All Forum Posts by: Erickson Sainval

There is a lot of free education on here and the web in general. Get the education first. Learn about all the different ways to invest in real estate. With little to no money you might want to look at wholesaling, seller financing, lease options, master lease option, and things along those lines. It will give you the chance to learn to talk with others and experience real estate with not much money. If you grind enough by driving for dollars you might find yourself face to face with an investor. The fact that your young, some might not take you seriously, but some might find nostalgia in the fact that you are starting so young.

As I said, education first is key, learn about the different approaches. Find the one that interest you the most and go for it.

I would rent it. I am in the VA area currently, and target PA for investing. I think it is well worth keeping it and renting it out. Since it is close, I would look at managing yourself to get that experience. If you rather have the peace of mind, I understand (I am active duty as well), you can use property management. I use property management for one of my properties and self-manage 3. The peace of mind is amazing, but that 10% does suck. The way I think about it is that it gives me 10% or more of my time back.

If you know you are going to sell, do them the courtesy so they can prepare just in case. I would then go to the buyer and see if they prefer to have them short term or not. If they would like the cushion of a short lease, I would then present to the tenants to see if they are interested.

The great thing about real estate is that it is not going anywhere. There will be more opportunities just like this one. This time you learned from it and can make the right decision.

Why not try a home equity line of credit (HELOC), that way you have the option to use it when your ready.

Brandon covers 3 good strategies, you should give this article a read.

https://www.biggerpockets.com/blog/lease-option-invest-creatively

To only be invested that much for that purchase is not bad. Even if buying at retail prices. Be happy in the small win of getting your second investment. I think short rental will be good way to use your location advantage. Aim to make it cash flow well and have good reserve (3-6 months) and you will be fine. In situations like this if you have the reserves set aside already you can dump the cash flow into your payment to pay down principal and grow equity. With time on your side you can hope to refinance and pull your initial investment out and be in the deal with no money. 

If your in the OHIO area I would love to connect. This mastermind also sounds interesting. I am in Stafford, VA.

Depends on your goal. If your more for cash flow, you can always try to zone it multifamily and build you one. If you are looking to create your own diamond, and the area makes sense for it, could try making a luxury home. If you can keep the cost down while still creating a beautiful home, you could walk away happy.

One note though that has always stuck with me. Houses can be built but they definitely aren't making anymore land. Personally for me, first option I would like more.

Are you raising money to do the deal or are you just surprised someone has not taken it yet? But to answer your question, NOW, is always the answer to real estate. Even more so if the deal makes sense. Maybe there is something they know that you do not. I am sure whatever the problem it will come up when you do your DUE DILIGENCE.