All Forum Posts by: Angel G.

@Mo Muigai

I recently closed on a duplex and was given a 4.5% rate for a 30-year fixed by simply using a local community bank. Built a great relationship with them throughout the process as they were VERY helpful and am looking for the next opportunity to work with them. During my due diligence period I remember calling almost 4-7 different financial institutions (from big name branches to local banks) and I found that the local credit unions / banks are great to work with! 

Hi @Jasmin Whitson - that's a great question. Here are a few things that I've learned throughout my journey:

1. Research & Education - The very first step that I took was to learn what all of the avenues of approach were when it came to this world of real estate investing. There's flipping, wholesale, BRRRR etc.. Start from a macro level and understand what each of these are, understand the language and abbreviations (i.e. ARV, LTV, SFH, MFH) it will benefit you when reading through the forums for information. I will warn you - with the sheer amount of podcasts, webinars, websites and forums out there, it can easily become a bit overwhelming. It's ok, one trick that I would use is develop a lesson plan each week. In other words, if I knew that I was dedicating two hours a day to learn something new about REI (real estate investing) I would setup a list of items that I was going to learn that particular day. This helped me to stay focused and intentional on what I wanted to learn.

2. Focus - Once I felt I had the basics down, I made a decision to focus on a particular strategy; in my case it was the BRRRR strategy. With this strategy in mind I began to watch the BP webinars on this topic as well as you tube videos for different perspectives and took the time to understand all I could about each component of this strategy.

3. Ask Questions - Even with all the videos and resources out there, I still had questions about my strategy. Post questions on the BP forums and REI Facebook groups. People are always willing to assist and share their experiences!

4. Sweat Equity - There's no get rich quick to this game. Sure there are exceptions and those who have succeeded in a short amount of time with that right deal! However, don't get caught up in the easy get rich quick marketing out there. There were a few moments where I was ready to cash in on one of those routes to only find out those who did were regretting it. You have to put the time in and learn, ask questions, learn some more, network with others and take action. 

5. Take the First Step - Even with all of the education and researching that you can dedicate your time to, the single greatest teacher is experience. For me it was the purchase of my first primary residence that later would become an investment property. I took on the challenge of self managing my property to learn what it takes to be a good landlord. Experience has allowed me to build my portfolio to 3 homes now! Is it a lot? Nope. Am I cash flowing and living purely off my profits? Absolutely not. Do I understand financing/creative financing, analyzing deals, closing on a home, managing tenants? I sure do! I now have the confidence needed and know the right questions to ask as I start to build my portfolio. 

I truly wish you all the best on your journey to financial freedom! Please feel free to reach out if you have any other questions. I hope this helps. 

Thanks @John Warren for taking the time in providing me some great insight!  

Happy Holidays everyone! I have a quick question in hopes that you all can clarify something for me regarding conventional loans / refinancing and interest rates in the BRRRR strategy.

I'm under contract for a MFH which I'll be using a 30-year fixed conventional loan with 25% down. While researching several lenders and comparing rates, I thought to myself "...if I'm refinancing this property upon completion of its seasoning period..should I be as aggressive on finding a low interest rate on the initial loan?"

My concern is that I'll find a great rate on the initial loan which will either be hard to match or beat with a refinance loan. Am I off on my thinking here? Also do you all finance / refinance with the same lender?

This is my first venture outside of using my VA loan (just closed on my second SFH using remainder of entitlement) so any insight is greatly appreciated!

Hi @Donald Thomas - trust me I know exactly what you're thinking. I know there's a lot of advice that has already been given from folks far more experienced than me, but from one new investor to another, I did a lot of reading on the BP forums with searches such as "best rental markets" an watched a lot of youtube videos of much the same. Although a bit overwhelming with so many different places to look into, I selected one or two locations that I've visisted in the past and am familiar with the area. As a new investor I want to get the dynamics of researching, analyzing and then closing the deal. 

I've been stationed in Georgia and currently in Arizona with the Army. As a result, these are two areas that I've gotten to know pretty well and feel comfortable researching and investing in. Best of luck! Feel free to reach out if you have any other questions!

During my initial research for my first rental property I decided to go with cozy to manage the application process for my future tenants. There were quite a few other addons that it offers, but I utilized it for the application/screening (i.e background & credit check).