All Forum Posts by: Zachary Mroczkowski

Thanks for the reply Joe! We set up an appt with our CPA to get the exact details of it all. We figured there would be some things like that. Just have to roll with the punches and do what we can!

So my main goal this year is get my first property under my belt. I'm trying to be creative in my financing so I'm working with my Parents. Were using a quick deed claim to transfer ownership of their 1 rental to me. We have 100% equity in the property. Im looking into utilizing a HELOC to purchase my "1st" property. I've been educating myself on the process so I know the "basics" of it but was curious how others experiences went and if any advice could be given by you cool cats!

Any articles/videos that you particularly like that helps with further details?

Any particular banks that I should look into or definitley stay away from?

What was your process like?

Any tips you could offer?

Anything you would do differently?

Thanks all!

Thanks for the response Jay! Awesome, good to know. Im going to look into that!

Hello Kentucky BP Members,

I just moved to the area from Illinois, specifically the Louisville area. (40206) I would love to connect with any local investors as well as connect with the local REI group. I would assume with the restrictions going on that there are virtual meet ups? Would love to attend and connect with you!

Zach

Tyler, 

Thank you for your service. I am also a military veteran. Lots of great advantages with the VA loan. In regards to your money down issue, I would take a hard look at your finances and see what youre really spending a month. See if youre really living "below your means." Are there things that you could really go without. for example, do we need 4 different streaming services? This isnt a quick problem to solve the issue but I found it helpful doing this. You may have already done this but I thought I knew what I was spending a month and then I actually started keeping track. I started using this budgeting app called Mint. Its well known through banks, Navy Federal actually recommended it to me. but this app showed me where I was really spending my money. I cut back on a lot of pointless spending and it helped me realize that I was spending way to much in certain places. Definitely recommend.

Good luck my man!

Hey Orlo, thanks for your service man. I looked into the VA loan quite a bit. I went through the process 2 times and didnt pull the trigger both times because of timing reasons and im glad I didnt. There are a lot of restrictions to using the loan. 1 being that the loan is not allowed to be used to "benefit" off the loan. Is what I was told by 2 companies that I spoke with. But I could be wrong. The best thing to do is a get a few different opinions and look for someone who specializes in the VA loan. Most agents know about it but some know it more than others.

Good luck! Let me know what you find out!

@Michael Facchini Michael. Ap ok logies for the late response. Had some changes in regards to put movie ng that was up in the air and kind of fell off. But I appreciate your response and reach out!

@Alejandro Calixto Alex I just realized you replied to this so sorry for the late response. Thank you so much for the reply great though. Very helpful info. I got off track with the housing game because of a possible move I had at the time.

Hello Everyone,

My name is Zach and I am new to the concept of real estate investing. Been following Bigger Pockets for a couple weeks now listening to the podcasts as well as doing some heavy reading. Just did the SMART real estate investing webinar last night, which was awesome! Little back ground of me, I was in the military, did 4 years and then went into school to study business focusing on small business and entrepreneurship.

While in college I always knew that I wanted to work for myself. Real estate, more so flipping and buy and hold, was always in the back of my head. While in college, I invented a product and I just received a patent as of March 12th. Ive been handling all the small business operations since I started and I say this not for promotion but to let you know that I am all about the grind, determination, persistence and resilience that is required to be able to run a business. Im not motivated by the end goal but am in love with the journey of it all. I think flipping and buy and hold is what I would really enjoy doing.

ANYWAYS.

Ive been looking to get into real estate for a couple years now. I went through the VA loan process but never pulled the trigger on it because I felt like it wasnt the "right" time. Frankly I dont think any time will ever be the right time so I just need take a step forward and do it.

IIm interested in house hacking to start, but very interested in flipping and buy and hold properties. What Im not 100% on is if the VA loan would allow me to use it in those ways. Is there anyone who could offer some advice or has had experience dealing with that in the past?

Also, looking to connect with people in the Illinois area, specifically around Kankakee County. Would love to chat about finding deals considering the pretty high property taxes. (or other states with high property taxes) 

I hope I was clear. Wisdom and constructive criticism are welcome :)

Thank you for your time and feedback!

Zach