New member from Indianapolis
Hello BP! I am a newbie and I actually have been hanging out on BP for a while now I just haven't been active on the site. I have listened to countless podcast and I read anything that's real estate investing related. My goal is to network and learn all that I can about the business. My husband and I are eager to pull the trigger. I want to buy and hold mostly fixer uppers but not do the traditional renters but more of renting to buy for individuals who cant currently qualify for a loan but dreamed of being a home owner. My husband is interested in Property Management so I'm thinking of getting my real estate license (again). I look forward in being more active on BP and learning as much as I can..
Welcome,
Your strategy is a good strategy and one I recommend. More often than not people can raise their credit score by 50+ points in 30 to 60 days. I work with my investors to find out what their clients need to qualify for a loan with me. If you have any questions about how to implement this strategy from the exit strategy view point I would be glad to help you. There are several things you can do up front to help ensure your renter actual does end up buying and when they are ready to they actually are qualified.
Hey @Ahkisha Howard, welcome to BiggerPockets! It sounds like you're interested in purchasing properties with tenants for a "Rent-to-Own" program? That's a pretty cool idea.
I'm a real estate agent myself, and I work with investors who fix and flip or buy and hold. We should definitely have a chat sometime and see how I can help you get your dream going! I'd love to talk to you about getting a real estate license and how incredibly helpful it is in the world of real estate.
Best of luck to you, and let me know if I can be of any assistance!
Matt Lefebvre
Thank you so much for the responses. Aleks I will love to talk with you on the qualification part for my potential client/renters and Matt I would definitely love to talk with you more on getting my license again. Thank you thank you!
feel free to call me at 317-362-3959 or email me at [email protected]. I live in downtown Indy and my office is in Noblesville we can always meet face to face and walk through it.
#2 New Member Introductions Contributor
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- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). You can Google to locate them and go to meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
@Ahkisha Howard Rent to own can be a great strategy if done right. The mistake I see people make is not buying in the right areas. You have to buy in better areas. I'm not saying it has to be an A class neighborhood, but it needs to be a predominantly owner occupied neighborhood where first time buyers want to live. Secondly, if you want them to actually exercise their option, you'll probably want to have them get on a credit repair program so they are qualified when it comes time. You need to build a whole strategy around it.
@Ahkisha Howard BTW, there is huge demand for rent to buy in Indianapolis. You won't have trouble finding people. Just make sure they can really qualify when the option expires unless you don't mind holding the property long term.
@Ahkisha Howard
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Thanks so much for the responses. I am so excited about this! I have a local REIA meeting tonight with the subject to kings and queens. I am really looking forward to it.
Pull the trigger! I think it is fantastic that you want to help people own a home. Good luck and happy investing!!
Welcome @Ahkisha Howard !
It sounds like you're on the right track.
All good advise above as well.
I currently have about half my rental portfolio setup as lease to own and it works out fine.
Let me know if you need a source of homes to buy.
- it's always good to see another Hoosier utilizing this great site!
Of course, you need to read The Ultimate Beginners Guide to REI here on BP
If you haven’t already, please read/listen to these books ASAP!
Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!
Rich Dads Increase your financial IQ
BiggerPocketsPodCast -I hear #136 is exceptional!
Wholesaling101 You Tube Channel
Kent Clothier – You Tube Memphs Invest channel