Newbie from PA/NYC

11 Replies

Hi Everyone, I am new to everything. I'm new to this site as well as this industry. I am interested in starting off doing reverse wholesaling. Any advice or tips will help and be greatly appreciated. I'm not sure where to start. Thank you everyone.

Hi @Tamiko Kettrles-Woods

Welcome to BP! It's a great community here. You will gain a TON of knowledge and who knows - maybe you'll even find a partner or two.

Investing in multi family properties by using as little of my own money as possible is my game.
The best way to jump into buy and hold ownership is to target an owner occupied multi family home with an FHA loan - which means only 3.5% down payment. Please let me know if there is anything I can do to help you in your journey! : )
A

@Tamiko Kettrles-Woods

Welcome to the BP community, where you will find like minded individuals committed to REI and also helping others succeed.

Your time on this social media site will be well spent.

You have taken your 1st step by announcing your readiness and commitment to embark on a REI career.

Whether you pursue, wholesale, rehab/fIip or buy and hold it's up to you to decide, but there are no restrictions if you want to do all of the categories mentioned.

The bottom line is that you must take action to start. But, before doing so, ensure that you have the ingredients to be successful and it begins with getting REI educated.

Don't get bogged down with analysis paralysis. You must take risks, but, ensure that they are calculated risks.

Below are some links to get you started.

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

welcome to BP. I think you have gotten some good tips so far. As a newbie myself I can say checking here regularly I have learned a ton by following the forums. Best of luck!

@Tamiko Kettrles-Woods Welcome, when you are responding on a thread if you use the @ sign and start to type the name of the person you are trying to communicate with their name will appear at the bottom of the post box, click on it to start your post it should highlight the name and when you post it will notify the person you are talking to that they have a communication. That is a long run on sentence!  Anyway try Ashley again if you want she prob. didn't get your post. Hope that helps and hope to see you here for some time.

Hi @Tamiko Kettrles-Woods !

First of all, you've got to get clear on your goals. 

I assume you want the best return for your investment with passive monthly income?

If that's the case you've got to start analyzing deals in your area. I've found that the more units under 1 roof the better. In the case of FHA the max you can do is 4 and they all have to be residential. So hook up with a lender to get you approved (or let you know exactly what you need to do if you aren't quite there yet) and connect with a Realtor who can set you up on a listing cart of local multi family properties.

Run numbers with an investment calculator to show you what you'd need to pay to live in the property and also what returns you can expect when you move out and rent all units.

Keep the questions coming if you need more info!

A : )

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