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

Starting Out
9yFollow

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. 

128Reply
2,296 views

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.

9Reply
See this reply in the discussion

471 Replies

Jump to latestLatest
  • Account Closed
    OP
    Upstate, NY · Member since 2016 · 200 posts · 277 votes
    9y
    Originally posted by @Stephen Mack:

    We are about to buy a new home… Considering whether or not to rent out the old home… What criteria do you use to make determination… With mortgage taxes and HOA we would profiting approx 200-500 dollars a month

     Unfortunately there is many other fees on top of just mortgage taxes and hoa fees .  Run the property through the bigger pockets buy and hold calculator to see if it will cashflow .  If it does see how much it cashflows and then decide if that's something that will be worth it to you and your family.  If you are not motivated to grow your portfolio it may just end up as a thorn in your side ! It also could be a nice little extra cash flow on the side . All depends on the numbers and you goals .

    Calc is at 

    https://www.biggerpockets.com/buy-and-hold-calculator

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

    Bryant Schur I'm in San Antonio Texas and I'm trying to structure my first subject to. Owner owes 75k with 5%intrest
    The ARV is 140k
    Rents in area are 1000-1200
    He is willing to let me take over payments subject to. We just can't figure out terms of the deal. He would like a little cash down. Probably 10k
    What should I do?

     I have never done a subject two deal unfortunately . I would love to do one they are very intriguing to me I just have not personally pursued it .  Due to the legal issues and knowledge needed to properly pull off a subject to I would have to direct you to other posts and find some experts on the subject .  Sorry I could not be more help ! 

    0Reply
  • Odie Ayaga
    Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    9y

    Holy cow! @Account Closed! Loved your podcast!) who will help you guys manage this beast!

    1Reply
  • Brandon Poe
    St. Louis, MO · Member since 2016 · 11 posts · 2 votes
    9y

    @Account Closed, can I add you as a colleague for advice in the future?

    0Reply
  • Raymond Simmons
    Detroit, MI · Member since 2016 · 2 posts · 0 votes
    9y
    Hello I live in Michigan, the Metro Detroit area. I am looking to start up my real estate career very soon. The first thing that I want to do is get my Real Estate License and maybe a part time job in real estate after my semester is over. Does anyone have any school suggestions and part time jobs to consider?
    0Reply
  • Erica Stamps
    Real Estate Professional · Blue Island, IL · Member since 2015 · 2 posts · 0 votes
    9y

    Hi I'm liking to get started as a investor however I really need mentoring.  Any advice?

    0Reply
  • Dustin Muscato
    Rental Property Investor · Westport, CT · Member since 2013 · 8 posts · 0 votes
    9y
    Thanks! I am ready to dive in. I have capital ready to go (mine plus partners), experienced partners and 2 sound and proven strategies. I need to know how to find the deals. First, how to find flip opportunities in specific markets and second, how to find multi family rentals (12+ units) in specific markets. I have one agent and his team looking in one area for the multi family. But what else can I do? How can I find value properties in specific locales (out of state)? I have a partner in the area canvassing, but what else can I do from afar? I want to be in the drivers seat and take effective action. What resources/tools/etc. should I be using to find the deals I'm looking for? Thanks in advance!
    0Reply
  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y
    Originally posted by @Raymond Simmons:

    Hello I live in Michigan, the Metro Detroit area. I am looking to start up my real estate career very soon. The first thing that I want to do is get my Real Estate License and maybe a part time job in real estate after my semester is over. Does anyone have any school suggestions and part time jobs to consider?

     You can attend real estate school online for the most part and fairly inexpensively.  Just do a Groupon search for real estate license course in your area and you should come up with several results.  

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

    Hi I'm liking to get started as a investor however I really need mentoring.  Any advice?

    You should look on meetup.com for your local REIA (Real Estate Investment Associations) and related FIBI (For Investors By Investors) meetings and network in person. Chicagoland is pretty active so you should have no problem finding multiple meetups.

    1Reply
  • Breana Pa
    Jersey City, NJ · Member since 2016 · 6 posts · 3 votes
    9y
    Thanks for settinn out to help beginners. What areas would you recommend in upstate ny that are good for someone new in investing? I run a business and make good income and have decent liquidity.
    0Reply
  • Andres Duque
    San Salvador, San Salvador · Member since 2016 · 14 posts · 8 votes
    9y

    @Account Closed Hello Bryant. I will really appreciate your advice as I have to decide in the following 2 months where to invest. I do not live in the US, I live in a small country. I have a good job and I have learned from books and videos that the best way to increase your net worth and be safe finantially is to invest from young age. 

    If you lived in a market where if you find a great deal buying a house 25% off of the asking price with no need for repairs, you have the first year 0 cashflow (rent pays exactly for mortgage, insurance, vacancy, maintenance and CapEx) would you still invest in real estate in the long term so that the tenants pay for an apartment that one day will be 100% owned or would you look somewhere else to invest?

    Thank you! 

    0Reply
  • Tim Yang
    Thornton, CO · Member since 2015 · 22 posts · 3 votes
    9y

    I recently quit my corporate job and am selling on ebay full time.  It isn't much income yet until I start growing, but should I wait until my income from ebay is more consistent and performing before investing?  Or can I still invest with other people's money?

    0Reply
  • Alani Keiser
    Midrand, Gauteng · Member since 2017 · 1 post · 0 votes
    9y

    Hi Bryant, 
    A total newbie here... with really nothing to my name. 
    I'm interested in buying a small holding - this property has an olive grove, B&B and small in-house restaurant. I would like to make it an actual running business (it's been empty for 2 years now).

    Would it be a good idea to put a business plan together and take it to the bank / investors? I'm in South Africa and the property is in Italy. 

    Thank you for your time! :) 

    0Reply
  • Chris Vair
    Issaquah, WA · Member since 2016 · 15 posts · 7 votes
    9y

    @Account Closed awesome advice so far. I am also newish to real estate investing. I was fortunate to be able to turn a $473K house into a $675K house in just 3.5 years with only about $3K in improvements (really just got lucky to buy at the right time). I now want to take some of my equity and buy a second property. I'd really like to buy the second home in an area we want to move versus our current location (kind of a setting us up for the future type of situation). My question is this: I am assuming the mortgage on the second home will require 20% down. For that money, I was going to use a HELOC on my current home and do a conventional mortgage for the remainder 80%. Should I put more than 20% down? Is it possible to do less? Also, what has your experience been with owning rentals that are several hours away from you? Get a PM or not? Thanks so much!

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

    @Account Closed Hello Bryant. I will really appreciate your advice as I have to decide in the following 2 months where to invest. I do not live in the US, I live in a small country. I have a good job and I have learned from books and videos that the best way to increase your net worth and be safe finantially is to invest from young age. 

    If you lived in a market where if you find a great deal buying a house 25% off of the asking price with no need for repairs, you have the first year 0 cashflow (rent pays exactly for mortgage, insurance, vacancy, maintenance and CapEx) would you still invest in real estate in the long term so that the tenants pay for an apartment that one day will be 100% owned or would you look somewhere else to invest?

    Thank you! 

     I would never invest in a 0 cash flowing house !! 

    0Reply
  • Tim Vecchioni
    Real Estate Investor · Annapolis, MD · Member since 2016 · 65 posts · 12 votes
    9y
    Bryant Schur Hey Bryant! I am new to BP. Have been listening to the podcast and ventured into the forums and saw this! Perfect! My wife and I accidentally fell into being landlords as we went to move and we're upside down on our mortgage so we decided to rent. 5 years later and 1 lawsuit later, she is ready to just sell and move on. However, I am trying to convince her we could have stumbled onto he start of something amazing. Our mortgage on this townhouse is $1530 a month with a $100 HOA. The rent is $1725, leaving us a profit of $95. However it's actually $195 staying in the rental account we have set up as we have been paying the HOA out of pocket. We now have about 35k in equity in this property. We are also in charge of the management as we felt we can't afford to outsource this. Also had to redo the whole house, carpet and paint, minor repairs after a 3 year tenancy. Cost us 6k and we were only able to recoup $1800 in court. We now have a near perfect tenant in there and are riding him out until he decides to leave. However we would like to leave the area we are in and if we stay in REI, move to something closer to us which is also a better market as far as rent/mortgage goes. What do you recommend as far as keeping/selling this current property vs. buying something closer which also would most likely be a condo for a much lower mortgage but the same rent range? I guess what I am asking is should we keep this property and look for another one on top of it, or sell this one and take the equity and make a better investment/start elsewhere? This may seem all over the place but I am not sure how to ask this question but am very interested in learning anything and everything in the subject of buy and hold! Thanks!
    1Reply
  • Rhonda Rehbein
    Jenks, OK · Member since 2014 · 1 post · 0 votes
    9y
    I'm a Realtor in Tulsa Ok, my husband is an accountant and we have our business and trying to find the right contractor and how to find and manage deals. Just a bit confusing about which way is better, need investors etc! Any help/advice on Tulsa Ok?
    0Reply
  • Jeff Filali
    Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    Hey @Rhonda Rehbein  I'm an investor based in Broken Arrow, let me know if I can ever help you in any way.  I have a lot of good contacts in the area with contractors, wholesalers, other investors and professionals, and always looking to grow my network and help others. 

    0Reply
  • Althea Kenton
    Investor · Pompano Beach, FL · Member since 2016 · 12 posts · 0 votes
    9y
    Hi Bryant. I have a charge off on my credit because of a foreclosure in 2015. My spouse died and I couldn't qualify for a refi at the time because of high DTI. As a result I'm having difficulty getting financing both conventional and hard money. Any suggestions?
    0Reply
  • Daniel Montes
    Rental Property Investor · Brooklyn, NY · Member since 2014 · 92 posts · 17 votes
    9y

    Hi @Account Closed im looking at foreclosures for possibly fix an flip or buy an hold what should i look for in foreclosures thanks for youre help.

    0Reply
  • Robert Davenport
    Ruston, LA · Member since 2016 · 1 post · 0 votes
    9y

    Hi @Account Closed  thank you for taking the time to do this! 

    I have poor credit and am currently in the process of repairing it. I want to jump into real estate while I fix my credit. I have found an investor in my city who is slowly selling some of his properties and is willing to do owner financing. Once i'm able to get a loan i'd like to turn around and then rent it.

    If I can rent the house for ~$1,100 what do i need to try and look for a house in the price range of?

    0Reply
  • Katherina D
    Winston Salem, NC · Member since 2013 · 4 posts · 0 votes
    9y

    Hi there! Bryant, It's so great to have people wanting to lend a helping hand!

    I purchased my first home 3 years ago, I have since remodeled the basement and made it a stand alone apartment. I currently ran into some heating issues and have had to refinish some of it as it seems they didn't insulate the apartment properly. Great news is I am making almost double my mortgage payment on the home with both parts rented out.

    I want to reinvest the savings within the year, I am a teacher and I'm considering getting my real estate license because I think it will benefit me in the long run. Can I do both stay at my occupation and real estate? Or should I consider moving to just real estate?

    I want to buy/rehab and flip or hold and rent it out.  What is the best way to go about looking for a low cost investment?

    0Reply
  • Steve Walczak
    Investor · Maspeth, NY · Member since 2016 · 26 posts · 9 votes
    9y
    Hi Bryant Schur Thank you for sharing your knowledge here. Question: what do you think about the post below? "Troy, NY is the new Brooklyn!" http://www.biggerpockets.com/forums/796/topics/399935-troy-ny-is-the-new-brooklyn
    0Reply
  • Kuba F.Pro Member
    Real Estate Investor · Los Angeles, CA · Member since 2013 · 2k+ posts · 694 votes
    9y

    @Katherina D you should check your employment contract to see if you can do both. If you can, than it's advantageous to you to have stable income in order to finance your properties which is a huge advantage. There is no best way to find a low cost investment, only ones that work for you. For example you could find properties in default try to market to them, and close them, but that's a pretty involved sales and marketing job. You can rely on wholesalers to do that job for you, in exchange for a fee, but you may find that you don't have any good wholesaler relationships and they don't yield you any good deals. Then you can try to find distressed properties on the MLS. By the time they have hit the MLS they have already been passed/picked over by investors and you don't have a whole lot of equity left in the deal to run a business. In markets where there's high appreciation, that might still be good enough, as you're banking on the future value of the property. This is a more speculative play that I wouldn't recommend.

    0Reply
  • Kayla Bridges
    Broken Arrow, OK · Member since 2016 · 4 posts · 0 votes
    9y

    @Account Closed

    I am very new to real estate investing I have been listening to the BP podcast and I'm currently looking for deals in the Broken Arrow, OK area. I am needing help finding creative financing. I would like to flip and few homes and eventually get a few rental properties. As a beginner what do you suggest? I did take a real estate class earlier this year.  

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