Newbie in Downey, Ca
hello bp,
I just signed up for this site and I cant seem to get my eyes off of my screen. Anyway, I am new to real estate and I am still trying to get a game plan going. I am 23 years old so I have limited funds. (Around 40k). I started with the plan of trying to obtain a 3 unit multifamily around my area but I cant afford anything around me. My initial plan was to buy and hold, but I really want to invest in as much as I can without tying up my money (I dont know if it is even possible with the very little that I have).
I also want to make a big profit right now that I m young. I have been sacrificing over the past few years to save. I want to live my life and and act my age by going out and just enjoying myself, not by penny pinching and staying in every weekend fearing that if I go out my savings will be disappearing. I want to invest in Something That Is going to give me a good return quick. I was thrown the idea of flipping condos, I know it has its pros and cons but its pretty much the only thing I can afford to flip. At least with the information I have.
These are the two paths that I am trying to choose from. At the same time, how can I go about financing them. I have heard of hard money lenders, I am not sure I can use them for purchasing a multifamily or not?. I have also heard of the 203k loan? How does that work? If I purchase a property for 100k and needs 30k in work? How would I determine accurately the amount I need and how would it affect my loan of 100k. I have many questions. I really want to get myself started with an investment property by mid 2015.
I really want a mentor to show me the ropes. I am very motivated and committed to this. I have gone to real estate classes but I want to invest, not be an agent. I have read books, but I wanted a hands on experience, it makes a huge difference when u read about something and when you actually go through it. I have listened to people like Tai Lopez about how to be successful of over 40 hours worth of his talks. (Very smart, motivating person) I have went looking for investors by going on Craigslist and calling the we buy houses ads and tried being an intern but many dont pay me any attention. I have had some luck by finding an investor in the area of san bernardino. Hes has helped me a great amount by showing me his portfolio and his rentals, but he specializes in D- areas. It was a little scary walking into some of those properties with people looking like they want to stab you. (He introduced me into flipping condos). He is a great guy, but I want to get a bigger opinion on how I should make my first move. I want to make alot of money and I want to do it soon. Please help. I am getting overwhelmed by trying to choose and what I should study. Have a good day.