Did he use hand money or used the bank to payoff the seller the 390k , usually motivated sellers want cash fast , bank loans can take 30-60 days to close ?
Please do NOT do what this guy did. There's already a dozen or more call centers active across the world, full of cold-callers who are trying to get people to sell their rentals, and all of them are offering pennies on the dollar. The only real effect you'll manifest from this tactic is to annoy the owners and make them LESS likely to sell.
When he said "until I have enough to retire," that really struck a note with me. It really does seem possible with the right process. Thanks for this great vid!
The first property is the hardest to obtain. It gets easier and easier after that because of knowledge and cash flow. That monthly payment is a big nut to crack every month and a lot of responsibly to make it all happen. I chose to go the debt free route and purchased my place at the bottom of the market so that the stress level is completely removed. Right now, I'm waiting for the next crash to happen before I get back into the game again. I believe that we are in a depression right now and that the market is about ready to crash. It already started to crash.
I'm days away from completing my 1st official HH by converting the lower level of my Four Square home in Richmond, VA. I converted the half bath into a full bath, the STR's will have separate entrance, full kitchen, granite, SS appliances, etc. I'm listing it on all platforms using my LLC, but would you recommend an additional insurance for MTR/STR, Airbnb, etc? I will be living g upstairs with a separate entrance, two full baths, 3 bedrooms, an air fryer and hot pot to scramble eggs. That's all I need, my mortgage is 2k on a 2.68% APR, I may do this for a few years and buy another one next year.
Are you able to get that type of loan if you are not going to live in the house? If not what type would you apply for so you can afford the rehab costs? I'm a contractor so I would be doing all the work myself just not sure what type of loan meets that criteria. Thanks
I did this last year and rented out the rooms. Expect the house I bought didn’t need rehab. I’m ready to move onto the next one. I’m in Tampa area where it’s really expensive. How do I get qualified for a loan for a house that costs $500k+? Do I use DSCR loan? I’m sure I won’t get qualified for $500k. Thanks Thach
He used Fannie Mae Homestyle renovation loan which is considered conventional financing. You can do 95% loan to value as long as you move into one of the units for at least 12 months
Very smart. However, it's best you contact him personally via his other platform for guidance and mentorship you need. That's where i reach him for help.
Hey Thach , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
FHA loans are not for first-time buyers only. First-time and repeat buyers can finance houses with FHA mortgages. The FHA loan is often marketed as a product for “first-time buyers” because of its low 3.5% down payment requirements
@HelloCurve111 if you're going to owner occupy a property it's 5% down for Fannie Mae. If you're going to treat the property like an investment you have to have 20% down. And with Fannie Mae conventional you can have up to 10 properties. After 12 months you can move out of the property turn it into a rental and then go buy another one using 5% down. A lot of times lenders want you to have a good reason why you're moving to another property for example the property needs to have more square footage maybe an extra bedroom or closer to work or better neighborhood
