All Forum Posts by: Arpan Patel

We get everything from the MLS but we are looking at it a bit differently than people in our area. It is mostly because of the way we do rehabs and general amenities in our properties. The MLS can be great if there is a general way that people are looking at in your area and you have a different take. Maybe your value add can be zoning. We haven't used a different source yet but eventually we may have to.

House hack and move your friends into the bedrooms. That is what I would do and wish I did in college. You can learn some property management and hopefully make some money too. After you are done with college, then you can sell or keep it and move on to the next project. Good luck!!

Learn airbnb is a good site to learn from. Also, there are many airbnb specific management companies around you that you can talk to get a feel for that model.

Agreed with Marco G. That you'll be fine. You want to find a credit partner and start that way but just use common sense and you'll work you're way through. Working down the debt will be key but not rate limiting. You should be okay just proceed with caution as you don't have much of a safety net.

Good idea. I vote yes as well. Not sure if you can get two FHA loans back to back but the equity you make on the first house will help with the second. I think it's worth doing.

Main tip is to probably not go in the order your just described. Start by learning your area, then work on the team with which will come the forms then start taking down deals and learn the rest from there. Don't get caught up in the perfect docs or legal structure when starting out. Get experience actually doing real estate and then move on from there. -AP

Those really aren't bad prices. Looks for vandalism, theft, and sewer backup along with flood as necessary. Ours didn't cover sewer back up and that caused headaches even though we were cover for flood. But figure about 125 per 100k of coverage. That is for builders risk insurance. Good Luck!

You're probably not going to have any luck with reducing property taxes. Also some things to consider are any other outstanding liens on the property. You'll want to know before you try and buy. If you aren't going to buy and just rent from your grandmother than could work. Also, would the house be worth after remodeling and what is the cost of your proposed renovations. You'll need to know those items before you can come up with a good game plan to move forward. Good luck!

1) I would argue no. lots of time, new people lack knowledge of rehab numbers and market knowledge. Typically people go with a more shotgun approach and this strategy called for a more exacting philosophy that new people don't yet have.

2) Local REIA?

Agreed with the others. This isn't a get rich quick gimmick. It is a get rich slow scheme. There are many options but what has naturally caught your attention after being on this site for a min? podcasts are great so if you haven't checked them out already, start there and then just follow what appeals to you most (generally)