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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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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  • Richelle Hatch
    Federal Way, WA · Member since 2016 · 10 posts · 3 votes
    9y

    I have a question for you, my husband and I are new to real estate investing and we are looking to flip. 

    We have been networking and have a coffee meeting set up with a realtor that says he specializes in beginner flippers. He was recommended by a speaker at one of the events we went to given by a BP member. 

    He wants to go over some homes and says we would need to provide the down and, if I understand him correctly, he has funding for us. I guess what I am asking is what questions should I be prepared to ask him? I am also concerned about our agreement, not so much with the realtor, but more so with the financing person.     

    I appreciate your time on this. 

    0Reply
  • Kusum Chanrai
    San Francisco, CA · Member since 2016 · 75 posts · 26 votes
    9y

    Dear Bryant, 

    Hi! It's very kind of you to do this. Happy belated 2017. I'm hoping to buy 1-2 multi-family properties this year (been saving for a while), and have a few questions for you. 

    1) Getting local deals, as a foreigner: I live in San Francisco, and hence am focused on out-of state investing. My 4 main focus areas are: San Antonio and Dallas, Texas and Orlando and Tampa, Florida, simply based on city research, practicality and personal goals and preferences. Now, I've been told that it ain't going to be easy to find a deal on LoopNet, you'll find the best opportunities either through: 1) Good brokers who are motivated to help you 2) Personal contacts. 

    In order to gain such local contacts, might you have any suggestions (other than networking on the site)? Should I just go spend a week in each place and meet brokers personally? Any suggestions on how to find the best brokers in each place, or MLS sites that have helped you the most over the years.

    2) Breadth vs. Depth: Focusing on 4 major cities - would you say that's too much? My goal was to be open to all 4, and then see where the best inventory pops up, and double down there. Any thoughts?

    3) R.E. License? Should I get my Florida R.E license to get first access to the MLS? Or would you consider that a waste of time. Real Estate isn't my day job. I'd simply be doing it for immediate listing access.

    A huge THANK YOU for your time, and please let us know how we can return the favour. 

    0Reply
  • Kenneth McKeown
    Real Estate Agent · Dallas, TX · Member since 2016 · 432 posts · 341 votes
    9y

    Bryant may I please PM you a question? Put an offer down yesterday and would love to know your thoughts. 

    0Reply
  • David NutakorPro Member
    Rental Property Investor · Palmdale, CA · Member since 2016 · 122 posts · 88 votes
    9y

    @Account Closed Thanks very much for your willingness to help others succeed in REI. I truly appreciate your time and I strongly believe that you'll be receiving several "thank you notes" from potential investors in the near future on how they used your suggestions to become successful investors. Keep up the good work!

    0Reply
  • Jacqueline Mann
    Rehabber · DC/MD/VA · Member since 2016 · 19 posts · 9 votes
    9y

    Hi, Bryant Schur, How can I get access to bank owned foreclosed properties that didn't sell at auction? Those that haven't made it to the MLS yet? I have the cash and I'm quick and hassle-free when it comes to closings - two attributes I think banks appreciate. I could relieve them of some of the excess properties they have on the books. How do I approach bankers without being looked at with a look that says, "What makes you think YOU can get in?" I'm just one business wanting to help another business.

    0Reply
  • Colby Stoker
    Ogden, UT · Member since 2016 · 6 posts · 1 vote
    9y
    Bryant Schur At what point do you think it's a good idea to start investing? How much knowledge do you need to have before you start? Also how much money set aside before you start?
    0Reply
  • Gilbert Lugo
    West Palm Beach, FL · Member since 2017 · 91 posts · 19 votes
    9y

    Thank you @Account Closed for being here to help. 

    I'm new REI with no prior experience. After reading the Manny khoshbin book I've been diving through a lot of information and trying to rap my mind around it. But no matter how much information i ingest my biggest problem is getting over the initial fear to making my first investment.

    Any suggestions?

    1Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @Kenneth McKeown:

    Bryant may I please PM you a question? Put an offer down yesterday and would love to know your thoughts. 

     Go ahead !

    0Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @Kaelyn Hearn:

    Hi Bryant,

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

     It really depends on the market and how competitive it is. For me I can find some hidden gems through the mls and I have gotten a few deals from networking as well.  The best advice is to find an agent and also let everyone know what you are looking for .   If you do these two things you will run into more opportunities .  Obviously if the market is super competitive you will have to go down marketing, direct mail, auctions , Hud property path.  It's just depends on the market !

    0Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @Kaelyn Hearn:

    Hi Bryant,

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

     All of the above . Just let anyone and everyone know what you are looking for ! 

    0Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @Morgan Clark:

    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 ?

     Go out and get looking ! That will really get you ready to move forward .  The you can start running numbers on those properties etc.  figure out what a good deal is and then act !

    1Reply
  • Mark Scarola
    Developer · San Diego, CA · Member since 2014 · 294 posts · 70 votes
    9y

    @Brian Henry,

    What a great idea. It sounds like you have a lot of pieces coming together nicely. You're right in that if you have to pay room and board anyway, why not turn it into an investment especially if you would like to have a future vacation home in Boise. 

    I would look into having your son be the primary owner. Since he's going to live there for three years anyway that would allow him/you to get a better interest rate because it's an owner-occupied home and not an investment property (as defined by lenders). You can still have his roommates pay rent, just like you would if you decided to rent out an extra bedroom in your San Diego home.

    Your son would also build up his credit in the meantime. Of course you would have to co-sign for him since he's young and doesn't yet have credit history. And I had the same thought too about in time qualifying for in state tuition. Also, have you confirmed that he isn't required to live in campus housing for another year?

    Because of potential liability concerns though I wouldn't rent out the place if/when your son isn't living there and managing the property (e.g. over the summer). Once he graduates however, and has met residency requirements that qualified you for the lower interest rate on the original loan, and if he doesn't stay in that house, you could sell it to an LLC that you create in order to get it out of his/your name.

    0Reply
  • Greg Weber
    Huntington Beach, CA · Member since 2017 · 17 posts · 3 votes
    9y

    I am a beginning investor and would like to know how to obtain the proper financials from a realtor for a listing. Is it possible to get a list of the information I may need to determine if the property is something that makes sense? Is there a better way to go than just looking at what is available on Realtor.com? It seems that as soon as I ask for a P/L, lease agreements or even tax schedules I lose the realtor.  Any help would be appreciated

    0Reply
  • LaMonica Evans
    Real Estate Professional · Florissant, MO · Member since 2016 · 1 post · 0 votes
    9y

    Hi Bryant!

    I'm actually entering the REI world. I'm already involved in Real Estate as a new agent in Saint and I'm also getting into wholesaling as well.

    I am 24 and I'm looking to purchase my first investment property soon. I am not a homeowner currently and I make pretty good money at my 9-5 sales job.

    I'm working on my credit which is mid 600 range right now.

    I've found a recently rehabbed duplex in a pretty decent part of town that's been on the market for about a year. 

    My question(s) to you however are:

    Should I continue to approach the seller with owner financing if he's open to it or just finance through a bank? I know I can probably take out an FHA loan and house hack it but I would rather rent out both units to cash flow better and not take the additional hit to my credit right now.

    If I do have the option of seller financing? What kind of terms would you focus on? (Low/no down payment, what's the highest interest rate you'd consider before saying nevermind, I'll just go to a bank.)

    Thank you!

    0Reply
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @LaMonica Evans:

    Hi Bryant!

    I'm actually entering the REI world. I'm already involved in Real Estate as a new agent in Saint and I'm also getting into wholesaling as well.

    I am 24 and I'm looking to purchase my first investment property soon. I am not a homeowner currently and I make pretty good money at my 9-5 sales job.

    I'm working on my credit which is mid 600 range right now.

    I've found a recently rehabbed duplex in a pretty decent part of town that's been on the market for about a year. 

    My question(s) to you however are:

    Should I continue to approach the seller with owner financing if he's open to it or just finance through a bank? I know I can probably take out an FHA loan and house hack it but I would rather rent out both units to cash flow better and not take the additional hit to my credit right now.

    If I do have the option of seller financing? What kind of terms would you focus on? (Low/no down payment, what's the highest interest rate you'd consider before saying nevermind, I'll just go to a bank.)

    Thank you!

     It never hurts to ask for owner financing .  I have had owners give me terms of 5 years and a whole 30 years .  I usually shoot for 5-6 % interest rate.  Really it just comes down to the numbers .  If I can pay 7-8% and the deal still works I would have to consider it .   So the short answer is yes I would shoot for owner financing.  It never hurt s to ask and see what terms he offers you and go from there . I feel he asks you to foment up with the terms I would shoot for 20-30 years and 5-6% interest . See what they say 

    1Reply
  • Paulette Hewitt
    Los Angeles, CA · Member since 2016 · 10 posts · 2 votes
    9y

    Thanks Bryant...will work on getting the word out while getting more savings together....

    1Reply
  • Christopher Anello
    Palm Coast, FL · Member since 2016 · 20 posts · 7 votes
    9y
    Bryant Schur and everyone else thank you for this entire discussion I'm loving the vital information. I am currently living in Florida and searching for my first investment property which I'll be house hacking and looking to acquire a FHA loan since I do not have a lot of capital. I was wondering in your opinion what are the pros and cons to house hacking? What have you learned over the years that you wish you knew when you first started? You have done this for some years now, any important tips I should keep in mind going into my first property?
    0Reply
  • LaMonica Evans
    Real Estate Broker · Saint Louis, MO · Member since 2015 · 10 posts · 5 votes
    9y

    Thanks for the insight!

    0Reply
  • Donnie Patel
    Jersey City, NJ · Member since 2016 · 18 posts · 3 votes
    9y
    Interesting background ! Looking forward to your tips and tricks
    0Reply
  • Odie Ayaga
    Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    9y

    Hi @Jennifer Walne. I'm new as well so hopefully someone will correct me if I'm incorrect or add if there are others but there are options to wrap rehab costs into a loan. You could get an FHA 203K loan though it would require you to live in the residence. There are also a number of hard money lenders that can wrap rehab costs into loans to purchase properties. In most cases the rehab costs would be given out in draws as the project goes on so you would need to have money upfront to do the work and be reimbursed. You could talk to @Jon F.for more specific details.

    3Reply
  • Leonardo Roman
    Miami, FL · Member since 2016 · 6 posts · 2 votes
    9y

    Hey Brant, I have recently started reading and doing as much research as I can with anything to do with Real Estate. BiggerPockets is by far the best tool to actually learn about real estate without all that eye as they say people like you which is why it is great. Thank You for that. 

    I have never owned a property so I believe being a first time owner I will get many benefits I am also looking into that and doing as much research as I can. I have decided this year I will buy first property (in Miami, FL). I have decided trying to find a Multi Family home either a duplex or triplex will be the best way to go. Been reading a lot about the BRRRR strategy and that sounds very interesting any thoughts on that ? Might not even House Hack I would have the ability to rent it all out.

    1Reply
  • Mark Crowder
    Columbus, OH · Member since 2016 · 44 posts · 9 votes
    9y
    Thank you for this! I'm bookmarking this!
    0Reply
  • Adonte Lipsconb
    Miami, FL · Member since 2016 · 33 posts · 2 votes
    9y

    Hello I'm a new investor and don't know were to start.  I will be moving from Florida to North Carolina in 6 months to a year. My question to you is should I buy a 2-4 unit in Florida or wait to get to North Carolina.  Also what do you think about wholesaleing.

    0Reply
  • Janine Faulkner
    Baytown, TX · Member since 2016 · 2 posts · 0 votes
    9y

    Hi, My Mom has 2 homes in Colorado. one she rents, the other was her residence until last May when I moved her in with me in Texas. She is 90 years old and can't handle it anymore. Both properties are paid for. I promised my Mom I would do what I can to keep it going. I want to take a loan out against the property to fix it up to be a rental. I just established an Llc, now, my question is, do I take a loan out using my name, my Moms name, llc? basically I'm clueless what to tell the lenders so I can get the loan

    0Reply
  • Mehdi KhachaniBusiness Member
    Property Manager · Miami, FL · Member since 2016 · 40 posts · 16 votes
    9y

    @Adonte Lipsconb I'd highly recommend that you wait until you move to North Carolina. It's just easier if you're closer to your investments. Use the time before your move to learn as much as possible about real estate and you can prospect opportunities in NC remotely prior to moving there. Best of luck! 

    0Reply
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