All Forum Posts by: Chris Gonzales

Hey everyone, I'm from Texas, and I've owned my house for a little over 5 years, which I bought at near market value from a family member using owner finance. Now I have a bit of equity in the home and I'm interested in what you guys think of possible refinancing the home in order to obtain cash to get started in my investments. Here are a few details: Property value: 91,000 (assessed, not appraised Current loan pay off: 60,000 Years remaining on note: 15 Current interest rate: 8.5% Current loan payments :$650/month Current credit score: ~650 (probably my biggest issue) There are a couple of options that I'm looking into. 1.) refinance the home for $15,000 above payoff and use the cash as investment capital in a deal (probably my least favorite option) 2.) refinance the home for the current payoff at a lower interest rate (same 15 years) so that I could save the difference in the mortgage and invest that. (probably my most favorite option, if my credit score doesn't make it impossible) 3.) possible getting a home equity line of credit, if you can do that on an owner finance property. Other things to note are that I'm a college student making around $22k a year, so not a lot of income and I have yet to make my first deal and I'm completely new to the idea of real estate investing, and just curious on what you guys think would be a good idea for someone in my situation. I understand that any response I get is just opinions and you hold no legal responsibility for my actions taken because of them. Any questions just ask, Thanks!

@Ben Daniel

Very well said! I will definitely look into the meetings a bit more than I have, I'm just not sure how many are here in the Waco area. I may try and attend a few in Austin or Dallas, maybe I can meet a few investors who can inform me about meetings that are a bit more local to me. Thanks for the input, really great stuff here from you and everyone else!

Chris G.

@Erik Stark I hear you 100%, I'm not one to run to the gurus and their flashy signs and promises of getting rich quick. From what I've read and heard on the podcasts, it seems that the best way to learn is to do, which I agree with on all things in and outside of real estate. I'll make a list of things I can do to provide value to an investor, and then find places to meet these guys. thanks a!

@P. Martin

I will look into that, sound like great places to start. And Woodway is located in the Waco area. (Between Austin and Dallas)

Chris G.

@Guy Gimenez

Great points, I'm currently picking up books and listening to podcast any chance I get, but I know that's not enough. I'm willing to work purely for education until I can make myself an asset to a seasoned investor rather than a liability. It's going to take a lot of work, and I don't  expect to just start making money immediately, though I like the idea of learning while earning. Thanks for the response!

Hey everyone, I'm a 26 year old college student, who is brand new to BP, and the idea of real estate investing in general. It's been about a month since I first discovered BP and the BP podcast and with it and the help of a few books I have already learned so much. My goal right now is to educate myself with the help of books and hopefully mentors. With that being said, if there are any experienced investors in the Dallas, Waco, or Austin Texas area who wouldn't mind showing a new guy a few things, or even letting me work with you part time (not looking for a job, just mentorship), I would be very grateful. I'm willing to do a little bit of traveling if necessary. Feel free to message me or leave suggestions for finding mentors, as a student in this game, I'm open to suggestions. Thanks, Chris G.

Larry Fried , Yes sir, I have the beginners guide saved on my phone, and thanks for reminding me about keywords! Robert Laird , Thanks for the encouragement! Really means a lot. I will definitely contact you about direct mailing if I have any questions, thanks again! And thank you both for the warm welcome, I look forward to future posts and growth in the forums. Chris G.

Hey everyone, My name is Chris Gonzales, I'm a 26 year old college student, who is brand new to BP, and the idea of real estate investing in general. It's been about a month since I first discovered BP and the BP podcast and with it and the help of a few books I have already learned so much. My goal right now is to educate myself with the help of books and hopefully mentors. Any help is greatly appreciated. I look forward to hearing from you guys and getting started! Thanks.

Hello everyone, I'm new to BP, and to the idea of real estate investing in general. I'm really looking to connect with experienced investors in my area, an am looking to network with a few at the Texas Real Estate Investors Circle meeting tomorrow in Dallas. I'm a 26 year old college student from Waco TX, with really no experience but I am very eager to learn. If there are any BP members who are planning to attend the meeting tomorrow, please let me know, and even if you're not, I'd be happy to talk on here. I'm really just looking to meet new people in the real estate world who can help me get started, and hoping to find a mentor in the coming months. If you have any questions comments or suggestions for me, I'm all ears!!! Thanks!

First off I want to say that my investment experience is minimal to say the least and therefor I won't be giving direct investment advice. But what I would suggest is that before you do anything, you should really educate yourself. The world of investing is huge and knowing what you're doing can be the difference from building wealth to losing it all. Find a few books on investing, consult a financial planner and/or find a mentor to help you learn how money works and more importantly how to make it work for you. Like I said I know very little but I read a new book every few days and it's been extremely eye opening. In sure there are others here who could give you better advise but everywhere I look, the first step to financial success is financial education.