All Forum Posts by: Fahadbin Alam

@Brett Goldsmith what would you recommend? Should I go with a 20% down? 15? Would I do single family or go for multi?

@Keenan Fitzpatrick what is a LTR?

So I'm heading to fort bragg where I will be living in the barracks. My question is should I live in the barracks and save up to 20% until I can purchase a property or should I house hack and own a property and maybe pay some expenses every month?

Like is it either I own a home and live there paying half the expense or live for free in the barracks while I save up my money.

I already have enough money to house hack.

you ever find a answer?

@Matthew Irish-Jones South Jersey, Most of the properties are cheap and rental friendly.

@Chris Levarek thank you Chris. My parents agreed to do a 80/20 split which is cool of them and they were excited to see the ROI as well.

Hello BP So I want to get started in Rehabing my own properties, but I don't know where to start. questions:

1. Should I work for a contractor?

2. How would I find a contractor that is hiring? Should I cold call?

3. Having no experience in contracting how would I work for one? Do I need to go to school or something? Or will they teach me?

Pros:

1. I can Get experience.

2. I can build a great network.

3. I can probably get some of the equipment needed for free maybe.

Cons:

1. It'll take more time.

@Joshua McMillion Hey Josh thanks for the reply. I just ordered that book! the 57k was all towards the purchasing honestly. I want to rehab the property, once the tenants believe it's time to move out. Basically I'm playing a long BRRR, but right I'm trying to get other properties. I really want to play with real estate and meet up with partners. My goal is to actually own 100 units. One of my dream is to own a apartment complex, I just think that would be so rad lol.

@John Mayer thank you John, what is DTI?

Investment Info:

Townhouse buy & hold investment.

Purchase price: $57,000
Cash invested: $57,000
Sale price: $60,000

It's my first property and I'm ready for more.

What made you interested in investing in this type of deal?

I wanted to get started of course. Take the action.

How did you find this deal and how did you negotiate it?

I found it on Zillow and I literally was like screw I need to buy a house, and I did it all in 2 weeks. Finding it and getting an Agent. I'm in the military so I only had 2 weeks of HBL (which is like I go back home for 2 weeks of vacation). Technically it didn't take me 2 weeks it took me 3 days because I was actually enjoying my time, I actually posted a video of me doing the Buffalo Wild WIng challenge on my youtube page. In those 3 days, I got an Agent, PM, and an Inspector.

How did you finance this deal?

My parents were humble enough to let me borrow their 401k money.

How did you add value to the deal?

Actually, this is during Covid and I'm letting the house sit there for now until the tenant leaves whenever they want. I talked to my PM and they agreed with my decision. It's a bit difficult to do everything while I'm not there lol.

What was the outcome?

I'm getting a cashflow of 900 after all the expenses and the PM and I'm actually looking for a house hack.

Lessons learned? Challenges?

Hire an Inspector. I was cheap with my money because I was scared of my first investment. Fear is a good indicator to keep going. The biggest challenge is investing long distances. In fact I should probably pick up that book from BP

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with my agent, he was also new but I still wanted to give him a try and I don't think he has a company or what not, but his name is Sean Heaton.