Greetings BP! My name is Ian Ballard. I've been in the Sacramento area nearly all my life. I currently work as Technical Arts Director for a local church. That's basically coordinating the installation of equipment and training volunteers in the use of all of our Lighting, Media and Audio infrastructure. I'm quite the techie so it's something I thoroughly enjoy.
As for real estate it's always been something in the back of my mind ever since I read Rich Dad, Poor Dad. (Cliche I know). I never thought I had the support structure to actually go after it until I found BP. I'm a big podcast listener so I've been devouring the BP podcast and learning so much.
I have very little experience in the field thus far and so my main focus at the moment is finding a solid mentor who would be willing to let me come alongside them and learn on a daily or at least weekly basis.
Goals I have for the short term are getting into a house hack as close to the start of the new year as possible. My current landlord is getting ready to put the house on the market. And as I've been contemplating it, it just makes more sense to pay my own mortgage than someone else's. In the meantime I've been doing the little deal shopping I know how, and that's browsing the MLS. I'd love to get some insight on next steps here from this awesome BP community.
Long term goals include buy-and-hold investing, possibly wholesaling, and maybe even a house flip or two. Who knows where this thing will take me.
I'm excited to meet you all and look forward to the many conversations that will follow!
Welcome to BiggerPockets Ian and best of luck investing!
Welcome to BP. As for your short term goal I'd make sure your finances are in order if you haven't done so already. Once you have that set I'd start looking for a home. Since you'll be living it you want to make sure it's a location you can tolerate but a home that will make you money on the flip side.
@Derek Jones maybe a dumb question, but as to getting my finances in order do you mean qualifying for a loan? And do you have any recommendations as to locations in the area that would meet those criteria? I don't have a family, it's just me, so my tolerance level is high, especially if I'll be making money.
Not just qualifying for a loan but also making sure you have funds set aside for downpayment, closing cost. There are different loans available ranging from .5% down - 20% down, so you'd want to explore those options and see what suits you best. And since you'll be house hacking it you are going to want money set aside for repairs/upgrades.
As far as the area to live in, that will be determined by the amount you're approved for.
@Ian Ballard If you ever have specific questions about financing as to how much money down you need, what credit score you need and how much your payment would be, you can always send me a email and I can answer questions. Hopefully your current landlord would sell you the house at a discount if you don't use realtors.
Hi @Ian Ballard
You definitely have the right frame of mind in seeking a mentor - a seasoned local investor can be invaluable in helping you learn the tricks of the trade here.
Just be careful that you set expectations correctly for yourself and for the mentor - most of the time that I've sought the advice of a mentor, they've directed me to some resource or material.
Perhaps this guide, "The Ultimate Guide to Finding Incredible Mentors" can help you start your search for a mentor that will help you in your real estate journey!
Originally posted by @Derek Jones :
Not just qualifying for a loan but also making sure you have funds set aside for downpayment, closing cost. There are different loans available ranging from .5% down - 20% down
Which type of financial product allows for 0.5% down?
Chris NA FHA with CHDAP. It's for first time buyers only and has to be primary residence. Technically chdap was renamed myhome but it's the same thing. It breaks it down to normal fha loan for 3.5% down, and it adds a 3% grant so you only need to come up with the .5%. There are some other stipulation as well though. It's through CalHFA which can be found here http://www.calhfa.ca.gov/homebuyer/programs/index.htm
Welcome to the world of Real Estate Investing and the many opportunities available to you.You made the first step in connecting on the largest social network specifically for the Real Estate Investing industry.Take the time to explore all the resources available to you.
Networking is how to succeed in this space and as such I wanted to give you an open invitation to feel free to reach out to me at any time.I am located in the Northern Nevada market and doing buy and hold, wholesale and fix and flips…
Best of luck with your Real Estate Investing Career.
Thank you for the insight, Derek. My wife and I are currently searching for a primary residence via FHA, but we weren't aware of the 3% loan, 0.5% down.
Congrats on engaging on a new adventure @Ian Ballard ! My wife and I recently had a similar epiphany to your own. I've been building up my education through books and some local mentors, but decided that after having half-way novice real estate intelligence, that experience is teacher. Even though there was always more to learn, we decided to start sooner than later and "let the learning begin." So far owning our duplex has been good, and we are certainly learning a lot. Best of luck! Let me know if you have any interests in things brewing here on the east side of the Sierras.
@ Ian Ballard,
Taking some classes from Real Estate Investment Education company if you want to learn the basic knowledge of RE industry quickly. It is very hard to figure them out by yourself.
I took some classes a while ago, I still have the learning materials. If you want, you can contact me to explore to them.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you