All Forum Posts by: Brandon Beale

@Charles Moore

I love it! Well said!

@Angel Olivares 

Are you looking into multi units or single family?

I'm a newbie as well, and what I am told repeatedly is that if you find a truly good deal, the buyers will come. Honestly, the first thing you should do whether your wholesaling or otherwise, is start some kind of advertising to find deals, and that can cost money. But in the long run, if you make a good profit, that initial investment in advertising will seem minimal. 

Now I may add one more thing. Start plunking as much of your money from a regular job as possible in a savings account. The best way to wholesale, in my opinion is to actually close on the property yourself before selling it. It can protect you from legal ramifications! In some states, mine for example, it is illegal to market a property for sale that you do not own. In West Virginia, It's considered brokering, which requires a liscense. 

Best of luck in all your endeavors!

Brandon

Hi BP! I've been studying up alot lately on using FHA insured mortgages for investing. I gotta admit I've learned some pretty nifty terms... like "House Hacking." There's been tons of awesome advice and ideas coming my way from the community and I appreciate it. So, long story short, I think I have developed a strategy to get started. Since there are no 2 to 4 unit properties currently available in my area, the old lady and I are gonna attack a live in flip. She found the house and I've been communicating with the realtor and have set up to view it tomorrow. I'll keep everyone posted on things as they develope. Wish me luck! And again, thanks to everyone who has offered insights!

Brandon

Just study up on BP! All the information someone can sell you and more is on here!

@Keith Pentz I'm not moving anywhere. Love the location I'm in. For someone who loves the outdoors Davis, WV has it all!

@Jonathan Perez I would also look into wether not there is room to raise the rents. I don't know your market down there, but I know in the valley a mediocre 2br condo will rent for 800 a month in the summer and 1200 a month during the winter months. Though they also double as vacation rentals and I don't know what the nightly/weekly rates are.

Thanks guys. This is actually a strategy I was looking to employ only with a bit of a twist. There aren't many multi units in my area. So my plan was to buy a house with fha financing, live in it for a year and then either sell it or rent it out. 

Correct me if I'm wrong but you have to live in at least one unit for a year, correct?

fha.gov