Advice on my first move

1 Reply

I came across bigger pockets a few months ago and I became excited about getting into REI. Since then I've been listening to podcasts, reading books, and doing research online when I'm not working. I've learned quite a bit in my research and I will continue to learn as much as I can on my own. I am still figuring out how I can achieve my goal of ultimately owning multiples rental properties. Joining a team would my ideal first move, I just don't know where to start. I am currently looking for a mentor who can help me fill in the gaps of what it takes to be a smart investor so if you have even a little bit of experience under your belt, it would be great to learn a thing or two about your experience! Thank you!

P.S.: I know one of the first suggestions will be to join an REI meeting and see what it is like. I don't know if I am comfortable yet in joining one not knowing what to expect. So if someone is willing to chat online first, that would be great!

My first suggestions would be to find an investor friendly real estate agent. If he/she is an investor themselves even better! I got lucky with my first mentor/real estate agent because he is an investor himself, AND since we're both Air Force vets, he was super willing to help. So meet with a bunch of agents, and see which one you feel will be a good fit.

Then, I would look for a lender. Try smaller banks that are usually more flexible with the different crazy situations investors tend to have. My primary lender is a small local bank that will lend me 1 year, interest only loans for properties that need renovations (will lend between 80-90% of the ARV depending on each situation). He will also do 35 month fixed rate, amortized over 20 years, on not just single properties, but also small portfolios. Again, shop around until you find what suits your needs as an investor.

Finally, I got about halfway through writing this before I realized your name is also Allan, rare to find someone that spells it the same way I do haha.

Hope this helps some!

Allan

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