All Forum Posts by: Guillermo Lithgow

@Guillermo Lithgow- great -   working  with your bank for a starting point is a good one  ....once you have a  more refined  idea  of your plan - you  should  contact several other lenders  for options and to comoare  options and  pricing 

@Guillermo Lithgow...Memo -  a  large  part of buying property is getting financing / loan  in place ...you should get pre approved  asap  so you  can  learn  this process and  understand the numbers  .....if you  plan to include your girlfriends  future income / maybe get the  process started then

 Hi Memo! One piece of advice I'd offer is this: get out and start looking at properties. Begin understanding what's available at the various price ranges. If you can find an "investor friendly" realtor that would be willing to work with you knowing that you're not buying right this minute, that would be helpful. Be honest with them that you're just starting out and some will be understanding.  

@Guillermo Lithgow first congratulation for taking the right first step which is to be on Bigger Pocket. As you can see you are already got a lot of advice. 

I would suggest focusing on Networking, as you begin to understand the housing market, different RE strategies, and your strengths and weaknesses. 

Through networking, you can connect with the right people to help you overcome your weakness, obstacles, and questions. 

You can start networking through meetups, Facebook groups, and Local REIA chapters.

Sure you can see all the BP books here, and that is a great place to start, but if you are looking for some different ones.  What Every Real Estate Investor Needs to know about cash flow... and 36 other key Financial Measures; This book is short and to the point if you want to learn numbers. If you want to learn Legal/ business side, grab a nolo guide or go to a book store and flip through one. You will see it's not as complicated as people make it out to be, but there are things that need to be done. Importantly I would recommend before reading any book on theories/ how to invest, check the copyright date/ publish date and get an understanding of what the economy was like then. If you want a different one; one 52 Homes in 52 weeks; is a good sub-to/ lease option book and motivated me. 

Best of luck and enjoy the grind so you can enjoy the deals.

@Guillermo Lithgow start by reading and listening to podcasts. I started by selling my house and buying a duplex and househacking it.

@Guillermo Lithgow I mostly listen to podcasts for education. But J Scott has a great book on estimating rehab costs if you are planning to use the BRRRR strategy. Dave Myers and J Scott also just released a book on the numbers of real estate that I have but have not read yet.

Once you've identified potential areas to explore, it's time to start researching the local Real Estate market. This might include checking out home values, rental rates, and looking into vacancy rates. You should also speak with Real Estate agents in the area to get an idea of what types of houses are available in your price range. By doing this research and gaining a better understanding of the Real Estate market in that particular area, you'll be better prepared when it comes time to negotiate with sellers and lenders. Good luck!

@Guillermo Lithgow congrats on getting started! I would attend as many local RE meetups as you can. And also dive deep into the idea of house hacking.

@Guillermo Lithgow - way to get started so young!  So I would highly recommend at least having something to start building credit, maybe a small manageable credit card that you pay off every month - so that you can start hitting the agencies. I have so many younger tenants that can't buy homes because they don't have credit at all.   Also, don't be scared of a pricey area, if it is too much, maybe move just outside of where you want to be to buy something that you would feel comfortable in living in.   You can move into the area you want to be in with time.    House hacking would be my most logical suggestion for you.  You can house hack a room in a house, if you find one within range  of your budget, or a multi family.   House hacking every year, and moving every year and declaring that as your primary is a great way to add units to the portfolio without having to put 20% down each time.  It's also easier to do when younger ;-)