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

Starting Out
9yFollow

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

Account Closed
Upstate, NY 路 Member since 2016 路 200 posts 路 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. 

128Reply
1,679 views

Most Popular Reply

Pao Yang
Real Estate Professional 路 Oak Creek, WI 路 Member since 2016 路 4 posts 路 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.

9Reply
See this reply in the discussion

471 Replies

Jump to latestLatest
  • Damon James
    Grafton, WI 路 Member since 2017 路 37 posts 路 5 votes
    9y

    Hey Bryant, 

    I am new to wholesailing and have a potential deal. This would be my first investment deal. My purpose for the deal would be to get it under contract and then turn it over to a investor for a finders fee. How do I get started with this process and see it through to the end. 

    0Reply
  • Chrystal Thompson
    Albuquerque, NM 路 Member since 2017 路 1 post 路 0 votes
    9y

    I am, like many here, new to real estate. I have several deals that I've analyzed in my own market and know that the opportunity for a high return is there. My hang up, I don't know where to begin my networking?

    0Reply
  • Paul Kavanek
    Investor 路 Virginia Beach, VA 路 Member since 2017 路 3 posts 路 4 votes
    9y

    After making my first rental purchase, 100% paid in cash, (a single family home), do you recommend a home equity loan or a home equity line of credit to create the leverage for my second rental home purchase? 

    0Reply
  • Anthony D.
    Lakeland, FL 路 Member since 2017 路 44 posts 路 25 votes
    9y

    Amazing thread. lots a great advice for newbies!! Thank You!!

    1Reply
  • Jharod Holmes
    Specialist 路 San Antonio, TX 路 Member since 2017 路 12 posts 路 2 votes
    9y

    2 Friends and I are looking to possibly house hack a Multifamily 4-plex. Any advice on this would be greatly appreciated. 

    0Reply
  • Ashley Cote
    Software Developer 路 Mobile, AL 路 Member since 2016 路 42 posts 路 29 votes
    9y

    @Account Closed

    I appreciate your willingness to share your knowledge! It's much appreciated.

    I am looking to start house hacking, probably within the next year. Multifamily property (duplex/triplex) is probably out of the question since it is a rare property type in the area I will be in. I plan to purchase a SFH and rent out the spare bedrooms while occupying a bedroom myself.

    I have a few questions about this approach. 

    1) Is analyzing a deal for house hacking a different process than analyzing a deal for any other purpose (wholesaling, flipping, etc)? I plan to keep the property and just continue repeating the house hack as many times as my financing situation allows. I will most likely switch to renting out the house as a whole once I move from one property to another depending on the type of demand.

    2) When house hacking in a SFH, what type of rules do you suggest including in the contract? Also, do the rules/requirements that you enforce have to apply to yourself? Example, I have a dog. If I have a 3 bedroom house, I would not want to live with 3 dogs in my house. Could I have a no-pet policy in this situation? Or could I have a first come, first serve pet policy (I could live with 2 dogs, or dog and cat)? (This sounds like it would get a little complicated or look unfair.)

    0Reply
  • Abram Howard
    Olympia, WA 路 Member since 2016 路 45 posts 路 8 votes
    9y

    My question would be how do you get started when your life doesn't "look" like yours? When someone has a dead end job, no parents, nothing to start from, how do you start? I am not saying this is me but I think that is what a good portion of life is; people that don't have parents with "wealthy" jobs or they themselves don't run a major bank, etc.

    1Reply
  • Lisa Lavine
    phoenix, AZ 路 Member since 2016 路 72 posts 路 12 votes
    9y

    Good ?Abraham Howard馃

    0Reply
  • Angela Crewther
    Real Estate Agent 路 Linn Grove, IA 路 Member since 2015 路 6 posts 路 2 votes
    9y

    I have a couple of questions... looking to get started in investing. I am a licensed RE agent. 

    I have an oppt to purchase a home. I know the owner and saw they are in notice of lis penden. How can I find out what is owed to know the bottom line they need to get out? I don't want to offend but I also think what they are asking for is too much.

    Also trying to figure out if I'm better off to buy and hold (rent it out) or buy and sell. I think I could flip it for a decent amount of profit without having to put too much in it.

    How do I know what way to go?

    0Reply
  • Andy Diaz
    Canton, GA 路 Member since 2017 路 6 posts 路 1 vote
    9y
    Bryant Schur , Just like everyone is saying thank you for making yourself available to any questions we might have we appreciate you wanting to guide new investors! I have been reading a lot of forums, browsing through BP a lot, and have been listing to a lot of podcasts. Like you said earlier everything we need is here. My short term goal is to buy my first home preferably a presentable SFR from 100-200k in north west Georgia, i wish to live in the property and rent out rooms, i have 2 questions that plague me, one should I go with an FHA loan or work on going for a traditional 20% loan? My second question is how does the FHA loan work, Do i have to live in the property? Because my alternate short term goal would be buy a house for my brother and let him manage everything and he would live there for free so long as he could find roommates. My long term goal is to make enough equity to put down for a MFR Any advice you would give me would be amazing!
    0Reply
  • Ryan Wall
    Lender 路 Saratoga Springs, NY 路 Member since 2016 路 25 posts 路 2 votes
    9y
    I am interested in flipping houses in upstate New York. I am a newbie so it is more difficult to find financing. Do you know any lenders who specialize in flipping?
    0Reply
  • Steve Vaughan
    Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
    9y
    Originally posted by @Angela Crewther:

    I have a couple of questions... looking to get started in investing. I am a licensed RE agent. 

    I have an oppt to purchase a home. I know the owner and saw they are in notice of lis penden. How can I find out what is owed to know the bottom line they need to get out? I don't want to offend but I also think what they are asking for is too much.

    Also trying to figure out if I'm better off to buy and hold (rent it out) or buy and sell. I think I could flip it for a decent amount of profit without having to put too much in it.

    How do I know what way to go?

     To look up an estimate of what someone owes on a property here, I look at the county website, then in departments, go to assessor.  The assessor's site will tell me when they bought, what they paid and give the me the parcel #.

    Then under the 'recorder' I search recorded docs (usually deeds of trust) on your parcel number and a date range.  

    To know whether to keep or hold for me depends on the value and area.  I want rentals in blue collar neighborhoods that rent at about 1% of PP.  Upper crust homes on the hill won't pencil.  

    For tax reasons I try to hold.  Blue collar bread and butter 3/2s all day.  Good luck!

    3Reply
  • Walter Levert
    Plano, TX 路 Member since 2017 路 1 post 路 0 votes
    9y

    Bryant,

    I am new to TX where the housing market is booming (Plano), what is the best place for me to start to learn the in's and out's of real estate in this climate?

    0Reply
  • Jeremy Kalaf
    Wholesaler 路 New Hartford, NY 路 Member since 2014 路 39 posts 路 8 votes
    9y
    What part of Upstate NY?
    1Reply
  • Michael Plante
    Deland, FL 路 Member since 2017 路 2k+ posts 路 1k+ 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. 

     I need an Atty in Wolcott NY by any chance is your father near there?

    0Reply
  • Laura Diaz
    Racine, WI 路 Member since 2017 路 2 posts 路 0 votes
    9y

    Hi Bryant!

    I am working on my first wholesale deal. I am still a bit confused. Would you be able to help me with my wholesaling questions?

    0Reply
  • Rich Hupper
    Broker / Investor 路 Tewksbury, MA 路 Member since 2008 路 1k+ posts 路 351 votes
    9y

    Thanks for offering your help. I need help creating a creative deal in my extremely competitive market. I want to find a 3 + unit building. 

    I know how to find off market property however I cannot find seem to get the owners interested in a sale. 

    In a sellers market like mine what can I say to them on the phone or in person to get them interested in a sale? 

    Usually I just ask them if they are interested in selling. And usually it is a quick no. What could I say next to have them reconsider. 

    I know the more nos I get the close I get to a yes however I have been at this for 1.5 years and still cannot find a multi.

    The next issue I am having is long term financing. I have 250k cash however I would like to use that for the acquisition and rehab part of the project then hopefully get most of it back with a cash out loan. I am trying to find a lender who will lend to me based on the collateral and the leases instead of my income and credit. 

    Can I get commercial loans for 3 and 4 families? Or are you only allowed to get commercial loans on 5+?

    0Reply
  • Matt Pulliam
    Investor 路 Atlanta, GA 路 Member since 2017 路 8 posts 路 0 votes
    9y

    @Account Closed man, this thread is amazing and I can't believe the value you have been giving back in here. Thank you so much, first. 

    Second, my question is: how does one ARV a multi-unit, like a fourplex? SFH seem pretty easy since you can pretty easily pull comps from recent sales on the zillow, etc., but that's not really an option for multi-unit properties. I have one in mind that I'd like to BRRRR, but I really can't ARV it to run the numbers and make sure my Refinance portion will take, so I can get out of the private money. Any advice/tips? Thanks in advance.

    0Reply
  • Erin ChurchPro Member
    Real Estate Agent 路 North Augusta, SC 路 Member since 2017 路 254 posts 路 233 votes
    9y

    @Matt Pulliam

    I will first give the disclaimer that I'm a newbie. :) However, I've been talking to lenders, realtors, listening to podcasts, etc, and from what I gather, if it is a quad or less, then it is appraised the same way - based on the comps.  So, I'd look for a similarly sized property with about the same number of bedrooms and bathrooms to start getting an idea of value. (I have no idea what to do with the "extra" kitchens, although in-law suites may give some insight into that.) 

    - With a quad or less, it's value is very dependent on what is happening in the selling of near by properties. 

    - With 5 or more, it's dependent on the rent/income being generated.

    I'm sure someone else will be able to elaborate more, but that's the snippet I have. :)  

    1Reply
  • Adam Saleem
    sacramento, CA 路 Member since 2016 路 5 posts 路 1 vote
    9y

    @Account Closed I am a newbie in REI and stuck with few things,

    I have a bad credit score and self employed which makes my chances of FHA or Bank loans very thin. the only way to gather finances is through PML/ HML. Now before diving in and giving offers on properties and runing numbers should i get pre approved from Lenders and how much can they lend as i have no previous deals either to show them my track record or should i look at properties first and when i run the numbers and then contact lenders?

    0Reply
  • Jerry Poon
    Real Estate Investor 路 Los Angeles, CA 路 Member since 2014 路 236 posts 路 67 votes
    8y

    @Account Closed I entered a deal with a lender who said I was eligible for conventional loans. It turns out I'm not. This property is not bad and I want it. However, the new loan he is getting for me does not have favorable terms. Should I accept this deal and try to refinance asap? If so, where would you recommend me looking for refinancing options?

    There is a 5-year prepayment penalty term, so does this mean I cannot get refinancing within 5 years?

    0Reply
  • Steve Vaughan
    Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
    8y

    Just wanted to state the obvious, folks - 

    @Account Closed has left the building.

    I'd direct questions elsewhere to get a response.  Cheers!

    0Reply
  • Adam Dinneny
    St. Louis, MO 路 Member since 2016 路 19 posts 路 10 votes
    8y
    @Bryant Schur Teach me brother. How do I get in contact with you? I've been struggling to make the leap. Ive been trying to make it happen but am now turning back to BP for guidance.
    0Reply
  • Joseph Manzo
    Investor 路 Wantagh, NY 路 Member since 2017 路 2 posts 路 0 votes
    8y

    Hey Bryant,

    Appreciate you reaching out and helping everyone out on here!  I recently started my journey in real estate investing this past May.  I plan to continue buying and holding properties.  I now have 3 single family rental properties in the midwest being taken care of by a management company.  One has a tenant and cash flowing.  The other two are being renovated and should hopefully have tenants by December.  These properties were paid for with cash.  I see a lot of new investors dramatically increasing the number of properties they have and it looks like I need to get in touch with a portfolio lender for financing on many properties to do the same.  I live in New York on Long Island, Nassau County.  Do you happen to know any portfolio lenders in this area that can help me reach my goal of 100 rental properties in 10 years??  

    0Reply
  • Jason B Cavanaugh
    manchester, PA 路 Member since 2017 路 1 post 路 0 votes
    8y

    Local building supply distributors are a great place to find contractors. We work with them everyday. Know the work that they do and there reputations. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free