All Forum Posts by: Lionel Mosby Jr

Are these documents you use state specific?

Gotcha. Coming from a fellow photography & videography myself it is an enjoyable side hustle, but the money for hours it will cost you to bring in substantial money doing real estate photography may change the joy in the hobby to a healthy disgust. If you are wanting to increase your income without increasing the hours it would take to make substantial money, stick with the portraits. People are willing to pay a pretty penny for pictures of themselves and their families when your skills are worth it. Whatever you choose to do to bring in extra income though, hope it goes well for you!

I'm happy you are considering these things right now! Many times we think about things after the fact. You are on the right path. Two things I would suggest you do immediately. 1) Know your personal finances in and out. Understand how much you could reasonably afford to use in getting a home. 2) Learn about the different REI strategies. Every strategy isn't right for everybody, but there are many that you could use for your situation. You can also consider partnering with someone in your area if you goal is to buy an investment property. Some strategies and real estate investing information to consider are house hacking (maybe purchase a home with a garage or basement apartment then rent out the main home area to tenants), subject to (depends on how much money you have to pay on what the seller owes), also look at seller financing, BRRRR, creative partnerships, etc. Even consider if you could stretch out your rental situation a few more months in order to build more capital through something like wholesaling then use one of the strategies to acquire the property. Again, you'll have to think through it, but once you start understanding these things a little more you'll know which route to choose. Blessings on your endeavor!

That's so exciting! Congrats! Makes me think about all the possibilities once I'm able to find a house to hack as well. Blessings on your future endeavors!

Mercy! Thank you for that information. It seems cities go back and forth with the regulations or lack thereof on these short-term rentals.

Bradly I'd certainly be interested! Let me know when you have more details on time & place....OR zoom link lol

San Antonio seems like a great city the few times I've visited. Would love to know others experience as well as anything about short-term rentals there.

@Stephon Paul you're in a great position! Many of us wish we would have started back in our early 20s. You are doing the right thing. The first two things you need to do are 1) Get Educated & 2) Understand Your Financial Situation. Obviously, you are here on BP so you have already begun the process of education by simply posting on this forum. Keep that same energy! Reach out to people and never be afraid to ask for advice. Some people will help, some won't. Just don't stop learning and pushing forward. Of course, the podcast, forums, articles on here are great tools. You Tube is also another exhaustless source of real estate investing information. There are REI books that you can grab to get to know more details about specific strategies as well. Then get a really good understanding of your financials. The strategy you use will depend much on understanding what you can/can't afford. You have to know your numbers and then learn to start with the deals that will work best for you.

Blessings on your endeavor! 

Thank you! Sent you a DM but will post here for others to benefit as well. I'm looking to start investing and I have two strategies that I'm looking into to acquire my first property. I've recently gotten engaged so I know that this next move can't be as fixer upper as I'd probably do otherwise. It can need some work, but not much. The property will be a SFH with garage apartment or a duplex. Strategies are: 1) House Hacking with FHA 3.5% down or Owner Financing with 15-20% down OR 2) Subject-To with catching up payments & providing owner some cash (maybe 5k?). I'm leaning more toward the subject-to deal structure because I like the idea of dealing directly with the owner and bypassing having to get a lender involved.

I feel like I need to get a better grasp on how to structure the subject-to deals and how to go about finding these type of leads. Also, what type of cash do you think I'd need to do a subject-to deal? I would be looking for something that has an original loan below the $200k price range so that I could handle the payments & preferably something that could be rented out & cash flow on the back end.

Congrats on making moves toward your first investment! Definitely get a general inspection done by an inspector licensed in your state. They should look at all the components of the home to help you determine would you need to look further into. After you receive the report back, contact specialist to look more detailed at their areas of expertise (i.e. roof, plumbing, electrical, etc.). Make sure you have negotiated enough time in your contract to do all of your due diligence inspections and determine whether you want to continue or walk away from the deal without losing your earnest money.

Ideally you should ascertain if the tenant is willing to sign a long-term lease and at what value. Yes, the market may call for $1,000/month, but is that with the home in it's current condition or will you have to improve it to get that out? Having a tenant built into your deal, even at slightly below market rate, can help you stack funds to use after year 1 to improve the unit to grab not only the $1,000/month but increase the amount of equity to could turn around and pull out to use for your next deal.

Also, please factor in continued maintenance, cap-ex expenses and vacancy into your overall numbers to make sure you aren't missing any details that could bite you in the butt down the line.

Blessings on your endeavor! Let us know how it turns out!