All Forum Posts by: Nina Granberry

@Lee Ripma I'm so glad that I decided to listen to episode #373 to reunite with the BP platform. It inspired me to take action and was the push I needed to begin my REI journey. Thank you for helping me to start with my first deal and all the support. I intend to do the same things that you've done with this property to my own investment.

@Cary Plummer good question and great advice from @Account Closed

I would just say keep on reading, growing, educating yourself (everyday) so that you can make informed decisions in your RE journey. You do not want to rush into things without a plan, but also don't want to always only be preparing. 

Are you saying that if the house at the auction has other bidders and they bid above 10k, that you will not be able to move forward in the bidding process?

Also, have you considered:

+ the max amount you are willing to pay based on the ARV?

+ using the BP calculator tool to analyze this deal to make sure it is a good deal?

+ what is your plan for raising capital and building cash reserves?

Just some things to think through. There will be other opportunities for you if this one doesn't pan out.

@Geraldo Jorge Torres

Welcome! BP is an amazing resource and I learn more and more each day myself. Because there's so much valuable information here and things to get into, what helped me was creating a routine. So, there are 4 things I do each day to build habits that will help me accomplish my REI goals:

1) read something REI

2) analyze a deal using the BP calculator tools

3) read a forum post (and respond where appropriate)

4) listen to a podcast/webinar/audiobook

Every week @Brandon Turner hosts a free webinar on a particular topic. They're great. I hope that you and your wife dive in and get started with your REI journey!

Good luck

@Jason Larson @Ward Conville @Joshua Ferrari Thank you all for your suggestions and ideas. I have a few questions after reading so far:

1) How do you find these motivated sellers when you do not have access to the MLS in the area you are trying to invest in? Do you connect with an agent? And even then, do they just work with you on finding deals out of goodwill to you?

2) How can one become a private money lender? I have been researching my options and think that I could be a PML for a down payment for an investor.

3) Finding a partner isn't as easy as just going online and adding them to your team. That too has been a challenge for me. If you all have worked with partners in the past, how did you find that partner?

Thanks guys for sharing!

@Joe Villeneuve Ok. So, if you put down a large dp and that money is locked into your property, should you get a HELOC so that it is more useful?

 No, I do not occupy the property. It already has tenants, though. I plan to live in the next property.

@Gina Kim

I listened to that episode too — thank you for the insights! I am currently under contract on my first rental property, a duplex in Belton, MO. I live in Brooklyn, NY, so I’m investing out of state. I am already formulating a plan for how to acquire my second property.

For property #1, I took out a conventional residential mortgage loan, 30-year fixed rate with 25% down. No LLC. Based on what I've read from you and @Jed Haslam-Walker :

1) When would I be eligible to apply for another loan in my name? I'm planning to apply for an FHA loan on a multifamily (preferably a 4-plex) and will live in one of the units.

2) Would you recommend that I hire someone to do my taxes after my first investment property?

Thank you for sharing!

@AJ Felix i agree with @Joe Villeneuve as far as having an actual property to analyze. You can analyze 5 deals using the BiggerPockets calculators before having to upgrade to a membership. 

It isn't necessarily a bad thing to have a down payment of 25% instead of 20% because that's just more equity you have in the property from day 1. You can use that equity to your advantage in future deals. Is that true for any REI strategy @Joe Villeneuve or just certain ones like buy-and-hold, for instance?

@AJ Felix best advice is to keep educating yourself, practice analyzing deals. 

@Jerry Stevenson I am currently under contract on my first deal -- a duplex in Belton, MO. I live in Brooklyn, NY, so I decided to invest out of state. Before deciding to pursue, I attended webinars and read a bunch of articles focusing on analyzing deals, so I knew what to look for in determining whether it was a good deal or not. This particular article was pretty helpful. Also, as a pro member, I was able to put all the details about this deal into the rental property calculator to see that I would cash flow on it right away.

What I am learning is that it might feel scary to pull the trigger on a deal when you've never done it before. But taking action is what actually opens the doors. It's important to prepare and study and save $$ so that when the opportunity presents itself, you are prepared and can make moves.

@Kumar Gaurav An article that I read might be helpful to you in determining whether this is a good deal or not for you. Check it out. Also, do not be afraid to invest out of state. I am in the process of doing that now and there are many others on BP doing the same. Just seek out people to help you in that target market.

6 metrics you must know to identify a great deal