Looking to Help Beginners ! (Investing , Financing, Managing)

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Looking to Help Beginners ! (Investing , Financing, Managing)

Account Closed
Upstate, NY · Member since 2016 · 200 posts · 277 votes

Hey all,

 I am on bigger pockets simply because I want to help beginners make that leap like I had to all on my own before I knew about bigger pockets.  A quick blurb on my experience : 

I am a serial House Hacker 

I am a Bank Manager for a large Bank 

My wife is a Real estate Agent specializing in Flips and Investment Properties

My friend and I have a total of 104 rentals in our area which are all self managed he owns the bulk of the 104 rentals

Also my father is an attorney and my mother is and has been a real estate agent my whole life.

I have lived with tenants , managed my own properties, helped grow and develop a property management team,  helped investors find deals,  helped investors get financing , and a bit more ! 

That all being said I have a bit of experience in buy and hold , financing traditional and creative , self managing, and MLS deals and using the MLS. I am still learning myself (always will be) but I feel like I can help people analyzing deals and making the leap into REI!

Please feel free to ask anything that comes to mind and I will try my best to answer all questions. 

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Most Popular Reply

Pao Yang
Real Estate Professional · Oak Creek, WI · Member since 2016 · 4 posts · 9 votes
9y

Hello,

I'm new to REI, just graduated from college, and fell upon Robert Kiyosaki's books. It lead me to start watching REI webinar, and and attend seminars. Learned a great deal, and they keep saying take action. Only problem is, where do I even start?! REI is and has so many strategies and topics, where does a beginner even begin to take action? I'm currently enrolled in Rich dad's seminar 3 day beginners real estate program ( Plan to stop due to high fees for the program). I've been reading REI books, mostly general strategies. And I've been analyzing properties mostly on the MLS. I'm trying to connect with local REI clubs, and meets with local BP, as well as local REI investors/agents. All of this is a load of great information, but doesn't really have a decent structure on where someone like me with no experience even begin. Any suggestions would help.

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  • Jervin Vasquez
    Old Bridge, NJ · Member since 2017 · 1 post · 0 votes
    9y

    Hello community,

    I am new to investing. I am currently interested in real estate investing. I have no experience in this field but I have a strong desire for it. I am looking for someone who can mentor me and put me on the right path to success. If you would like to chat please feel free I am an open book. Thank you. 

    0Reply
  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y
    Originally posted by @Alan Ginder:

    Struggling getting good cash buyers. I find properties for the ones down here and they still say it's no good what am I doing wrong

    Hey Alan, how are you finding your properties and are your numbers right? Is your ARV based on good comps? Are your rehab costs reasonable or are you just using a $/sqft number that doesn't mean anything? Are you meeting minimum ROI expectations for your buyers? For example, most won't touch anything that doesn't produce a minimum 15% ROI or $20,0000 at the very low end.

    0Reply
  • Darius Smith
    Chicago, IL · Member since 2016 · 9 posts · 2 votes
    9y
    How can I get started at wholesaling I have no money and little resources ...But I know wholesaling is a way to get started .And a way to make money to do fix and flip
    1Reply
  • Anjum Yaseen
    Raleigh, NC · Member since 2017 · 2 posts · 0 votes
    9y

    Hi Guys,

    I am from Cary, North Carolina. I recently started RE career, market here in cary, Raleigh-Durham is sellers market. I am more interested in flipping homes, but initially wants to invest in homes that requires little work. But I don't know how to start? Looking for financing or any investor who interested to work with me.

    Thanks

    Anjum

    0Reply
  • Jennifer Walne
    Houston, TX · Member since 2016 · 11 posts · 1 vote
    9y
    Bryant Schur thank you for taking time to help people. I have a question about getting money to rehab a property. Do you need to have the money in your pocket to rehab or can you wrap that into a loan?
    0Reply
  • Paulette Hewitt
    Los Angeles, CA · Member since 2016 · 10 posts · 2 votes
    9y

    @Bryant Schur I am a real estate agent interested in investing and flipping properties same thing your wife does...I saw a few properties that I would like to invest in but where do I find the money being this would be my first project....I do have about $10,000 in savings, should I acquire the property first then look for help with the rehabbing and how do I go about doing that once my offer is accepted...do  you have any specific lender that would take a chance on a first timer....

    0Reply
  • Jamison WiersemaPro Member
    Sterling, IL · Member since 2016 · 19 posts · 3 votes
    9y
    Bryant! I respect your generosity and your willingness to help us beginners! I've been doing research and listening to bigger pockets for the past 6 to 8 months, gathering as much information and knowledge I can in preparation for the right opportunity. I would love to pick your mind sometime! Thank you!
    0Reply
  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y
    Originally posted by @Paulette Hewitt:

    @Bryant Schur I am a real estate agent interested in investing and flipping properties same thing your wife does...I saw a few properties that I would like to invest in but where do I find the money being this would be my first project....I do have about $10,000 in savings, should I acquire the property first then look for help with the rehabbing and how do I go about doing that once my offer is accepted...do  you have any specific lender that would take a chance on a first timer....

     Hi Paulette,

    That depends on where you are planning on investing.  In Los Angeles, you don't have enough savings to put down on a property so you'll need to either find more savings or partner with someone.  One thing you might consider is to put yourself out there as an investor friendly realtor willing to run comps and analysis in exchange for a listing on the back end.  After a few of these deals you should have enough connections and money to start doing it for yourself.

    0Reply
  • Philip Hy
    Rental Property Investor · Plano, TX · Member since 2015 · 59 posts · 41 votes
    9y
    Bryant Schur I've asked a lot of people but not getting any clear answers. These questions are keeping me up at night! 1.) My wife and I want to maximize number of conventional loans. We heard if lenders see that we file taxes together, lenders will only give us a maximum of 8 or 9 loans. However, if we file separately we can get 18-19 loans. Has anyone else heard this? How do you file? 2.) Another question broadly about debt to income ratio and LLC protection. We have an LLC and a business savings account for that LLC. Ideally we'd have that business savings account handle all the rental income and mortgage payments (I read that if an LLC bank account doesn't handle all expenses and income, we could lose the protection of an LLC). But if we do, next time we want to get a loan under one of our personal names, won't it look like our debt to income is too high to get a loan? Lenders will ask to see our banks statements and but won't see the rent and mortgage transactions coming in and out. Can anyone suggest an alternative setup? Sorry for the lengthy post, but dying for some clarity on these issues.
    0Reply
  • Jen Narciso
    Investor · Montclair, NJ · Member since 2016 · 60 posts · 14 votes
    9y
    Bryant Schur thanks so much for the offer. It's so kind of you and your wife! My husband and I are currently house hacking in northern nj. We've had this duplex for about 3 years now, has appreciated about 30% since we purchased. We have a 30 yr fha mortgage with an extremely low interest rate and pmi that ends in 2 years. We are want to keep moving forward and purchase our second property. I'd like to purchase one a year for now. We don't want to refi since we have such good mortgage terms. I'm curious what your thoughts are for financing for next steps? We are stuck in figuring out the best strategy to move us forward. Any tips would be appreciated. Thanks so much!
    0Reply
  • Ryan Wall
    Lender · Saratoga Springs, NY · Member since 2016 · 25 posts · 2 votes
    9y
    I am new to REI. I just put in a offer on my first property. Do investors ever inspect their own properties? I am thinking about taking some courses. It seems like it would be a benefit to be able to inspect a property before making an offer and paying someone else $500. Any thoughts?
    0Reply
  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y
    Originally posted by @Ryan Wall:

    I am new to REI. I just put in a offer on my first property. Do investors ever inspect their own properties? I am thinking about taking some courses. It seems like it would be a benefit to be able to inspect a property before making an offer and paying someone else $500. Any thoughts?

     Once you know what to look for then yes, you no longer need to hire that out, and only engage specialists when needed for inspections outside of your scope of knowledge.

    0Reply
  • Alan Ginder
    Real Estate Investor · Anthony, NM · Member since 2016 · 5 posts · 0 votes
    9y
    I need help
    0Reply
  • Alex Stuart
    Birmingham, AL · Member since 2017 · 1 post · 0 votes
    9y
    Originally posted by @Account Closed:

    Hey all,

     I am on bigger pockets simply because I want to help beginners make that leap like I had to all on my own before I knew about bigger pockets.  A quick blurb on my experience : 

    I am a serial House Hacker 

    I am a Bank Manager for a large Bank 

    My wife is a Real estate Agent specializing in Flips and Investment Properties

    My friend and I have a total of 104 rentals in our area which are all self managed he owns the bulk of the 104 rentals

    Also my father is an attorney and my mother is and has been a real estate agent my whole life.

    I have lived with tenants , managed my own properties, helped grow and develop a property management team,  helped investors find deals,  helped investors get financing , and a bit more ! 

    That all being said I have a bit of experience in buy and hold , financing traditional and creative , self managing, and MLS deals and using the MLS. I am still learning myself (always will be) but I feel like I can help people analyzing deals and making the leap into REI!

    Please feel free to ask anything that comes to mind and I will try my best to answer all questions. 

     Hello Bryant,

    A couple of friends and I want to buy our first property as an investment. However, we are 23 and are trying to decide our best approach for financing the investment. Given our current age and capital situation, we want to find the right place for the mortgage. My friends have auto loans, so we need an institution that is flexible about the rates and structure. Where do you think we should look?

    0Reply
  • Raul Vasquez Garagatti
    Real Estate Investor · Knoxville, TN · Member since 2017 · 2 posts · 1 vote
    9y
    Hi Bryant , Thanks for your help, I would love your advice ... I'm a physician for last 4 yrs , moved to a rural area in Kentucky where I had been able to save big quite a lot and get a excellent credit score .... I don't own a property in US. Only a luxury apt in Lima , Peru which I just rent it out ( I had been fortunate to get that apartment without any loan). I will be moving to Tennessee this summer .. i hope to live there until I retire ... I just started to read about different ways to generate passive income and found real state interesting to way to go .... my question is : should I buy a house ( for a house may need to get a loan for a local bank but likely would able to pay more 50% value of property ) or rent a place to live and use those saving to generate cash flow.
    0Reply
  • Vincent Ramsey
    Chattanooga, TN · Member since 2017 · 1 post · 0 votes
    9y

    I'm a beginner and considering my first investment property. All I read online is that cash flow is king (as opposed to equity) but I wanted to get your opinion on this. I understand why cash flow is king for the vast majority of people. However, if someone is wealthy and not looking for cash flow (because it would be a drop in the bucket), but rather to grow equity and probably hold onto a property for >> 30 years with plans to potentially hand it off to a child, is it OK then to accept a negative cash flow? 

    It seems to me that paying a couple hundred dollars a month to build equity in an expensive property in the very long-term still makes sense despite a small cost to me per month. If I were to buy the property myself it would obviously cost much more. Thanks for your input on this!

    0Reply
  • Morgan Clark
    Real Estate Investor · Odessa, FL · Member since 2017 · 4 posts · 1 vote
    9y
    Hello my name is Morgan I live in Tampa , Florida. I am very recent in the REI field. I'm hungry and want to learn more. I just want more knowledge and help on what my next move is after the little moves such as reading, videos, conferences , podcasts... what's my next move after the little moves ?
    0Reply
  • Tera Carter
    Radiologic Technologist and Real Estate Investor · Severn, MD · Member since 2016 · 57 posts · 31 votes
    9y

    My first Title Company meeting was great.

    The young lady made me and my partner feel at ease.

    That morning I had my clothes already out to look professional and my hair was in a wrap to match my dress.  We pulled into the parking lot 20 mins early and so we walked in 15 mins before the appointment.  We introduced ourselves to the front desk, while my stomach to cartwheels. They took us into the conference room ( a long and large table with many chairs and reference books with tons of pens).  I introduced me and my partner. She introduced herself and asked to describe the type of business we were.  I did not say right out "wholesalers".  I told her that we help families or people who can not sell their house the traditional way like through real estate agent or banks that will not take them.  We find out the situation first and put a plan together that will help them the best. We do sell to other investor and like minded people such as ourselves.

    After that the meeting just flowed so smoothly.  She told us what a title company was and its many services that they provide.  Then I realized that I had a list of questions such as: 

    1) are you investor friendly

    2) assignment and double close

    3) referrals

    4) fee

    She answered so many question and explained what a HUD-1 statement was and how it was useful. We discussed the areas that investors were spending time in and what the average closing cost on the seller side and end buyer side would cost about.

    Overall, it was not that bad.  I don't know why I waited so long to start looking and building my power team and now I'm ready.  Just needed that first push.

    Currently I'm looking for the "Purchase and Sale Agreement" (between me and the seller) and A one page Assignment Clause (between me and the end buyer). ANY SUGGESTIONS

    0Reply
  • Dennis L Carter
    Chicago Heights, IL · Member since 2016 · 7 posts · 2 votes
    9y
    I wish you were in Chicago
    0Reply
  • Joel Poualeu
    Minneapolis, MN · Member since 2017 · 6 posts · 0 votes
    9y

    Hi @Account Closed. Thank you for your help. I am a beginner and is currently going through podcasts and all resources I can find. I am looking into buying and renting.  I do have a full time job  so am considering having a property manager assist me at least for the first year(s). After reading some forum, I am considering house hacking on a MFH, but still having it partially manager by a property manager while i get my feet wet. Is this reasonable based on your experience? Or would you suggest some other method for a first timer?

    0Reply
  • Justin Wooten
    Joshua, TX · Member since 2017 · 14 posts · 2 votes
    9y
    Bryant Schur I have a plan in mind that I'd like some help with. I I've been in my house since 2011 paid $80,000 and current balance is about $70,000 with $700 monthly mortgage. I'd like to rent mine out and get some cash flow and house hack an under valued one. I think I may have found a property for the hack about 3 miles from me and the price on Zillow shows the it has been reduced from $199,000 to $90,000 so it appears that they are motivated. Can I post a link of the property for you to see and get any suggestions from you? I have already reached out to a realtor to pull comps and I'm just waiting for her reply.
    0Reply
  • Kyle Manduch
    Dearborn, MI · Member since 2014 · 35 posts · 18 votes
    9y

    Come to Detroit and invest!

    0Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y

    Sorry to all ! I have been on the run for about 24 hours and wont be able to begin responding until sometime tomorrow ! Talk to you all soon !

    1Reply
  • Justin Wooten
    Joshua, TX · Member since 2017 · 14 posts · 2 votes
    9y

    @Kyle Manduch that would be a great place to.  Maybe in a few years when the kiddos are  gone and I get some experience under my belt. 

    1Reply
  • Kaelyn Hearn
    Real Estate Agent · Sammamish, Washington (WA) · Member since 2016 · 33 posts · 2 votes
    9y

    Hi Bryant,

    Where are the best deals found? Do you buy list, search the MLS, go to REI Clubs, etc. ?

    0Reply
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