All Forum Posts by: Gage Gillam

Hey guys, so I've been looking out for a good deal for a while now and have finally found one. Now I just need help figuring out how to finance it. I am currently a full time student and work around 19 hours a week at a part time job which I have been at for a little over a year. Anyway, now I need to secure a loan for about $20,000. However I have read that fha loans require 2 years of employment (does this have to be the same job). Does anyone have any knowledge or advice to help me get started on my first deal? Thanks in advance! 

Alright! Thank you so much for the information Bill!

Bill,

Thanks for the information, even though I'm a little disappointed that the 70% rule won't really work! Involving the 50% rule you're saying expenses (taxes, insurance, ect) are more expensive here? Do you have a ratio that you follow that might help me better understand this market. Sorry if I seem slow, I'm still new to all this. Any further advise for a newcomer?

My grandpa and dad are frequent investors in the area (especially Branson)

Brad and Wayne Gillam

Eric,

Thanks for the link! It seems to be packed with information!

Hey everyone!

My name is Gage and bigger pockets so far has had so many resources to help me in planning my real estate career. I am not yet a property owner but I hope to be very soon. I have a few questions before taking the plunge. I'm leaning toward a 203k loan, is that a good idea and can I only get that once being a first time home buyer and is this good for a multi family property? Is the 70% rule really applicable in the Springfield Mo area? Would a partnership be ideal if I were the one taking the 203k loan?

A lot of the people on here really think networking is a very helpful tool for investors. I am young and inexperienced however I'm very determined to succeed as a property owner. It would be awesome to get some contacts in the springfield Missouri area. I really want to try to follow Brandon Turners 7 year plan...

Thanks everyone!

Hey I am also a new investor in the springfield area. I am extremely motivated. Are these meetings welcoming to new , inexperienced investors. Real estate is my dad's primary income however I am 20 and have yet to get my first property, it's very hard to get people to take you seriously when you are so young starting with little to nothing. Side note: Is the 70% rule realistic in the springfield area? (70% * Value -repairs= good offer)