All Forum Posts by: Philip Williams

Hey I was a bit lost when I first started up as well. I think the only thing you can do is jump right in! I started listening to the bigger pockets podcast and reading all the books the guests advised. Was a great way to expand my knowledge! good luck

Well that is way to broad of a question lol. But I would tell you if you are just starting out to find an area that is within your financial range. It does you no good to be motivated and not be able to come up with the high down payment some areas require. i.e. California a duplex can be as high as 500,000 while in "war zones" such as very low income areas with high crime rates a duplex can go as low as 30,000. I can't advise either but try and find a comfortable medium.

Welcome to the community! I have only been on this site for a short amount of time but have found it to be an invaluable resource. If there is anything I can do to help please let me know!

Hi welcome to the site! I hope the seminar you are attending is a good one and not a guru trying to scam you out of your money! I have been investing for a couple of years and almost everything you will need is on bigger pockets! So try and enjoy your seminar and learn a lot, but don't let them sell you on another package or mentoring or anything!! Everything you need you can find on here and no I have no affiliation with this site.

I'm not sure if you have heard of the 2% rule but this doesn't even qualify for the 1% rule....If your purchase price was 300,000 1% would be 3000 a month which you aren't even close to getting to.....I would just pass and find a better deal

wow crazy!

Welcome

My cap rates have been around 18 and vacancy rates right around the 4% mark

Hey good luck and hope all goes well! I invest in the Rockford area if I can be of any help let me know!

Well we really need a little more information to form a solid business plan. Without any of that I'm assuming you don't have bundles of cash laying around, so the easiest in my opinion would be as follows. Start looking for a duplex one that is within your price range and purchase it. This will at the very least allow you to live rent free. If you get a fha loan as a owner occupied your down payment will be much smaller. You must live in the property for a year also fyi. The following year move out into another duplex which you will purchase under the same owner occupied low down payment fha loan. You rent out the unit you had been living in and the other side of your current duplex and now your less than two years in. You have 3 units to rent and with the extra income instead of paying down the mortgage. Use the extra cash for a bigger down payment perhaps purchase a four unit etc. This is a very basic easy starter strategy, not the one I used but perhaps it will give you a little basic guidance.