All Forum Posts by: Wyatt Wolff

 I think a lot of that has to do with the "get into real estate with no money down" mentality. Its an expensive game. Transactions are expensive, properties are expensive.... the money down is the easiest part. 

Ive noticed that people in decent paying hourly jobs are actually doing better than most salaried professionals recently. OT is a beautiful thing. 

So come controversial advice here... focus in on earning. Is there more you can do at work? Can you pick up a side gig? 

Reason I say that... you only need 3.5 to 5% to qualify for a decent number of programs. Build relationships with coworkers, and buy close to work. Rent out those rooms, offset living costs, AND KEEP WORKING AS MUCH AS POSSIBLE. Do not make the mistake of taking your foot off the gas. This is where you make it worth it. 

Ideally, this will offset your living cost (largest expense), and now you can supercharge your savings for another property. If you did your math correctly, you will make more when you move out and rent your room/area of the house out. 

Good luck, shoot me a PM with any questions you have. 

Anything along the 74 corridor would be where I would look. There are also some industrial areas in Union County that I would look at. Monroe, Locust, Marshville.... the list goes on. What SPECIFICALLY are you looking for? Trucking access? Rail access? Existing or proposed construction? 

I would also look into renting out the bedrooms, not just the units. There is no reason that you shouldn't have the MAX number of people in the units as possible. This is going to massively increase the speed you can rehab. Thats what I did with my house hack. 

If you are going to do owner occupied, you can do a 203k I believe, but Ill have to check guidelines. That would allow you to build in construction funds to the original loan, and have a GC do the reno. 

You could also just do an FHA, and live in each unit as you fix them up. I would hesitate on kicking out the current tenants, as some income is better than no income, and you will be able to use that to help qualify you initially, as well as help offset DTI in any other transactions you are going to do.

I definitely think you are on the right track, and I love the enthusiasm. I think that you need to do two things: 

1/ Make sure that you structure your financing correctly. Owner financing could be great, but I doubt they will give you 3.5%. Definitely worth an ask though. Look at all your options. Contact a broker in your area so you know exactly what you can get. 

2/ Make sure that your estimation of your skills is correct. Make sure you are ready to manage a property, make sure that you can correctly account for expenses, etc. You are on the right track, and you know we are all here to help! 

Good luck! Congrats on the marriage! 

 "A quick no is much better than a long maybe" I love that. So true. my biggest pet peeve...

ANSWER YOUR PHONE 

This is great, thank you!! 

What was the cost for the hard money on this one? Just curious... looking at hard money and fix and flip loans currently, would love the input!

You could also do a fix and flip loan and then refi it into a DSCR loan to keep the property... as long as you do your numbers correctly, I have a great lender for this actually.