All Forum Posts by: Arpan Patel

One of the newest podcasts has a couple that is in the NYC area and bought a 4 unit that cashflows with them living in one of the units. Maybe reach out to them and see how they did it and if that is close to you. I'd just keep combing my area and find the asset classes or patters that will work. Maybe condos or multi units but bear in mind property taxes as that can kill cashflow. If you want to take the class then go ahead but I don't think that will help all that much. I wish I started then... But I did start at 21 so not like it was a world of difference! Good Luck!!!

@Chris Breezy: BP just rolled out this thing called Path to Purchase (PTP) so take a look at that. Start there and if you want any further insight, let us know!!

@Corey Schneider: I agree with @Donnie Patel in that I'd try to hang on to it if the numbers make sense. How much more would you need to put towards the principal to get rid of the MIIP? By my math, you should already be across that threshold of 78% so you should be able to melt that extra 117 a month off. Call you lender and see what you can do. Furthermore, see if you can get some type of HELOC to pull out some of that money and turn that rental into a credit line that you can use to acquire other deals. I hope this helps!!

@Sunny Alamgir: I have not but it probably has the normal pieces. Sounds like you found one that is tailored to real estate investing. Should all be just fine but again the biggest things are the deals and the structure you are offering the investor

Should be fine just use it wisely. They will use your personal credit score to underwrite it of course but still worth it to get your business credit flowing.

Try business credit cards like AMEX cobraded with SPG or other Amex cards. Also Chase has some business credit cards. They are a great way to build some business credit. Also taking out business lines of credit with Home Depot or Staples is a good way to get started as well. The perks aren't as good as the ones I listed above but not a bad way to start nonetheless. Hope that helps!

You can also try it the other way and find the deal. There are some great webinars that Brandon runs that go through this process. Start with zillow and use the BP calculator to run numbers. After a while say 50 or so you will begin to see patterns in your area. After you get a deal, I have found it is much easier to get the financing because you have something concrete to show and offer - not just a hypothetical. I hope this helps!!!

also I agree with @Kevin Hunter and maybe think about both. In the beginning you are at a natural knowledge disadvantage to a contractor because you don't know know how to rehab and can be taken for a ride - I was. So learning at least how to do certain things will make you a better consumer of those services. As far as business not a bad idea however you will be learning many of those lessons first hand in your own business but I am a guy who loves classes so I say go - yes I was that nerd in high school who liked learning... As far as moving, how about checking out your backyard first. I am sure you can find some rentals or vacation rentals that make sense around Daytona Beach. May take some digging but I always say start in your backyard!! Happy Hunting!!

@Account Closed: can you post a link to that. I tried looking it up on amazon and all I got was 

The Creative Real Estate Investor's Notebook of 525 Rehab, Remodeling, Repair, and Maintenance Secrets (v 2.2) and I don't think you mean this book. I am interested in that notebook. Thanks!!!

I like the idea of househacking but I wouldn't pay down the principal faster. Borrowing is very cheap right now so it's better - in my opinion - to take the money you would have put against the principal extra and set it to the side to purchase another property. Borrowing will only get more expensive for the near term in my opinion and based on what Yellen is saying. Stack those properties up and try the BRRRR strategy after your successful house hack!! Happy Hunting!!!