All Forum Posts by: Anthony Gayden
Anthony Gayden has started 77 posts and replied 1981 times.
Post: What is a good entry to investing??
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Dominique Pratt:
What is the best way to get started?
Initially, I thought If I begin wholesaling I can obtain the money to purchase for a buy and hold. I currently don't have the money to do it on my own and the I've been searching for a REIA and my area (sacramento) and haven't found one.
I'm willing to go to a Bay Area REIA but in the meantime I'd still like to be educating myself and creating an execution plan.
There is no easy way to get started without some money. The good news is that you don't need a huge sum in most cases. I know California is an expensive state to start investing but Sacramento is known for being a little less expensive.
If I was in your shoes I would begin looking for a possible rental house to buy as a primary residence. You live in it for a year then turn it into a rental. You may be able to go as low as 3% down payment. For a house that is $250,000 that is only $7500.
As for earning the money, consider overtime, a second job, side gigs, selling some of your stuff, asking for a promotion, or finding a higher paying job. If you want to make this happen you will have to get some money saved up.
Post: Profiting off an application - 30 bucks
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Charlie Moore:
My showing manager takes a cut from all the application he receives
Is that a legal agreement?
Basically, the application costs 30.00 - it costs 10-15.00 to run all the checks.. and then he takes the remaining 15.00
It costs $25+ for me to run checks. I use Transunion Smartmove.
$30 is not out of line.
Post: Home ownership ready for 2nd property with out 20% any ideas?!!
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Robert Guerrero
I used owner occupied mortgages to purchase several of my properties with 5% down or less.
I bought my 4-plex with an FHA loan 3.5% down, lived in it for about a year then moved and turned the unit I lived in into a rental.
Next I bought a single family home with conventional financing 5% down, lived there for 2 years moved and turned it into a rental.
I bought my current house with conventional financing 5% down and have lived here for about 1.5 years. I will eventually turn it into a rental and buy another primary residence with 5% down.
Post: Blue collar investor
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Patrick Liska:
Andrew, welcome to BP. sounds like you are doing pretty good and have some good set goals ahead of you, keep going after what you want in life. @Anthony Gayden, there are some Blue collar investors on here, it would take possibly looking at each profile or reaching out to people to find out, a lot of people do not put their profession along with the picture on the forums, I do not know if you are Blue collar where as mine and @Paulo Bermudez mention what we do, so it's hard to know what most people do, if they work, the thing is most of the advice here is from investors that are trying to do what they can while learning and helping others along the way and it is always good to get advice from people that look at things differently.
I don't know if I'm white or blue collar. I'm a cop.
Post: Does anyone on here have rentals under their name? Or LLC?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Samantha Rodriguez
I own all of my properties in my own name. There are drawbacks to LLCs for small landlords and they do not offer all of the protections if they are single member LLCs.
Some of the other posters have already gone over some of the issues.
Post: What happens if you get married
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Pedro Echevarria:
What happens if I have a FHA loan and marry someone with an FHA loan? I understand you can only have 1 FHA loan but what happens when you and your spouse become one(join accounts) ?
Nothing happens as long as the lender continues to get payments.
Post: Home Depot or Lowes?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Winnie Rim:
Trying to find a great experience with one long term service for my flip constructions, which one has better discounts or deals, Home Depot or Lowes?
I use both. I don't know if Menards is in your area, but they also have some great deals.
Post: Purchasing new construction to resell upon completion?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Ben Kirchner:
@Joshua Stewart I've looked at some new constructions where you lock in at a certain price, and that's the price you pay when you close, at the end of construction. So let's say you lock in at $200k and the house takes a year to complete construction. A year from now, the new constructions are being locked in at $220. Therefore, I've locked in a $200k house with simply paying the down payment. So let's say I make a 5% down payment of $10k, don't pay a mortgage the whole time it's being built. Upon completion of the house, I sell for $220k a year later. Seems to simple, so I imagine there must be some things I've overlooking?
That seems awfully risky for a relatively small profit. This kind of speculation was very common just prior to the housing crash. A lot of people got caught and ended up losing a lot of money. This is definitely not investing, it is pure speculation and hoping for the best.
Post: Investing After Marriage/Child
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
I currently am under contract for my next rental property. This will be the first rental property that I have bought since getting married and having my first child. My wife and I combined our finances when we got married and she became a stay-at-home-mom after our daughter was born, so there is some stress in terms of a large dollar investment.
I've tried to calm her fears but the truth is that I'm more fearful than I was in the past and I feel like I am becoming a lot more risk averse now that I have to support my family. This is making my mind fill with doubts and stress.
To those who may have gone through something similar, how did you deal with it? How did you jump back into investing? Did you change your investing style or slow down?
Post: “Interested Renters” not applying
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Nelson Lin:
I’ve been having trouble getting people to apply to an apartment I’ve been trying to renting out. I’ve had 10 showings, half of which said they really like the apartment, but only one is even in the process of filling out the application which they’ve stalled on for a week now (using cozy). Advice for closing?
I had a similar issue, but I came up with a solution. I printed up copies of the application, stuck them on clip boards, provided a pen, and immediately asked people at the showing to fill out an application. Using this method I had the majority of people who viewed the property complete an application.
Cozy is great, but you need to be able to have people complete the application immediately.