All Forum Posts by: Allan Bishop Jr.

Welcome to BP @Kara Burrow! Since you’re looking outside your local area you might want to read “Long Distance Real Estate Investing” by David Greene. You can find it here in the store. 

You can also locate a local REI group through this site or the Meetup app. That would be a great spot to network with like-minded folks who can refer you to hard money lenders or other financing options (e.g. private capital and other sources). Depending on the prospective property you might be able to get seller financing.

There are some related books and podcasts on BP regarding investing with low or no money down. They would provide some additional information.

Welcome to BP @Alisha Bassim - you can find meetings in the "Events" section under the "Network" tab. You can also find REI meetings in your area using the Meetup app.

Good morning @Marisa R. and welcome.

In the forums I’ll spend less than an hour per week. It was a little bit more when I first found the site. 

On the rest of site +/- 3 hours a week (not counting podcasts). Mostly using the calculators but also with watching the webinars and reading the blogs. 

@Nathan J Boudreau - Welcome to BP! I’ve spent some time in SA at FSH for various schools. Great markets down there too. 

I just picked up a copy of “Start Your Own Corporation” by Garrett Sutton. In that book he discusses partnerships. That might help point you in the right direction.

Good morning @Anna Bielawski - well it is obvious that you’re on the right track. You understand house hacking and it looks like you’re taking full advantage of the webinars and more importantly the calculators. Getting the math right is crucial to making a successful deal. 

I also recommend the podcasts, guides and books found on BP, and looking into finding a local REI group in your area. You can find them on this site or the Meetup app. This helps you network with like minded folks in your city. I've heard great things about Indy.

Regarding your other post on two loans my experience has been it varies. Typically, with traditional loans, lenders will want you to close one before starting the second. If you use the same lender they may have some flexibility. Also, if you go with hard money, private capital, and/or seller financing you might have fewer obstacles. But I’m sure some lenders will start replying to that post soon. 

Feel free to let me know if you have any questions. And don’t forget to tag anyone you respond to in a forum so they get the e-mail alert. Good luck to you!

@Kaisha Sharese Holmes - Welcome to BP. You’re already on the right path by reading the guides here on the site. Take advantage of the podcasts, webinars, forums, and blogs. There is so much information out there on property types, markets, financing, etc. Education is key but at some point be ready to take action. Utilize the calculators here on the site to start practicing running the numbers. Getting the math right is critical to identifying a good deal. If you upgrade to a pro membership you get unlimited use of the calculators and other benefits that are very beneficial. When you run into questions reach out to specific members and/or post your question in the forums. The community here is great to help. Make sure you tag folks with their username if you want a response so they get the alert in their e-mail. Good luck!

Welcome to BP @Marisa Faulkner - it's good to have you here. I think it's great how you talk about using REI to become an asset to your community. That's a great mindset.

You're already off to a good start with webinars, podcasts, and key word alerts. The forums, blogs, and guides here on BP are other great resources. You can also use this site (or the Meet Up app) to find a local REI group. They usually meet once (maybe twice) a month. It's a great way to meet local folks involved with REI.

Don’t let financing stand in your way. If you find a deal the money can come (owner financing, Fund & Grow, private capital, hard money loans, etc). There is a BP book on investing with low or no money down you probably want to read.

I also recommend practicing with the real estate calculators - getting the math right is the key to a “good deal”.

Feel free to contact me with any questions or post them in the appropriate forum - the community here is great. If you’re asking someone a question make sure you tag them so they get the alert. Good luck to you!

@Early Keegs - I think your answer comes down to if you need the $14.5K for another investment or not.

You can use the BP rental property calculator to help analyze the property based on the current mortgage. Using the calculator on an existing property is a little tricky but the numbers I ran show after paying your expenses and setting aside some funds for vacancy, repairs & maintenance, and capital expenses you're still cash flowing slightly under $100/month (even higher if you don't subtract those reserves). You're really close to hitting the 1% rule as well.

Seems like a good property to hold. But if that $14.5K could get you into another property with a higher cash flow and/or a higher ROI then you might opt to go that direction.

@Alan J Mowder- sorry to hear about your accident and its impact on your career. I know that can be a challenging transition.

FSBOs - haven't done one myself but I used to be a licensed agent in Texas so I dealt with FSBOs on both the buyer and seller side.

Biggest issue with FSBOs is pricing your property correctly. Without access to the MLS finding that information can be tough. Zillow has some tools I believe (not the Zestimate). Another issue is advertising. Militarybyowner.com and Zillow are both goods sites to post on. Facebook groups in that area are another resource.

If you're not able to get a buyer before moving that creates another set of issues. Army medical separations take an average of 6-7 months so depending on where you are in the process time is of the essence.

If you do end up listing as a FSBO be willing to work with a buyer who has an agent. Perhaps the price of the property can be increased to cover the commission. That way you get the price you need and there is someone with experience making sure all the important benchmarks are being hit (inspections, surveys, etc.).

All that being said - would you cash flow if you rented the house out? Even if you decide to sell later renting the house out could cover your mortgage until you're in a better spot to sell. It also might be the start of your rental portfolio!

Feel free to contact me if you have any specific questions. Good luck to you!

Welcome to BP @Dan R. - glad to have you here. You've got some good action items on your list. One book I'd recommend is "The Book on Rental Investing" here on the BP site. I'd also recommend listening to the weekly webinars. You can also use this site (or the Meet Up app) to find a local REI group which will help you network with like-minded people. Feel free to ask me any questions or post them in the forums. The community here is great.