All Forum Posts by: Jeremy Adkins

Hey, all!

So I learned about a very motivated seller of an apartment complex (13 unit) for sale.

I will start this out by saying; I do not currently own any real estate, but have been interested in starting for quite a while.

This seller is getting older and owns plenty of property around my town (all small-mid level apartment complexes) that he is motivated to sell, but is very bad at marketing so nobody knows about it.

This apartment is very run down and quite an eyesore (brick construction so still functional on the exterior) but the tenants are basically overrunning the complex and have started leaving trash and other various piles of garbage in the front so it is obvious at this point the seller does not wish to even bother with this property.

He wants $15k (could possibly negotiations alternative contract) down and to keep his current tenants as monthly payment ($2300 worth) they are currently renting for $500 with 5/13 already rented and is asking only $250,000 for the property.

I feel this deal could be a fantastic opportunity for me to jump in that doesn't come around very often..especially seeing as it is a seller financed complex that is already paying for itself with tenants. This is also in a COLLEGE TOWN! With the right marketing these could be packed.

My only concern is the current condition, lack of down payment, and lack of knowledge.

Is there anyway I could finance this with USDA? It is in a very small town (roughly 10,000) 

Could I also finance the repair costs?

I feel as if I may not be completely ready for this deal, but it is such a great opportunity to get into something I've been wanting to do for a long while.

Thank you for reading all of this and I appreciate ANY insight I could get! Thank you!

Hi, all! I've been stuck at phase one for a while now...I've read the posts, I've read the articles, watched the videos, and so on, and so forth. I feel like I just keep having to research and research and research and know EVERYTHING before I can get started. As I don't have a ton of money (or credit) to get started with traditional accumulation of properties so I can rent and landlord (which is what I'd like to eventually do) I've began to entertain the idea of wholesaling, as I imagine many people who are in my position arrive to. Any advice on where to start here? I'm sure there are maybe some good books or articles to read and I love accumulating knowledge before acting, but I am looking to put this into action. I just can't seem to get a grasp on what most consider the most simplistic start into the real estate world. How much money will I need? Where do you find these houses? (I hear it's best to go for distressed houses to find motivated buyers) How distressed is TOO distressed? (If you say mls then how should I go about getting access from an agent?) How do you "put it under contract" and who draws it out? Best way to market to buyers? It seems I just have so many more questions than answers, I'm sure. I am so new to all of these concepts. I appreciate all the helpful advice or even the critiquing I may receive.

thank you @Candace Ellison for your insight. I was a little unclean on how to "keep your ball rolling." So what happens when you have all these properties on a mortgage? That'd be a giant monthly  expense to you and if you ever have any vacancies that could put you in a really unfavorable position. Do you ever sell to pay off or to you follow the guide of buy - rent out - refi - sell once your property has appreciated? Thanks for the replies everyone.

so let's say you acquire your first rental property (I'm aiming for a multi family as soon as I can get my credit up) 

You're collecting the mortgage (hopefully) from your tenant and its helping you live in your new home for free.

This concept I understand fluently..what I don't understand is how you go about getting another property if you haven't paid off the first? when do you sell? do you even sell? 

I'm basically wondering how you could afford to basically finance another property (and so on and so on) with having a note on the first

Thanks in advance for the enlightening views!

Hey, everyone! My name is Jeremiah and I'm new here to bigger pockets (which I'm sure will become blatantly obvious in due time haha)

Recently, after struggling for a long time of not knowing what I'd wish to pursue in life, I've come to a realization that I'd love to be involved in real estate.

I'm in love with houses and the renovation process, I have managerial experience and I'm driven to a fault! 

My only problem is 

I'm broke

I'm only 24

I have ZERO credit (never had a credit card)

And I did mention I was broke, right?

I decided that this IS what I want to strive for no matter the sacrifices. (Land lording/ rentals). I just need a kick in the right direction.

I've read all of the "get started with nothing" articles and I'm such a newbie that I can't really even follow that! 

I'm not sure where to actually get started!

Should I get a realtors license? Should I rent to own? How do you get a second property after your first and a third? Do I need an investor? Where to find one? What type of loans?...

I have so many questions (I'm always trying to learn something) and have no idea how to answer them.

 Are there any recommendations you guys can give me for a complete how to for getting started in real estate? Books, programs, podcasts, articles? I'll basically read stone tablets at this point.

Thank you guys for you input in advance. I'm excited to hear what types of advice I'll get from other newbies and veterans alike!