I am new to REI and trying to obtain all the information I can. I am 25 years old and living in the Dallas, TX area. I have always wanted to get into the Real Estate investing world, but never made the next step. I have read many books and done a lot of research online, but I feel like I am not getting any closer. I am interested in buying and flipping. I plan on buying my first house this December. I am thinking for my first house starting with a FHA 203k Loan, thoughts? Also, I have been told time and time again to find a mentor, but where do I find one? I have many questions and hopefully Bigger pockets is the place to get all my answers. Any information would be greatly appreciated.
Hey there everyone! I’m not sure how deeply any of you have gotten into the inner workings of the 203K loan, but in the spirit of sharing knowledge, I started a discussion on the subject here: The 203K Loan - Open Discussion. Lots of great stories from people who succeeded and had nightmares with this type of financing. Many pros, but also many cons if you are not prepared.
@Nicholas Briggs Welcome to Bigger Pockets!
A 203K is a great way to do a flip on a primary residents! Finding a mentor can be slightly more difficult than finding a loan type! The best way to find mentors in my opinion is to attend meet ups. While attending the meet up search out the people who seem the most passionate and ask them for a sit down over coffee. Adding value to the mentors life is your goal! Go half on a deal, fund a portion if not the whole deal, bring an excellent deal to the table. These are all examples of getting the attention of a potential mentor! Hope this helps!
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