesome to connect with you since we're in a similar boat.