All Forum Posts by: Craig Sloan

@Deven Wolfe

Is it an option to look in more affordable markets?  That may mean being an out of state investor.  I don't know if that is possible/desirable for you.  Either way you need a new agent.  A quick and simple evaluation tool is this. Ask yourself; "If I could do this deal 10 times would I?" If you did 10 deals like this you would be way in the hole my friend. Keep looking for a new agent and a new property.  Hang in there, you'll find the right one!

@Chase Taylor

Congrats on joining BP and recently closing your first deal.  @Dmitriy Fomichenko gave you some great advice.  I would just add:

1.  Continue to be a life long learner.  Continue to invest in yourself.

2.  Seek out good people and learn as much as possible from them.

3.  As you become more experienced and more knowledgeable, pass your knowledge on to those who are less experienced.  

@Rachel Hall

Have you considered buying a duplex, triplex or quad and living in one of the units?  This would subsidize your living, help you get a better rate on your loan and give you a taste of being a landlord.  I know this might be cost prohibitive in some markets but there are others that it can be a great option. 

@Kyle J. is right on the money!  @Account Closed if you shop around you will find a loan.

@Hunter Jones

Congrats and thanks for sharing your experience.  I am just starting to investigate syndication and appreciate the info.  

@Account Closed I would talk to real estate people in your local area and get the name of a good real estate attorney.  I would seek their advice.  The laws very greatly state to state.  It might cost you a little but it could save you a bundle down the road. 

@Anthony Janke

There will never be a perfect time to start.  Pulling the trigger for the first time is always the hardest.  Having said that I think it is really important to get your first one right.  A bad first experience can turn you off to investing and cause you to miss out on one of the greatest wealth building opportunities in the world. 

What kind of properties are you looking for?  Are you considering single family or multi-family?  I think buying a small multi-family and living in one of the units can be a great way to start.  The other units help subsidize your living, you get a taste of being a landlord and you probably get a better rate on your loan because the property is owner-occupied.  Could that be an option?    

@Sherfeng Vue.  I'm no expert but I don't think refinancing is a good option.  It would be hard to get a better interest rate than you currently have.  I own some smaller MF investments and I would encourage you to look at tri-plexes and quads if possible.  An option to buying another duplex might be to buy a quad and live in one of the units.  This might help you get a better rate (better rate on the purchase, not better than the rate you currently have) and save on expenses because you would only have 1 building to maintain instead of 2.  

@Phillip Williams

Congrats on getting into the game.  Your money will go a lot farther on the mainland.  Bestplaces.net can be a useful site for getting demographic on most markets.  Good luck.      

@Chris Miller I can't see any pics?  Do they show up on your version of the thread?