Investor? No clue! Reaching out for like minded people 馃馃彉 馃馃挕馃檹馃

Investor? No clue! Reaching out for like minded people 馃馃彉 馃馃挕馃檹馃

New to Real Estate 路 RI 路 Member since 2023 路 8 posts 路 4 votes

Hi! I could type out 10 pages of my story but ill get to the point. I want to buy a multi family house. I know that for sure. With the advice and encouragement from a lifeling friend and now invester herself, i began listening to podcasts 5/6 hours a day wile cleaning houses. Retaining info is difficult and sometimes i listen to the same pods over. Ive identified with sooo many stories. I made the first step by calling a loan officer. That is in the air. Lots of hoops to jump thru. I dont know what i should do now. It was suggested to look around banks for a Heloc. I am not a numbers person at all but i am motivated, determined, and ready to make something happe. Again, lots of obstacles in the way. Should i be looking for a deal? Ive heard of the mls, off market, ? Honestly i dont know what to do. I need to be around or connect with like minded ppl. I have a very big family, middle class, younger generation entitled. I heard someone say in  podcast that he wanted to break that middle class cycle. So dont i! For my 4 children and 2 grandchildren. These are 4 adult children who could do so much more with their lives but know nothing better  Again, middle class   entitled, live the good life on others expenses (just 2 oft them) Always struggling. Im hopin to connect with more ppl whose goals i have heard match mine. Whos stories i identified with from bits and peices of info. 50yr old grandmother of 2 mother of 4. Born and raised in the same  house fir 50 yrs which i now live in. Just need some guidance. Although i have my friend, im lookin for more 馃憢馃馃馃挭馃檶

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  • Jason WrayPro Member
    Banker 路 Nationwide 路 Member since 2020 路 2k+ posts 路 1k+ votes
    2y

    Francine,

    It's a lot easier than you think and if you can manage 4 kids and 2 grand babies its a walk in the park! It really comes down to checking your comfort level as far as what you want to get into as far as 2, 3 or 4 units. There are multiple programs that anyone can use to buy a property and that includes 100% financing/DPA's.

    Getting into a 2-4 unit is really the best way to start because the other units help support the mortgage payment and can be used to qualify. It really all starts with a conversation and mapping out what options apply and what is best for you and your situation. I could type you a 1000 paragraphs but instead feel free to reach out if you have specific questions.

  • New to Real Estate 路 RI 路 Member since 2023 路 8 posts 路 4 votes
    2y

    Thank u for your reply. I know what i want, i have a vision and i know it can happen. Id like a possible 3 family which i wpuld want to put my daughter in  who WILL pay rent then rent out other 2 floors (no family/friends). There seems to be alot of options but i just dont know what the best one is. Its a whole situation i wpuld have to lay out to you or someone that knows alot more about this business. I do tend to get overwhelmed with all the info i been listening too. Im terrible terrible with numbers and navigating thru platforms. Im trying to learn more about this website here, how to navigate it and what to look for. How to use it, etc... Im definitely a baby stepper 馃榾 i do have so many questions, concerns. Im just not at that level and feel like im struggling to get there. I just dont know who to go with to be honest. Things have to be done with the house im in now so im currently pushin my parents on that. Its a long long story that needs to be laid out to anyone i get involved with so i can find my best options and find out what i need to do. 馃榾

  • Kerry BairdPro Member
    Rental Property Investor 路 Melbourne, FL 路 Member since 2011 路 3k+ posts 路 2k+ votes
    2y

    I drive neighborhoods and look for properties that might work, particularly FSBO signs. I like to talk with the owners and see if there are any tired landlords who might want to be the bank for me.

    What this looks like is I close at a lawyer or title company, get an inspection on the property (so I know what needs work and ask for a discount on the price), but I don't often get a bank mortgage.  Rather we set up a mortgage and pay the previous owner over time. 

    Another thought for financing is the property you live in. Are you on title? You could possibly cash out refinance or get a HELOC and use those funds and your savings as a down payment and "emergency fund" for the next purchase. Your daughter may contribute her savings, and share ownership so she has skin in the game. Lots of ways you can do this.

  • New to Real Estate 路 RI 路 Member since 2023 路 8 posts 路 4 votes
    2y
    Quote from @Kerry Baird:

    I drive neighborhoods and look for properties that might work, particularly FSBO signs. I like to talk with the owners and see if there are any tired landlords who might want to be the bank for me.

    What this looks like is I close at a lawyer or title company, get an inspection on the property (so I know what needs work and ask for a discount on the price), but I don't often get a bank mortgage.  Rather we set up a mortgage and pay the previous owner over time. 

    Another thought for financing is the property you live in. Are you on title? You could possibly cash out refinance or get a HELOC and use those funds and your savings as a down payment and "emergency fund" for the next purchase. Your daughter may contribute her savings, and share ownership so she has skin in the game. Lots of ways you can do this.

  • New to Real Estate 路 RI 路 Member since 2023 路 8 posts 路 4 votes
    2y

    Hi ty for respinding. So the 3 family home we are in now is my parents. However  the home is in my name as it is being left to me. Its been in mine and my neohews name for years. He is coming off it and most likely my daughter will be put on it. When we get the taxes, the bill is in my name. The hiuse has been paid off for at least 25 years. There is no mortgage on it. Zillow estimates the hiuse at between 518-589k. I have spoke with a mortgage/loan officer but we didnt discuss heloc. That is my next step. To ask him about a heloc. Now making another call is another huge step for me. I have no savings, credit is ehhh but im workin on it. I currently clean houses for a living but all these years of working is meaningless cause its not on books. I LOVE what i do. I LOVE cleaning houses and hope to one day clean my own properties. I listen to BP podcasts all day while workin usually 6 days a week. Im hearing so much good stuff and also alot of scary stuff. Numbers have never been my thing. I live a hectic life and am tryin to find balance and more time to put towards getting my first house. Too much info overwhelms me so i really am takin baby steps. Thank u for your feedback. 

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