All Forum Posts by: Jay J.

Well, I have a lot of questions...  so maybe a phone call would work best..?? 

Hello Experts!

I'm in need (well, need is a strong word, a very deep want I guess..) of an expert in the HUD buying arena.

I have found a possible property but I'd love to have someone to kind of 'bounce my idea's' off of.. does that make sense..? I'm new to RE in general and I know next to nothing about buying HUD properties.

Thanks!

Welcome. You have already set yourself up for success by joining BiggerPockets!!
This is really the premier place to start learning about RE and what it can do for you!

1. First things first, learn the basics --> http://www.biggerpockets.com/starthere

2. Then, download the BiggerPockets Ultimate Beginner's Guide and start reading some more!!
The UBG will will walk through many of the key topics of real estate investing. Ask anyone here, its an invaluable resource. --> https://www.biggerpockets.com/real-estate-investin...
3. Once that's done, get to listening to the free BiggerPockets Podcast - A really great podcast with interviews and a ton of great advice. --> https://www.biggerpockets.com/renewsblog/category/...

@Eddie Quirk  Before you spend any money (not that the above recommendations aren't good ones!) you should really check out the (free) podcasts. https://www.biggerpockets.com/podcast

You can go through and listen to the ones that apply to your strategy..  that should save some time.

Good Luck!!

It would depend on that that 'first deal' looked like. 

I mean, if you are trying to flip a property, you could go the hard money route. If you are looking to buy a rental, you'd want a more traditional type mortgage.

Private lenders are good too, again, depends on the strategy.

Welcome to BP @Nick Mcgowan !! You have already set yourself up for success by joining BiggerPockets!! This is really the premier place to start learning about RE and what it can do for you!

A quick answer to your question would be that you can't (well, not impossible, but unlikely) get a bank mortgage for that amount. You might be able to get a personal loan (depends on credit, obviously) to cover your half of the deal.  But..

1. First things first, learn the basics --> http://www.biggerpockets.com/starthere This will really help fill in some of the blanks that you might have..

2. Then, download the BiggerPockets Ultimate Beginner's Guide and start reading some more!!
The UBG will will walk through many of the key topics of real estate investing. Ask anyone here, its an invaluable resource. --> https://www.biggerpockets.com/real-estate-investin...

3. Once that's done, get to listening to the free BiggerPockets Podcast - A really great podcast with interviews and a ton of great advice. --> https://www.biggerpockets.com/renewsblog/category/...

4. Now you're ready to face the RE world !! GO GET IT!!

@Daria B. You're totally right..  People (not just investors) get analysis paralysis. But you know, its a good thing, because that means you're less likely to jump in to something without giving it enough thought..  But to your point..  You know your system, you know your numbers..   and no, its never that simple.

If it works, yeah..  but if not, there will be others..  :-)

Stop modifying your numbers @Daria B. !!   It either works (and you make money) or it doesn't..  No harm, no foul. But not every 'deal' will work for every investor..

That said, if certain capX things have been done, I don't think its unreasonable to exclude that from your long term budgeting for the property.

@Ryan Chenevert What are your goals..??  Where do you want to be in 5, 10, 25 years..

What is your risk tolerance? Is it just you, or do you have a family to add to this equation..?

Do you want to invest actively (flip / landlording) or passive (notes, HM loans)?

Give us some details and we (by we I mean myself & other more experienced ppl) can help!!

@Carl M.  Welcome to BP @Carl M. !!  This is absolutely a great place to get solid RE advice!
Diversifying your investments is always a good idea and using RE is a great tool to allow you to do it too!!

As for the leverage question, (atleast how its being used here) it basically means a bank loan. Maybe not a bank, maybe a 'private funding source' like family or friends, but basically its using money that isn't yours to maximize the potential return on your initial capital investment.

So, as stated above, a good example is instead of using $100k on one house, you'd buy 4 houses ($100k/each) using $25k down.
Depending on the mortgage (leverage) you were paying, you can calculate the CF on those four houses.