All Forum Posts by: Jeremy Wirths

I jumped right in and became a licensed agent and focus on working with other investors

Have you talked to any local lenders to see what their qualifications are? 

@Timothy Limcher What type of investing do you want to do - Wholesaling? House-hack? BRRRR? MF? Self-storage? MHP? What kind of investor do you want to be - active/passive? Do you have the answers to these questions yet? One strategy you might do is house-hack right now. Take advantage of a low down payment loan, i.e. FHA and find a 2-4 unit MF, live in one (renting out bedrooms) and rent out the other units as well.

As far as education, Set for Life by @Scott Trench seems like a great place for you start with. Depending on what type of investing you want to do will depend on what other books can be recommended. Keep listening to podcasts and educating yourself. I would also add that you start networking. Talk to people and figure out what they are doing and where they need help and how you can provide that help.

@Wa Chan are you working with an agent out there or is this an off-market purchase? If you don't have an agent I recommend finding one on here under the 'Network' tab or search for a post that has already been written about it, or search the members. Talk to a few before you decide on one.

1) I'm not sure what the current eviction status is in your state but you could have it written into the P&S that one unit is delivered vacant.

2) The properties require an offer prior to viewing or a pre-approval letter from the bank? If you are submitting an offer sight unseen, you can write into the P&S a contingency about, satisfactory review of the property.

I second what @Joseph Firmin said about goals. Figure out where you want to be, when you want to be there, why you want to be there, then work backwards. One of the big things to decide is if you want to be an active or passive investor. 

@Austin Pesce the market change will happen. And then it will go back up. And then it will go back down. Don't try and time it and don't be afraid of it. If you buy right then that won't be an issue. Will it affect how much you make, sure but if you buy it right then you'll still be able to make money. Have multiple exit strategies. You mentioned BRRRR, could you also flip it? Could you house hack it (alone or with some buddies)?

Even if you don't make money on this one, think about all the experiences and lessons learned you will have, including getting your first deal done. Sometimes that is more important than the money because you can take those experiences and use them to make more money in the future.

Banks look at commercial as businesses. They take into account many factors but one of the biggest is the DSCR (Debt Service Coverage Ratio). Generally speaking the DSCR for a property has to be 1.25 or above.

Check out the book store. Specifically 'How to invest in real estate' and the book on 'Long distance real estate investing' I bet you'll find a lot of your questions are answered in them.

I agree with Joe, it's a gut decision on your part but it seems like option A would best suit your situation. Have you thought about finding land and building something to suit your specific needs? 

I'll add 'The Hands-off Investor' by Brian Burke - while it's about investing passively in syndications the amount of information in there that can be applied to being a syndicator is great.