All Forum Posts by: Benedict Aurelius
Benedict Aurelius has started 2 posts and replied 5 times.
Post: Waiting 2 Years Before Investing
- New to Real Estate
- New York City
- Posts 5
- Votes 1
Quote from @Eliott Elias:
Why not invest now? Make it your sole purpose to find a property zero down owner finance
Elliot, thanks for the reply! I see the appeal of the proposed strategy. I'm sure that it's brought you great success. However, it is one that I personally have to oppose, since, for religious reasons, I am opposed to taking on hyper excessive amounts of debt. Best of luck to you, mate!
Post: Waiting 2 Years Before Investing
- New to Real Estate
- New York City
- Posts 5
- Votes 1
Quote from @Jon Puente:
Hey Benedict,
Don't put too much pressure on yourself at 18 years old. You are way ahead of the game even thinking about investing in real estate.
Just buy your first property and live there and do some light rehab on it. Go through the buying process yourself first and learn how to fix some items. You will learn a lot about yourself and what it takes to get into the game.
Later you can think about starting a real estate company and buying rentals, raising money, etc... Real Estate is get rich slow
Hey Jon! Thank you for the reply. I appreciate your realness. Truth is that I've been itching to get a place an hour away from the city (Im a New Yorker). Buying a place for myself could be a nice way to lightly introduce myself to the game. I'm very ambitious, so it would probably be a little painful for me, but it I do reckon worth considering. Cheers Mate!
Post: Waiting 2 Years Before Investing
- New to Real Estate
- New York City
- Posts 5
- Votes 1
Quote from @Damon Bodine:
Hey @Benedict Aurelius Great job taking the leap and becoming an agent. Its great on the ground experience. Lots of options here. You should look into DSCR loans. Its also possible you can find a seller who is willing to seller finance. Ultimately I would focus on finding great deals. To me thats the hardest part.
Thank you for the praise, Damon! I don't reckon that I have ever heard about DSCR loans, so I will look into them right away. I am aware of the possibility of seller financing, but I know that it can be hard to come by, so I didn't want to dictate my strategy around the idea, ya know. Thank you so much for the reply!
Post: Waiting 2 Years Before Investing
- New to Real Estate
- New York City
- Posts 5
- Votes 1
So, I am eighteen years old, and I am taking a gap year working as a real estate agent to try and get a head start on my investing. I want to start a real estate investing company by around this time next year with the money I will have saved from working; considering I live with my grandparents who are willing to let me stay here free of expense, I don't think it is too lofty a goal. However, I am unfamiliar with the process of lending to a LLC. I know that if I were to buy the property in my name, I would have to show 2 years of tax returns, which of course I will not have until I am 20 years old. My question is whether I should postpone my investing for 2 years, or if it is possible to find a bank willing to lend to me with the tax return history.
Post: First Year As An Agent
- New to Real Estate
- New York City
- Posts 5
- Votes 1
I found a broker to sponsor me, and I am incredibly comfortable that I selected a firm that will provide a platform upon which I will build success. That being said if there are any agents that have tips regarding the first year, I will greatly appreciate it! I am in New York City so ideally the advice would be specific to rentals, but again any advice is welcome!