All Forum Posts by: Carly Turow

Wow @Renita G Ezell that was so elaborate and really great information! I love hearing the full overview of other peoples story - the ups and downs all included. Thank you for the inclusion of the helpful sources too! Sounds like you really are investing in yourself as much as your real estate. I’ve been doing my “research” all day every day (literally non stop) and I know this is a field of never ending learning and education, which is totally fine and I welcome that. Thank you for the heads up and recommendations ! The value here is incredible!!

Question about wholesaling :) I've watched a few BP videos about beginning wholesaling (how-to's, etc.)

Since I'm in a position where I can't really make my first investment (a fourplex) for probably another 6 months..

and since I'm basically completely free for the next 2 months while I wait to start this new job..

I thought to myself, "Well, why not try wholesaling? Why not practice finding and analyzing deals?" (with the BP analyzing calculator)

What are some ways to build a buyers list of people looking to flip or buy a rental?

I'm guessing it's a process of reaching out to people who post or claim that they're investors/flippers that also make it known that you can refer leads to them.... and then talking to them and finding out what specifically they're looking for and the criteria.

Is that right?

I figure with all this time on my hands I'd make an excellent deal-seeker, especially the more I analyze while taking some buyers' criteria into account.

Are buyers on BP looking to connect with wholesalers? And, only seasoned wholesalers or are they open to new wholesalers?

Any thoughts are welcome! Thanks so much

@Brandon Rush that’s SO cool. What’s your long term goal? A handful of properties? Or like.. hundreds

@Theresa Harris Oh Wow, see this is why you guys are amazing. I wasn't even thinking about closing costs and inspection! Alright, I'll make sure I get the job, save up, and then go apply for funding :) Thank you so much!

@Theresa Harris

@Brandon Rush That's awesome, I plan to do the same once I can get myself up and rolling. Just like with nutrition (I'm a NASM CNC) I often lend my knowledge to anyone who's curious enough to actually soak up the free insight. So I appreciate you paying it forward and I will as well.

I'm curious.. if you started not so long ago, where do you stand currently with your REI?

@Marc Rice OH wow, super helpful to know that. I wasn't sure how it would work bringing my father into the deal, but now it makes more sense. Sounds like I'll need the job for a bit first. Alright, thanks so much!

Hey while we're on this subject, here's another relevant question:

If my boyfriend is able to sell his house in Tampa (after his lawyer successfully evicts the squatter) and he does a 1031 exchange, he wants to roll that into a new investment (the fourplex we will live in). Does it help when two people apply for a loan together when both have good credit (750) while one has the funds and regular income proof and the other doesn't? That may be a question for lenders rather, but figured I'd ask in case you had an idea. 

Thanks for your help Marc

@Brandon Rush That's great insight! Ok, sounds good. I can definitely speak to banks and credit unions to see what I need to do in order to qualify. I figured I may need to wait until I'm working and save up a bit before I can get a loan, so if that's the case then at least I'll know for sure after speaking with them. I agree, I can't believe I didn't know about this years and years ago. I would have started in my early twenties, for sure. But better late than never!

Thanks for your help. What is the incentive for everyone on here? It's incredible how fast you all are to respond to my posts, and I'm just curious what all of you get for being so helpful to newbies' posts.

Good morning!

I'm looking for some honest opinions and feedback on this :)

In November I left a job I wasn't happy at. I've acquired 2 certifications I needed in order to qualify for the company I really wanted to work for, which I now have been interviewed and told they're going to take me on, but not until they begin hiring on in 2 months.

I've been doing interior painting on taskrabbit for SOME income, but overall I have really depleted almost all of my savings. In 2 months I'll really be hurting.

I was incredibly inspired by Rich Dad Poor Dad and decided on beginning my REI journey. After two weeks of exploring on BP and many podcasts, etc. I decided on buying a fourplex and house hacking.

I'd like to know if anyone thinks that this is a great opportunity and time (i've got all the time in the world right now) to get into my first deal of a fourplex, or if it's a bad move.

Am I thinking wrong in this?

- The opportunity that I see is that by living in one unit, the other units cover the mortgage plus produce immediate cash flow, which can really help bridge the gap initially for me until I start this job.

- Luckily I have an interested father who is offering to lend me the downpayment necessary for my first investment. 

If I live in the fourplex for the first year, I can shoot for an FHA loan at 3%. I'll need my father to co-sign, I believe, since I don't have the income to prove but DO have very good credit. I'd refinance later down the road to help my dad get out of the deal.

I read in the BP email this morning that you really shouldn't begin investing unless you've not only got a job but also have been building some savings because you need some capital reserves. Is that right?

I'd love to be able to pull this off not only for my own sake but also to be an example that getting into REI is possible even when you're scraping by. But, before I do something like this I wanted to see if the greater minds on here see more risk than I'm seeing.

Also.. one more question.. I've been told by an agent that I should go get pre-qualified before I start to look at fourplexes to buy. But, if I go pre-qualify (with my father co-signing?) how long of a window does the pre-qualified loan last for? Is it similar to a car loan where you can get pre-approved but need to find a car within 30-60 days?

Thanks everyone

Awesome @Jody Sperling that's good to hear! My boyfriend has been resistant to "settling" for a duplex (which was initially my idea because an old co-worker did a duplex as her first step and it worked out well) and he really doesn't want to invest in a first step that won't produce a significant source of passive income right out of the gate. Your feedback helps me feel a bit relieved that maybe it's not as huge and intimidating as I assumed. Thanks so much!

Does anyone have any recommendations or opinions about whether a first-timer should choose a duplex or fourplex?

I've had one real estate agent tell me (while I was painting her home) that for someone who's brand new, it's smarter to start with a duplex and that jumping right into a fourplex would be biting off more than you can chew.

I can imagine that's maybe because it's more work and responsibility.. but I'm wondering if there are other technicalities and details that a newbie may not realize right away that made her provide that suggestion. (?)

I understand that house hacking in your first duplex generally won't produce nearly as much cash flow as house hacking in a fourplex. So, what are the downsides of taking on a fourplex?

I appreciate any feedback and thoughts from this community :)