Real estate beginner

14 Replies

Hi my name is Matt, I am brand new to real estate investing and already have fallen in love with it. I have so many questions. I currently have not very much money to work with, but have saved up about 5000 thousand dollars, I am not sure how much in this market I can get with that. I was hoping to maybe househack with a duplex and scale from there. I love learning so if anyone has any tips for someone in my position please feel free to reach out 

@Mattias Srolis - househacking is definitely one of the easiest ways to get started. Definitely learn as much as you can about househacking and you'll see there might be some opportunities that will fit your situation. 

Hi @Mattias Srolis ,

You don't need very much money to start in real estate. Depending on what market you're in, you can get a house hack situation for as little money as possible. If you have any specific questions I would love to answer any you might have. Good luck!

Originally posted by @James De Leon :

Hi @Mattias Srolis,

You don't need very much money to start in real estate. Depending on what market you're in, you can get a house hack situation for as little money as possible. If you have any specific questions I would love to answer any you might have. Good luck!

I have a lease on my apartment till next June, so house hacking will have to be put off, what way do you recommend to get started in real estate investing with little money. I would do an FHA loan but I feel like in today's market and especially in the market nearby doing that the offer won't ever be accepted. What ways do you recommend doing it

If you're going the house hacking route I'd recommend getting connected with a local lender to see what you can be approved for.  You can put as little as 3.5% down so depending on your market and given your current budget you might be able to purchase a home under $100k.  There may also be payment assistance programs to help with down payment and or closing costs.  Find a realtor in your area that is well versed with investing.  It costs no money as a buyer to get help from an agent.  There may be a small $100-$400 transaction fee but as a beginner, advice from a seasoned professional is priceless.

Originally posted by @Mattias Srolis :
Originally posted by @James De Leon:

Hi @Mattias Srolis,

You don't need very much money to start in real estate. Depending on what market you're in, you can get a house hack situation for as little money as possible. If you have any specific questions I would love to answer any you might have. Good luck!

I have a lease on my apartment till next June, so house hacking will have to be put off, what way do you recommend to get started in real estate investing with little money. I would do an FHA loan but I feel like in today's market and especially in the market nearby doing that the offer won't ever be accepted. What ways do you recommend doing it


I assume you are trying to go FHA to be able to put down 3.5% but that's possible with a conventional loan as well. Nonetheless, your offer will get accepted if it's the highest and best no matter what type of loan you have. That is of course if there are issues with the property that will not get approved via FHA or VA due to more strict property condition requirements but a good realtor should be able to point out red flags and set realistic expectations.

Originally posted by @Jeremiah Taylor :
Originally posted by @Mattias Srolis:
Originally posted by @James De Leon:

Hi @Mattias Srolis,

You don't need very much money to start in real estate. Depending on what market you're in, you can get a house hack situation for as little money as possible. If you have any specific questions I would love to answer any you might have. Good luck!

I have a lease on my apartment till next June, so house hacking will have to be put off, what way do you recommend to get started in real estate investing with little money. I would do an FHA loan but I feel like in today's market and especially in the market nearby doing that the offer won't ever be accepted. What ways do you recommend doing it

I assume you are trying to go FHA to be able to put down 3.5% but that's possible with a conventional loan as well. Nonetheless, your offer will get accepted if it's the highest and best no matter what type of loan you have. That is of course if there are issues with the property that will not get approved via FHA or VA due to more strict property condition requirements but a good realtor should be able to point out red flags and set realistic expectations.

 Thank you for the tip helped a lot, how would I even find a home under 100k every home I see, for a duplex or triples is priced well over 200k I have seen some at 180,00. The market I’m in Sarasota, is very hot and values have gone up very a lot. Any tips on finding deals that amazing. Will a realtor help me find deals that good or close to?

Originally posted by @Mattias Srolis :
Originally posted by @Jeremiah Taylor:
Originally posted by @Mattias Srolis:
Originally posted by @James De Leon:

Hi @Mattias Srolis,

You don't need very much money to start in real estate. Depending on what market you're in, you can get a house hack situation for as little money as possible. If you have any specific questions I would love to answer any you might have. Good luck!

I have a lease on my apartment till next June, so house hacking will have to be put off, what way do you recommend to get started in real estate investing with little money. I would do an FHA loan but I feel like in today's market and especially in the market nearby doing that the offer won't ever be accepted. What ways do you recommend doing it

I assume you are trying to go FHA to be able to put down 3.5% but that's possible with a conventional loan as well. Nonetheless, your offer will get accepted if it's the highest and best no matter what type of loan you have. That is of course if there are issues with the property that will not get approved via FHA or VA due to more strict property condition requirements but a good realtor should be able to point out red flags and set realistic expectations.

 Thank you for the tip helped a lot, how would I even find a home under 100k every home I see, for a duplex or triples is priced well over 200k I have seen some at 180,00. The market I’m in Sarasota, is very hot and values have gone up very a lot. Any tips on finding deals that amazing. Will a realtor help me find deals that good or close to?

 A realtor will be able to educate you on your market and provide realistic expectations on what you can do with your budget.  That might mean expanding your search outside of Sarasota or buying a property that isn't turnkey.  If you're a serious and able buyer you shouldn't have any trouble getting help from a realtor!  Under Marketplace on BiggerPockets there's a section for agents in your area.  PM me if you still need help finding one.  

Hi Mattias. You might also want to consider looking for a single family home and renting out the rooms. My wife and I have are doing this renting out our 3 spare rooms on airbnb and it has been great. It might be a bit easier to find a SFH in your price range.

Originally posted by @Dylan Eldred :

Hi Mattias. You might also want to consider looking for a single family home and renting out the rooms. My wife and I have are doing this renting out our 3 spare rooms on airbnb and it has been great. It might be a bit easier to find a SFH in your price range.

So you recommend purchasing a SFH and rent Out rooms on Airbnb? I'm sorry for my ignorance On short term rentals, how long do people stay and booked are on a monthly basis. Enough to cover the mortgage plus some?

 


So you recommend purchasing a SFH and rent Out rooms on Airbnb? I'm sorry for my ignorance On short term rentals, how long do people stay and booked are on a monthly basis. Enough to cover the mortgage plus some?

 

It has been working well for me so far, covering my mortgage plus a little extra. A lot of the people who have booked with us have been longer term, a few weeks to a month, but some have just been for one night. It will depend on your area, if you are in a tourist destination or not. You could also rent rooms out to long term tenants (6 months to a year). That would be less work but probably less income.