All Forum Posts by: Bonnie Low

So if I understand correctly, your plan is to max out the number of conventional mortgages you can have then convert them into a portfolio loan, then repeat the process? Interesting. I hadn't thought about it like that. Thanks for sharing!

Have you thought about partnering with someone for the next year or two until you have the income and credit history needed to go it alone? Maybe look for a partner who can carry the expenses while you supply the hustle? If you haven't already, read Brandon Turner's book Investing with No and Low Money Down. Lots of good tips in there.

Start with wherever you get your property insurance for your home. We use State Farm for both our home and investment properties. There are lots of companies that offer coverage for rentals.

Congratulations! We love old homes & would love to see a photo of the finished product.

Congratulations!

Hi @RyanJohnston - we do use wholesalers sometimes, but that said, we NEVER use their estimates. We just use them to find the property and the motivated seller. We tell them specifically what we're looking for in terms of property location, type, value add potential and condition but if they find something, we visit it ourselves to do the walk through and run our numbers. We also have a RE agent we work with frequently who provides the ARV based on her knowledge of the market and our style of renovations. But, if you're not into working with wholesalers, you might consider developing a relationship with your local building department. We've been really successful creating relationships with our building inspectors and code enforcement officers who are seeing the types of properties we're interested in. The City is very interested in having run down houses improved and they know we can get it done. So they often point us in the direction of properties we might not otherwise be aware of. It's just another way to have more eyes out there.

Hey, @AshtonFoster - welcome! HUGE congratulations for being a BP member already - you are waaaaaay ahead of your peers, my friend ; )  I am so impressed by the numbers of young people I see who are thinking strategically about their future, have the energy and hustle and are willing to reach out and ask for help. All that bodes well for your future, no matter what direction you go in. Consider doing various jobs in the REI space. That could be working for a property management company, a broker, a contractor, an investor, a lender...basically anyone in this space. Each of those is relevant when you become a real estate investor. and you're young enough to get some exposure to each and decide which you most want to leverage for your future. It will also help you develop some valuable contacts and build your network while you earn some income to invest with and build your credit. A great place to meet them is at your local REI meetup. Start putting your name out there. Meet people. Offer to help. Ask questions. Don't be intimidated because you're young. Most investors are more than willing to help someone get started. Best of luck to you!

@Teri Feeney Styers that is gorgeous! Love it!

Just like others have said, there are good ones and bad ones as there are in any other area of life. We've been fortunate to work with good ones. What I appreciate is their willingness to pound the pavement and knock on doors. Two things I don't want to do, but it's increasingly more necessary when MLS deals won't cut it. And sometimes they're willing to find a buyer for a home that most agents don't want to waste their time showing - and that happens to be just the type of project we like to tackle. So, yes, they can bring value.

I personally believe we have to keep in mind that what a candidate campaigns on doing and what they're actually able to do are two very different things and almost entirely in the hands of Congress. Eliminating the 1031 exchange would hurt, but what is the likelihood that actually happens and what does it actually end up looking like IF it really did happen? For example, would it be full elimination? Elimination over a certain property value? Elimination only if your income base was at X$$'s? Would it be a phase in? We just don't know. Excessive printing of money - which is happening with the current administration, the previous administration, and will probably continue with the future administration - is a much bigger concern for me, as is the position of the US $ as the world's reserve currency.