Sounds like she used bridge loan products. Hard money loan upfront that covers purchase price and rehab, then refinanced to a conventional once the property became rent ready. This strategy can be risky if you go over budget or get in over your head with the rehab construction.
There are also 10% down 2nd home and investor loan products out there. In many markets that can cost you less than $20-50k per door. If she was a working professional with 100k saved it's easily doable.
Buy them as primary residences. The underwriters might ask for an explanation so you may need a logical explanation but I bought several in less than 2 years as primary residences and wasn’t questioned at all.
Yes, you can still qualify for 3% conventional even if you have investment properties. I think there is a limit on how conventional loans yoy can have though
I sort of don't like these low to no money down strategies unless you're going to put in the sweat equity to fix it up and/or live in it as a house hack. As an investment rental property you want cashflow. It is difficult to cash flow as a strict rental if you're paying the mortgage insurance that often come with these low money down loans.
@@TurnRiver depends. I thought the same thing but 1. If you buy a multi-family family those are made to cash flow so you can buy a few of those then single family even if you don't cash flow that much they tend to appreciate more so you can make up for it in those areas
I actually did this and I understand it’s not something to at everyone has the opportunity to do. I lived at home with my parents after graduating college while I was saving to buy my first multifamily property. It just so happened that by the time I found a property I wanted I had 100k between my brokerage and savings account. Most of that through savings with around 10% from stock appreciation. Now I’m closing in on my first year investing in Real estate and between the triplex I bought in September last year and a 12-plex I’m closing on with a partner next month 🤞🏻 I’ll own 5.5 doors in total based on my contribution to that second deal. Combined that’ll make me around $2,000 per month after I rent out the unit that I’m living in now which is more than my current cost of living. I don’t plan on spending any of this money but instead recapitalize and start building reserves but it’s amazing to see what can happen in 1 year I never thought this would be where I am now when I started.
I said the same thing lol. I listened to the whole video but yeah I can understand WHY she could semi retire if she already had that much to work with lol. A lot of wealth building guides literally say having 100k is when it becomes easy to grow
@@smoorer9136 it’s quickly mentioned and downplayed in most of these real estate UA-cam channels, but almost all investors started out with a good paying job (above the median). Or, they put in a TON of sweat equity with little money, which is tough to do with a full time job and a family. The truth - hyper focus on drastically increasing your income so you can throw money at real estate, or get ready to roll up your sleeves and have paint under nails, drywall dust in your clothes, and a ton of Home Depot/Lowe’s receipts to turn in with your taxes at the end of the year. Oh, and what most people refuse to admit to… they owned real estate through the biggest appreciating market we’ve ever seen. You could replicate their steps exactly and never get their results.
How did you buy 3 properties in a 9 month time frame only putting 10% down on each property?
Sounds like she used bridge loan products. Hard money loan upfront that covers purchase price and rehab, then refinanced to a conventional once the property became rent ready. This strategy can be risky if you go over budget or get in over your head with the rehab construction.
There are also 10% down 2nd home and investor loan products out there. In many markets that can cost you less than $20-50k per door. If she was a working professional with 100k saved it's easily doable.
@@LV_TKany examples to share of 10% down investor options?
Buy them as primary residences. The underwriters might ask for an explanation so you may need a logical explanation but I bought several in less than 2 years as primary residences and wasn’t questioned at all.
Can you still get the 3 percent down for a personal residence if you already have rental properties?
Speak with your lender but the conventional 3.5% is something you should be able to do for your primary residence
Yes, you can still qualify for 3% conventional even if you have investment properties. I think there is a limit on how conventional loans yoy can have though
I sort of don't like these low to no money down strategies unless you're going to put in the sweat equity to fix it up and/or live in it as a house hack. As an investment rental property you want cashflow. It is difficult to cash flow as a strict rental if you're paying the mortgage insurance that often come with these low money down loans.
@@TurnRiver depends. I thought the same thing but 1. If you buy a multi-family family those are made to cash flow so you can buy a few of those then single family even if you don't cash flow that much they tend to appreciate more so you can make up for it in those areas
@@zakiahwynn even if you're financing them with the BRRRR method?
Let’s goooooo
Loss me when she said I had 100k in my account. Came here to watch a video about a come up story not I got money already story
100k isn't much. It's basically working at Chipotle around the clock for a couple years, living with mom.
I actually did this and I understand it’s not something to at everyone has the opportunity to do. I lived at home with my parents after graduating college while I was saving to buy my first multifamily property. It just so happened that by the time I found a property I wanted I had 100k between my brokerage and savings account. Most of that through savings with around 10% from stock appreciation.
Now I’m closing in on my first year investing in Real estate and between the triplex I bought in September last year and a 12-plex I’m closing on with a partner next month 🤞🏻 I’ll own 5.5 doors in total based on my contribution to that second deal. Combined that’ll make me around $2,000 per month after I rent out the unit that I’m living in now which is more than my current cost of living.
I don’t plan on spending any of this money but instead recapitalize and start building reserves but it’s amazing to see what can happen in 1 year I never thought this would be where I am now when I started.
@@djpettijohngreat story John, congratulations to you. It is in fact not out of reach if you are willing to sacrifice.
I said the same thing lol. I listened to the whole video but yeah I can understand WHY she could semi retire if she already had that much to work with lol.
A lot of wealth building guides literally say having 100k is when it becomes easy to grow
@@smoorer9136 it’s quickly mentioned and downplayed in most of these real estate UA-cam channels, but almost all investors started out with a good paying job (above the median). Or, they put in a TON of sweat equity with little money, which is tough to do with a full time job and a family.
The truth - hyper focus on drastically increasing your income so you can throw money at real estate, or get ready to roll up your sleeves and have paint under nails, drywall dust in your clothes, and a ton of Home Depot/Lowe’s receipts to turn in with your taxes at the end of the year.
Oh, and what most people refuse to admit to… they owned real estate through the biggest appreciating market we’ve ever seen. You could replicate their steps exactly and never get their results.
tax rent to 0 and cancel school and tax resl estate appreciation to 0
That's almost coherent. Keep trying.