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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  • Account Closed
    Jersey City, NJ · Member since 2017 · 37 posts · 13 votes
    8y
    Account Closed Thank you for lending a hand and ear to those that are new to the REI industry and BiggerPockets community!! I went to college in Albany and will always love that area. I work in Manhattan and june/July I'm looking to house hack in the Westchester county area. I have joined a few networking groups in these areas to increase my knowledge and network of the market. I have spoke with a few mortgage brokers as far as pre qualifying for the FHA loan. When would it be best to start the process for pre qualifying? I don't have much saved up now but by then i should have a good saved away. Whats your take on the FHA 203k opposed the traditional FHA insursed mortgage. If you have any connections in the westchester area would appreciate connect me! Thank you again!
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  • Darrell Dacchille
    Wake Forest, NC · Member since 2014 · 3 posts · 0 votes
    8y

    Hello, I’m new to investing. Was looking for help on understanding how finance works with no money to invest with. I’ve heard of wholesale, not sure if this is what I need. I want to get started and need some very helpful guidance. Thanks in advance. 

    Darrell 

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  • Jeffery Rymer
    Fresno, CA · Member since 2017 · 5 posts · 4 votes
    8y
    Originally posted by @Matt Pulliam:

    @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.

    From my research on the subject of multi unit property if you are going to flip the property you are going to need to have at least a year of renting to show the cash flow. The buyer is going to value the property, and the CAP rate is used.

    If you want to BRRR, then you have to find out what the going rent for like units is pulling in and run the numbers based on income. I for example have my eye on a tri-plex. I know I can get $800 a month per door, or $2,400 a month. The bank wants $63k and rehab will need at least $24k. So the PITI @ 5% on a 20 year term would be something like $425 a month. Mind you that is after 20% down and out of pocket on the rehab.

    If you want to take a HELOC on it to recoup the out of pocket you can find similar sized buildings with the same sqft in close proximity. Then use the property address to look up the last time sold, and how much at the recorders office. This will give you market value to run numbers a bank is going to use. If you want to get a business loan it will go back to the cash flow. I know Brandon is in the multi family and Grant Cardone is a good resource too.

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