Need Advise , Newbee Alert!

14 Replies

Let me first off by saying I'm glad that I've found this website by the help of a friend.

My name is Darren and I'm currently 28 years old. 

I'm new to this and i want to make a career out of this. I love reading the success stories and love the ideology of being financially free and working for myself. With that being said i would love to hear from you guys on how to take my first step. I have roughly 10k to start off with and my credit level is pretty good . I want to get into flipping houses and my ten year goal is to have about twenty house for rent. I would love to start by flipping houses and eventually get to renting commercial lots. So if anybody would like to help me get my career kick started please feel free to provide me with any input at all. Thank you kindly, look forward to sharing my success story with you guys in the future.

Where are you located, Darren? Depending on how much work you are able to do and where you are looking to invest, an FHA loan requiring only 3% down could work for you.

Have you thought about having to not put anything down and securing a non-equity investment property?

A different approach, but with similar, or even arguably less,  efforts, they are not too difficult to find. 

@Darren Sooknanan  

1. find a flipper you admire in your market

2. invest in their next deal

3. as a part of your investment, ask if you can be on site as much as possible to learn the finance and rehab business while you are invested...pretty much be a mentee or intern.

All the best

sjw

Originally posted by @Account Closed :

Where are you located, Darren? Depending on how much work you are able to do and where you are looking to invest, an FHA loan requiring only 3% down could work for you.

I'm currently located in West Palm Beach. I've actually looked at getting into a FHA loan but you i don't want to occupy it as the primary residence. I would want to rent the property out.

@Darren Sooknanan I agree with Aaron in that doing a FHA loan and then purchase at least a duplex. That way, you can rent out a side and that will be a first step in getting into real estate. It'll allow you to save up faster for another deal down the road.

If I were you and just starting I would do either or both of these:

Find a house or duplex you like and house hack it. If I weren’t married with 4 kids I would be using this strategy as much as I could!

The other thing I would do would be to send out yellow letters, drive for dollars, etc. and find someone willing to sell their house below market. Then I would talk to friends and family to see if anyone wanted to invest in your deal. I think many people are intimidated to talk to their friends and family about investing but I also think a lot more people want to invest than you think. For example, I’ve been in real estate and investing for over 11 years know and just last year I was talking to my dad and he said, “I’d love to do that too but I just don’t know what to do.” He’s a doctor who’s about to retire too. Anyway, I’d find a great deal then find an investor to partner with. If you can’t find an investor their is always a hard money lender, credit cards, personal loans, etc. Where there’s a will there’s a way. Good luck to you! Can’t wait to hear your success stories!

Originally posted by @Milad Awadallah :

Have you thought about having to not put anything down and securing a non-equity investment property?

A different approach, but with similar, or even arguably less,  efforts, they are not too difficult to find. 

I actually haven't but I'll be looking into it. Thank you!

Thank you for the advise!

Originally posted by @Matthew Poff :

If I were you and just starting I would do either or both of these:

Find a house or duplex you like and house hack it. If I weren’t married with 4 kids I would be using this strategy as much as I could!

The other thing I would do would be to send out yellow letters, drive for dollars, etc. and find someone willing to sell their house below market. Then I would talk to friends and family to see if anyone wanted to invest in your deal. I think many people are intimidated to talk to their friends and family about investing but I also think a lot more people want to invest than you think. For example, I’ve been in real estate and investing for over 11 years know and just last year I was talking to my dad and he said, “I’d love to do that too but I just don’t know what to do.” He’s a doctor who’s about to retire too. Anyway, I’d find a great deal then find an investor to partner with. If you can’t find an investor their is always a hard money lender, credit cards, personal loans, etc. Where there’s a will there’s a way. Good luck to you! Can’t wait to hear your success stories!

Speak to a lender, or your local realtor, or use the keyword engine tool on biggerpockets to find buzzwords like the name of your state or exactly what you want to get into. (California; Investing; flips, etc). If you're serious about it, most professionals will be willing to answer your questions. And remember, research is essential.

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