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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  • Jonathan Heltz
    Flipper · Baton Rouge, LA · Member since 2017 · 4 posts · 2 votes
    9y

    @Sebastian Taylor Thanks. I've been hounding the online listings for weeks now and finding some prospects.  I swear I had to find every potential one that my former agent showed us. I was doing all of the work myself but seemed to be behind the curve for deals. I started out just emailing the listing agents but decided to get an agent myself in the hopes of getting more prospects. If our new agent doesn't work out, I guess I'll go back to my original strategy. 

    0Reply
  • Christian Uraga
    Bayonne, NJ · Member since 2017 · 16 posts · 1 vote
    9y
    Hello my name is Christian. Would you mind if I ask you a few questions?
    0Reply
  • Pierre Toussaint
    Atlanta, GA · Member since 2016 · 20 posts · 4 votes
    9y

    @Christian Uraga, you can just shoot your question and the pros will get to it as they can.  If you're anticipating asking 10 questions, I'd recommend spacing them out.  Bryant Schur is the original contributor. 

    0Reply
  • Christian Uraga
    Bayonne, NJ · Member since 2017 · 16 posts · 1 vote
    9y

    I am 20 years old, do you think lenders will take me as a joke?  I feel that if I ask for their help, I will get denied.

    0Reply
  • Brandon Johnson
    Investor · Baton Rouge, LA · Member since 2014 · 280 posts · 219 votes
    9y

    @Jonathan Heltz

    I recommend getting your agent to set you up with email searches from the MLS that match your criteria. It could be for certain neighborhoods you want to be in, certain zip codes or they can even draw an area on a map for you. I would ask for a notification every time a listing either becomes a new listing, changes price, goes pending or completes a sale in your area.

    You may get bombarded with emails, but if you look at all the listings that ping your criteria then you will start to develop a good understanding of what the comps are in your area just by looking at so many deals.  When I ask for comps from my agent I am requesting the year of sales prior to the flood as well as all sales since the flood.  

    The "MLS client view" will allow you to see photos if they exist and you can know if you are looking at a flooded and gutted house or a rehabbed house, but the listing and sales price should tell you right away if it is gutted or restored. I also get the "CMA summary" view which is a spreadsheet format to easily run through all the listings and see things like square footage of living area, number of bedrooms, days on market, list and sales price and average and median prices per square foot.

    Keep at it and you will get the right deal. I also recommend you attend your local real estate club which is The RING / Baton Rouge REIA and connect with local wholesalers. Wholesalers are bringing tons of deals right now that can often be purchased for less than those on MLS.

    Take massive action and I'll see you at the top!

    1Reply
  • Erik Garland
    Investor · High Point, NC · Member since 2016 · 53 posts · 22 votes
    9y

    Hey Bryant, thanks for the support. HELOC on my rental property...Wells Fargo will do it, but I haven't found many others. Should I use this to leverage a property (for maybe 5 years) or does it sound like a bad idea. I usually get C properties and rehab them. Thanks

    0Reply
  • Gilbert Joseph
    Acquisition Manger · New York, NY · Member since 2016 · 23 posts · 15 votes
    9y
    Originally posted by @Account Closed:

    Scott Schreiber I personally do not invest in those areas but I'm sure they support buy and hold investors . If you are willing to work within a 2-3 hour of your home there is going to be a great market in that area somewhere !

    As far as predicting rents the best tool I have used is honestly Facebook . It works like this.

    Each city, area, and or county I have ever seen has a ton of group Facebook pages dedicated to apartments for rent and garage sale pages. You can search for the pages and join them . For instance my area has " XXXX county garage sale " and " XXXXXX apartments for rent." Groups. These pages are littered with apartment postings from Large Multifamily's to SRF . These posts are usually a landlord posting picture of an apartment for rent along with price . Just by seeing the amount of interest and comments that post has you can begin to gaging market rent . People will literally comment "this is to expensive for a one bedroom" or "wow what a great price " and you can see how
    Many people are begging to go see this property . For me this has helped me immensely . IMO most of the online rent estimates are terrible in my market . One of my properties is supposed be rented for 1200 per apartment or some nonsense when they rent for 600-650 .

    All in all trust the end renter on Facebook and see what they are willing to pay and rent these
    Properties for . Use your judgement to adjust based on comps .

    This was amazing advice, so simple yet very effective. Thank you !

    0Reply
  • Martin Silva
    Miami, FL · Member since 2017 · 4 posts · 1 vote
    9y
    I live in miami. I had many offers for houses with multiple efficiencies built wothout permits. Should i try to buy those houses or stay away from them?
    0Reply
  • Martin Silva
    Miami, FL · Member since 2017 · 4 posts · 1 vote
    9y
    Can i buy a rental property before a buy my own house? Right now i am renting. Is it nonsense to rent owning another properrty and not living in it?
    1Reply
  • Scott C.
    Philadelphia, PA · Member since 2016 · 142 posts · 26 votes
    9y

    @Martin Silva Why don't you try house hacking first?

    0Reply
  • Brian KehoePro Member
    Investor · Brooklyn, NY · Member since 2015 · 43 posts · 6 votes
    9y

    It depends on your situation. I'm currently house hacking and it definitely has its advantages I think for a first time landlord. 

    0Reply
  • Tom Chen
    Real Estate Investor · Flushing, NY · Member since 2016 · 210 posts · 77 votes
    9y
    Hi guys, Here's a bit of a predicament. Currently, I plan on investing in Syracuse. Multi-family homes on the low end can be around the $30k range that needs a lot of work or up to $80k that won't need any work. I have about $20k liquid... The issue is, if I buy a low end property, I don't have enough to do the rehab. If I buy the higher end property, I'm afraid I won't be able to BRRRR out because the area doesn't appreciate in value. What would be the best move if you were me and this is the first deal? Thanks in advance!
    0Reply
  • Raul Vasquez Garagatti
    Real Estate Investor · Knoxville, TN · Member since 2017 · 2 posts · 1 vote
    9y
    1Reply
  • Jerad Gardner
    Saint Paul, MN · Member since 2016 · 26 posts · 1 vote
    9y

    hey there so I was curious about something, im looking into getting a FHA loan on a multi family property and house hack it in Minnesota in the St. Paul/Minneapolis area. this will be my first property I buy, so since I qualify for the first time home buyer programs could I use one of those down payment assistant loans they offer to help pay for the down payment on the FHA loan? if anyone could give me some answers about this or refer someone to me who might know that would be great!!

    0Reply
  • Michael Schmalzer
    Lender · Minneapolis, MN · Member since 2016 · 30 posts · 34 votes
    9y

    Hi Jerad,

    I will refer to you Ty Kollar. He works for Pacific Union Financial, LLC. Very experienced/trusted. He has and is continuing to do some house hacking himself.

    Best of luck,

    Mike

    1Reply
  • Carla Bennett
    Real Estate Agent · Cockeysville, MD · Member since 2016 · 1 post · 0 votes
    9y

    Hi Bryant, question about investing and banking. My husband and I are looking to purchase our 1st investment property by the end of summer. Should we open up a separate business checking/savings account? Should we get a Tax ID? Form a general partnership or LLC?

    Thank you, 

    0Reply
  • Account Closed
    new york, NY · Member since 2015 · 67 posts · 11 votes
    9y

    @Account Closed Thank you very much for opening up this thread and help out rookies.

    I immigrated to the U.S. in November 2015 from Switzerland and started working in March last year. My wife and I earn both a very decent income (below 150k/year each) and both above 750 credit score. While the income would let us get most likely a high mortgage, the lack of US tax history on my side seems to be an issue for some conventional lender.
    - Do you know what type of banks or other institutions (if possible in the conventional area in order to get a lower % in interest) are rather flexible to lend to such clients like us? We would like to buy a multifamily house with less than 20% down. (I have heard from FHA etc.)

    Thanks again!
    Sandro

    0Reply
  • Account Closed
    Member since 2017 · 10 posts · 2 votes
    9y

    Hi! I'm new to BP and am looking for any advice I can get! My partner and I are first time buyers, trying to move into a house hack situation in another state. We would like to find jobs once we move and may need to change fields to get the best pay. Because of this it seems like we won't be able to get a conventional home loan or FHA loan. This is disappointing because we feel we have adequate reserves to cover the mortgage and expenses for at least six months, and most of the properties we're looking at have long term tenants already in place. Any suggestions on how we can get financing with a low interest rate? We are able to pay up to 30% down but would prefer to put down less if we could. Thank you for your time!

    0Reply
  • Aysha Strawn
    Saint Petersburg, FL · Member since 2017 · 1 post · 0 votes
    9y

    @Account Closed Thank you for lending a helping hand to beginners like us. I am probably at the earliest stage - building credit to qualify for a loan. My first goal is to purchase either a duplex or a triplex in my area...being a recent grad, I am still looking for gainful employment. Is it a requirement for loans that I am gainfully employed at a company for 2 or more years before qualifying? I currently work two part-time jobs and freelance write (trying to save for investments) - while also continuously looking for a job in my field (I graduated with a Bachelors in December 2016). I know loan companies are all different, but is the standard 1-2 years, full time employment? 

    Once again, thank you for helping!! 

    0Reply
  • Kristy Eichenberger
    Realtor · Waterloo, IA · Member since 2016 · 12 posts · 3 votes
    9y

    Hello, Bryant!

    Thank you for your post and your willingness to offer your time to beginners. My partner and I are working on what we hope to be our first deal. I have presented an offer letter to the agent we have been working with. We have offered the seller a creative financing deal. We could use traditional financing, but the purchase price is pretty low. The seller is an investor that is planning to retire. The property has been remodeled in the last few years and is in really good condition. We believe the seller may hold the property free and clear. We also believe the seller could benefit from a seller financing option; saving on financial gains tax by only claiming the monthly payments. Our agent tells us that the seller's agent will be out of town until next week. We are worried about losing the deal. Is it reasonable to we worry about someone else's agent (or someone else) being willing to pass the seller's agent and go directly to the seller?  This property would be our first rental property, and we would really like it to be. 

    Thank you for your time!

    0Reply
  • Alexander McNeely
    Indianapolis, IN · Member since 2017 · 3 posts · 0 votes
    9y

    Hello,

    My name is Alex and I am currently starting brand new in real estate. I have a much bigger goal to use real estate as a means for growth. Which I love talking about and planning but in the interest of time. 

    I am an engineer in the manufacturing industry. In an effort to free my time to investing in my passion instead. I am starting off by buying my first home as a house hack. I am buying a duplex for around $50K. I was given a pre-approval of $85K, so I want to use that extra $35K I was approved for to purchase another investment property. I just want to see what are my options in regard to lead time.  My goal is to flip this property as well and the hold up is I need the capital for the flip of the house or even both. ( My plan was to use my salary for renovating my duplex). 

    Still figuring out the structure of my business which I have to form, but I am starting to identify others I can work with. Meaning a guy at work who does renovations for example. But a true team I do not have, other than a realtor.

    Any help, guidance or mentor-ship available would be appreciated. I am just a young hungry seeker of knowledge  and I feel my systems background can allow me to truly allow me to be successful.  Just looking to get in the right direction and make smart optimal decisions. 

    Thanks

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

    Hello, Bryant!

    Thank you for your post and your willingness to offer your time to beginners. My partner and I are working on what we hope to be our first deal. I have presented an offer letter to the agent we have been working with. We have offered the seller a creative financing deal. We could use traditional financing, but the purchase price is pretty low. The seller is an investor that is planning to retire. The property has been remodeled in the last few years and is in really good condition. We believe the seller may hold the property free and clear. We also believe the seller could benefit from a seller financing option; saving on financial gains tax by only claiming the monthly payments. Our agent tells us that the seller's agent will be out of town until next week. We are worried about losing the deal. Is it reasonable to we worry about someone else's agent (or someone else) being willing to pass the seller's agent and go directly to the seller?  This property would be our first rental property, and we would really like it to be. 

    Thank you for your time!

    That's a tough one and that depends on how people react.  Honestly patience usually pays off for me but I wouldn't want you to lose a deal due to having low urgency .  On the flip side you may offend real estate agents and the owner of you go over everyone's head. Not and easy answer !  Most people will work through the agents.

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

    @Account Closed Thank you for lending a helping hand to beginners like us. I am probably at the earliest stage - building credit to qualify for a loan. My first goal is to purchase either a duplex or a triplex in my area...being a recent grad, I am still looking for gainful employment. Is it a requirement for loans that I am gainfully employed at a company for 2 or more years before qualifying? I currently work two part-time jobs and freelance write (trying to save for investments) - while also continuously looking for a job in my field (I graduated with a Bachelors in December 2016). I know loan companies are all different, but is the standard 1-2 years, full time employment? 

    Once again, thank you for helping!! 

     So when a bank looks at new employment they definitely want some kind of peace of mind.  Sometimes they will ask for a contract or statement from the employer that you are a full time

    Employee .  If your part time jobs and old income are sufficient to get the home that's one thing but if your new income is the only way you qualify they will be looking for some proof that you are there indefinitely and it's not a temporary position . 

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

    @Account Closed Thank you very much for opening up this thread and help out rookies.

    I immigrated to the U.S. in November 2015 from Switzerland and started working in March last year. My wife and I earn both a very decent income (below 150k/year each) and both above 750 credit score. While the income would let us get most likely a high mortgage, the lack of US tax history on my side seems to be an issue for some conventional lender.
    - Do you know what type of banks or other institutions (if possible in the conventional area in order to get a lower % in interest) are rather flexible to lend to such clients like us? We would like to buy a multifamily house with less than 20% down. (I have heard from FHA etc.)

    Thanks again!
    Sandro

     Wow I wish I had a better answer to this question!   You are doing it right and I love your drive and goals you are setting .  I would say just make a business plan and a story and go to local banks and feel them out .  I wish there was a better answer but most big banks have qualifications and it's black or white with them. It's possible a smaller bank that is more flexible and or understanding can help you take off .  I have multiple mortgages and have had good credit since the day I was able to have credit.  Still the only dig on my credit score is length of credit history !  It takes time but keep grinding and find a motivated lender !

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

    Hi Bryant, question about investing and banking. My husband and I are looking to purchase our 1st investment property by the end of summer. Should we open up a separate business checking/savings account? Should we get a Tax ID? Form a general partnership or LLC?

    Thank you, 

     I would reach out to a local attorney or CPA . To my knowledge it would be difficult or impossible to get a conventional loan an llc . You will have to get the loan in your own name and then move it to an llc later if you would like . Due to different laws and different state regulations I can't answer this perfectly but would recommend a local CPA or attorney 

    0Reply
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