Why Pay Someone Else's Mortgage? Ditching $20k/Year Rent with Mallori and Lucas
Banks tend to love a certain type of borrower... and Mallori and Lucas don't quite fit the mold. They're not 9-to-5ers. They rely on tips and seasonal work. And they live modestly but aren't swimming in cash. So, when they took the plunge into real estate investing—in pricey Tacoma, Washington—they had some work to do to become "bankable." Today you'll learn how despite a few roadblocks, they dumped their rent payment and pulled off their first-ever home purchase: a house hack in an up-and-coming area. From shopping around between banks, to securing a "rehire" letter to verify employment, to negotiating "early access" to the property and doing some repairs before closing, this episode is full of great tips for those just starting out. Also—it's a reminder that "sweat equity" doesn't always mean physical labor. Sometimes it's just as important to stay focused and organized when it comes to the huge amounts of paperwork involved in a real estate transaction! Let us know what you think of the show in our Facebook group (just search "Real Estate Rookie"), and subscribe so you won't miss out next week. See you Wednesday! In This Episode We Cover:What Mallori and Lucas learned from a first-time homebuyer classThe mindset shift that helped them overcome their fearsHow they avoided analysis paralysisGetting access to a property to do repairs before closingHow they ensured their property passed the appraisalHow they got free carpet for their rehabHow blue-collar workers can be real estate investors, tooHow seasonal workers can make themselves more bankableWhat a "rehire letter" isHow they analyzed several house hack dealsWhy listings with one Google Street View photo can be hidden gemsWebsites where they check rent compsWhy their real estate agent turned out to be their "MVP"And SO much more!Links from the ShowReal Estate Rookie Facebook GroupBiggerPockets PodcastBiggerPockets Youtube ChannelRedfinBiggerpockets CalculatorsBiggerPockets ProWashington State Housing Finance CommissionBiggerPockets Hard Money LendersZillowHotpadsPadmapperCheck the full show notes here: http://biggerpockets.com/rookie8