All Forum Posts by: Kyle Boughton

Started with an FHA loan as well. Low down payment made it easier to manage until I built up some capital. As long as your living in a unit you can utilize an FHA to purchase a multi family. Good luck!

 Well put Richard. I agree 100%. 

I saw that property on Craigslist. Its been up for a while now. Like Steven said in the marketplace. I just couldn't see who would want to rent it out. It would be hard to find a tenant. I live in Arcata and am always trying to scope out good deals. Even around Humboldt there are a lot of commercial properties vacant with no one to fill them.

Start with the Ultimate Beginners Guide here on BP under the learn tab (its free) and decide which direction you want to go. Then grab books focusing on the areas that interest you whether it be flipping, wholesaling, buy and hold ect. 

I don't completely agree with @Richard D. either as to needing college for anything. I'm now 24 and own 4 rentals and have zero college or real estate courses. Most of my friends are just now graduating college and have 50-100K in student loans to pay off and I own a home, 4 rentals and all toys I want. It all comes with how you carry yourself. You can learn a lot of great knowledge right here on BP. Take that knowledge and become confident in yourself and utilize your skills to advance your REI career. Just remember presentation is key.

Don't get me wrong... Richard makes some great points and I worked my *** off as a retail manager for many years to be able to help finance my investments. There is a lot more to it then just not going to college. You will need some form of cash flow and lots of knowledge to get you started.

Sounds like a tough decision. I own 2 rentals near a university and bank on rental income and never have an issue with renting it out. I could also sell these houses for a lot of money and invest elsewhere. Instead I decided to take a HELOC out against it and use that money to invest further in my real estate career. Maybe look into that option. Just my 2 cents.

So you are saying that you should never screen a possible tenant?

Seems crazy to me....

I always screen regardless of who or where my rental is located. Ya you may get lucky and get a good tenant by going with your gut feeling about them or you could get yourself into big trouble. Some guy says he makes good money and will take care of the place and next thing you know hes 2 months late on rent and you have to evict him and the house is tore apart. If you would have ran a screen you would known he went bankrupt last month. Just a hypothetical example.

Also why would you take money for an application fee if your not using it to screen them? Your saying you would just pocket the money if you decide they aren't worthy? Seems like a shady situation to me.

Welcome to BP.

Sounds like you need to gather some more information about this property. 

Was in left in a trust for you?

Do some research and reading around BP. You will find many ways to invest at any age. I started when I was 18 utilizing an FHA loan to put low money down for an investment property. Your question is very broad. Start by using some of the free tools BP offers and pick up a few books to see which direction in real estate you wanna go or if it even interests you at all once you gain some knowledge.

Good luck!

Situations occur where you have to do what's best for you. I moved into a small rental of mine to save money for a couple years and had to let a lady go. I was able to land her a nicer house for cheaper though so I helped her out in the long run. The biggest thing is give them the longest notice possible and maybe even help find them a place and give them a good reference.

Good luck!

Welcome to BP...

Lots of great information on here. 

You are not to much farther south of me. Hows the market down that way?