All Forum Posts by: Justin Beides

@Ray Schumacher and @Andrew G Martinez you both are more than welcome to join! Oh and also good afternoon to you as well @Andrew G Martinez and that's more than fine. Everyone coming is going to vary in levels of experience with real estate. My only pre-requisite is to bring a book for exchange to discuss with the group. If you've been listening to various audiobooks yourself, then you should be all set to pick at least one from your selection to discuss. @Sunny Burns sounds good. All are welcome. Looking forward to meeting all of you there!

@Cullen Hairrell Nice to meet you man!  Welcome to BP! I'm pretty new to BP myself and I've been reading up on investing myself to get started within the next couple of months with an investment partner of mine. Keep the hustle strong and no doubt you'll get to where you're looking to go. You have any questions don't hesitate to holler! I'll do my best to answer anything I can. 

@Michael Neal Hey man, if you've got the drive to work to make it to the NFL I have no doubt you'll be able to become successful in real estate if you put your mind to it and commit to the hustle. I'm new myself to the game, but putting in that grind will take you very far. I'm actually looking to invest in multifamily housing myself so I'm right there with you. Learning your market is definitely essential to become an investor (at least a profitable one xD) 

There are many sites I can recommend for you to get started for market analysis. It'll be more like market screening. The nitty gritty and more exact details you should get from a local Real Estate Agent and Property Manager in the area you're working to invest in. Feel free to direct message me and I will gladly go over some sites with you and what specifically they're used for. 

Also for some cool tips on how to learn the essentials on buy and hold investing in small multifamily apartments (anything 4 units and below) and single family housing along with some tips on how to utilize your money intelligently and creatively so you're not giving an arm and a leg when you drop capital for your investments, I recommend the books: The Book on Investing in Real Estate with No and Low Money Down and The Book On Rental Property Investing both by Brandon Turner to get started. Also definitely check out the BiggerPockets Podcast when you can. It's super informative and the variety of guest speakers all drop some good knowledge in some form or another that'll help you along the way. 

Through persistence and hustle we'll pave our way to success no doubt.  

@Jonathan Beaumont Definitely a great idea to invest where the market makes sense and not to be limited by just your own. Three books to start I would recommend are No and Low Money Down by Brandon Turner, The Book on Long Distance Investing by David Greene and The Book on Rental Properties by Brandon Turner (and yes they are all BP books xD) Each of these will give you great advice to start with on financing deals with minimal cost, factors to consider/look for when going into rentals, and how to make long distance investing feel much more streamlined and doable. Hope this helps man!

@Vandale Gentry if you don't have one currently, have you considered using an FHA loan? More specifically a 203K loan? The 3.5% down payment total you would put on the house, so long as you live in it AND this is including coverage of a certain amount of rehab costs that can save you big money. If utilized correctly, this could definitely offset the increased interest rate that would come from refinancing your current living situation/future rental to fund your next deal. You can also consider partnering with another investor, or finding a private money lender to help you acquire the funds necessary to purchase this new property should you not want to refinance your current living property. There are plenty of ways you can go about it, you just have to get creative! Going back to the 203k loan, there are definitely pros and cons, but if utilized correctly the 203k loan can be extremely useful as an investment tool and definitely something worth looking into. Definitely do some further research and due diligence on it though before diving headfirst into it. If you'd like/haven't already, I recommend checking out Brandon Turner's book, No and Low Money down to get some good and creative ideas on utilizing cash flow wisely to expand your portfolio with minimal cash used. @Jerry Padilla already said this, but at the end of the day, an increased interest rate on a property can be offset by a property that will be generating more passive income to you and expanding your portfolio that, at the end of the day, will work to increase your net worth overall (so long as the numbers in your new deal work to your benefit and specifications of course.) The choice is yours on how you wish to go about it, I hope that whatever you decide works in your favor.

Hey @Michael Neal nice to meet you man! There are many general factors you have to consider: Job Diversity, Median Income of an area, Job Growth/Population Growth, Crime Rate just to name a few. These are just general guidelines you would have to consider when analyzing a market. It also depends on the type of investing you are planning on doing, and the audience you are catering to. Are you looking into flipping houses? Buy and Hold? Are you looking into Single Families? Multifamilies (Small or large?) Age demographic and family types are also factors in terms of what to look for to make a market ideal for you.  What type of investing are you looking to do? 

Time: Thursday, January 24, 2019; Meeting starts at 6:00PM

1.) Purpose: The purpose of this meeting is for us investors (both newbie and experienced,) to come together to share our experiences with real estate, what brought us into the real estate world, what active steps are being taken to pursue our goals, and what drives us to keep pushing forward to accomplish our goals and reach our potential as investors! Through this meeting lies the potential to make some awesome new friends, gain some great insight from one another in areas where we may have been lacking, and motivate one another through our own personal experiences, ambition, and stories to achieve our goals of financial freedom/overall success!

2.) Requirements:

 -Book Exchange: This is my only prerequisite requirement to attend this meeting. Everyone must bring with them at least one book they would recommend/have read, and give us a run down on what it’s about and how it helped them move forward in their real estate career/pursuits and how it can help others. Whether we have done only 1 deal or 100 deals, books have the potential to bring tons of value to all of us and help our business/mindset in a high variety of ways!

3.) Cost:

      None! Totally Free!

4.) Location:

     Bergen Community College: Student Center

    400 Paramus Road, Paramus, NJ 07652

-Inside the student center and directly to the right when you walk inside, there will be numerous tables, a Dunkin Donuts and a pizza center. This is the area where we will post up.

-Just a heads up, the Dunkin closes at 6PM but the pizza place will be open until 8PM! Feel free to bring your own food/snacks and/or coffee to the meeting as well. There are vending machines throughout the campus grounds should you need to get yourself a snack/beverage when you arrive as well.

Here is a link of the campus map that can be used to find the student center should you not be familiar with the campus.

https://bergen.edu/about-us/locations/paramus/

Can't tell you how stoked I am to meet you all! Looking forward to talk shop with everyone and help build the fire in others as well as keep my own burning strong! 

See you all soon. 

-Justin

@Parius Futch Hey! As with everyone here it's nice to meet you. It's a difficult question without knowing specifically what your goals are with real estate investing and your focus on the type of real estate investing you are working towards (if only just one particular type.) I've heard through the BP podcasts that the best place to start is to have a good focus in a specific area to start to not get overwhelmed with all of the profitable options that real estate can offer. Turnkey investing will definitely have everything much more streamlined for you, but you will also potentially make significantly less of a profit on your investments as a nice percentage will also go to the company.  A section in Brandon Turner's "The Book on Rental Property Investing" covers it briefly; however, outside of that and some brief discussions in the BP podcasts, I haven't looked too much into it myself to be honest. For my goals personally, I know that it is not something I would be interested in at this time so my focus has been aligned with my goals, but it's definitely something to look into for knowledge's sake. When I learn more I would be happy to share if you don't already find the information you need by then! Best of luck and keep the hustle going strong!

PS @Ali Boone random and unrelated, but I love that company name! Nice to meet you as well.  

@Mark Krutikov Nice to meet you man! Well it's great you've already found a focus on the type of investing you want to do, but your best bet first is to listen to the podcast from BP and read some books on flipping homes and get some base knowledge in the field. I recommend the book "Flip Your Future" by Ryan Pineda. Though it is brief, it gives you the basics as to what you'll need to start in terms of getting into flipping and keeps things very simple and straightforward. In terms of your original question of finding a mentor, don't really think so much about it. Do your due diligence and learn more about flipping, surf the forums, read up on some good conversations, offer help when you can and ask questions when you're unsure about something and show that you're driven and serious to learn! Introduce yourself and put yourself out there, and just let it come naturally. Hope this helps. Any questions, just holler! 

@Pharaoh Mitchell Hey man! Well your best bet honestly is to scale higher or lower and play with the numbers a bit of the comp properties to the subject property so that they match. Estimate certain factors that would change the cost of the property, such as the number of bedrooms/bathrooms, the age of the property, the condition, etc. What I mean by playing with the numbers is to find homes that if your subject property is say 2 bedrooms 1 bath try to find other properties with more or less bathrooms and factor that cost and scale the costs accordingly to get your comp rate. Another example would be if your property was made in 1950 find and needed serious rehab, try to find one newer that may have also needed rehab and scale the prices based on the comparative ages of the property. If you go to the calculator here on the site of flipping houses, there's an article written by J Scott that goes into this in much more clarity and detail if you go to the box titled "ARV" and hover over the question mark next to it the link is there. Just for future reference. Here's the link though. I hope this helps! Good luck. https://www.biggerpockets.com/files/user/JasonScott/file/estimating-arv