All Forum Posts by: Phil Beck

@Roddy Walker, you should gain experience before managing such a big scale. I was advised to do single family homes and multi family to get experience. Learn from any mistakes and know how to manage. My plan even and numbers are planned with this in mind.

Learn first before getting so many units. Then with more experience the more potential there is.

A person doesn't jump in the water believing they will swim, they learn.

Hi

I just thought I ask because I'm looking at options. I have been reading the books and listening to the podcasts on Bigger Pockets. I know I have not learned enough yet to start investing. I'm actually thinking of becoming a real estate appraiser. Due to our situation where I was out of work for a few months due to a work injury: should I get a multi family home? If yes, how do I get financing? I figured since I'm looking for a place to live for my family I figured instead of going back to renting way not go with a multi family home. I live in Clinton Iowa so there is opportunities but that is because the population is decreasing. At least renting shouldn't be a problem but flipping would be. I'm looking at options. I'm trying to ensure we don't lose our place due to an injury again. I was hoping to invest next year with Fundrise. It looks like I might have to invest sooner but it depends what I'm advised. 

I keep seeing seminars coming to my town talking about how to get into real estate and make money off of it. Even a free seminar from Robert Kiyosaki team is coming in March 2nd. I know free seminars is just a pitch for their paid ones and get person interested in paying. I  go to these things to gain a little bit of information if any, but I see no reason to go to the paid ones since I can get the information I need via online like Bigger Pockets. 

One thing I don't do is socialize, not very good at it. That is why I just want to invest into rental property (not much conversation). One thing I have been keeping my eye out for is information of how to invest into rental properties with bad credit (past mistakes). With my credit I have a very hard time getting loans if any. I figure I need 10% or more for capital just to see if I could get a loan for rental properties. So far I haven't found anything except about wholesaling and flipping houses. What strategy do I need to employ? Is 10% accurate for capital? 

When I get rental properties it will help me grow my library and I can study more and more on whatever I feel like learning about while listening to string instruments. I like to study historical theology. 

I'm working on strategies of how to get into real estate. I'm working as a security guard and am paying for past mistakes. I worked for security before so I wasn't anxious to go back into it but my volunteer work in a foreign country didn't matter and this was the only one that would hire me. Besides no longer working a 9-5 job I want to leave behind an inheritance for my kids instead of debt. How can I get into real estate with my meager earnings? I can't seem to come up with a workable plan. I may not have enough knowledge to come up with a workable plan. I know some what about whole selling and flipping. The problem is I don't have any connections. 

From my studies I have learned to compare the area to the house you want. Let's say you want to flip you compare the area and the cost of renovation for the house to see what the return would be after sell plus what other houses have that buyers like. Don't buy commercial property as a beginner due to needing some money to pay for the loan for a year or more since it takes time to find a renter. Even commercial/residential may not be a good idea especially if you move into the residential. 

So far when it comes to financing you need some money to put down. I have yet to find a way to start without money. I keep studying, reading blogs and taking free webinars. Real estate investing is like chess you got to be ready to move while also figuring out your next move. Since I don't have financing I have to gather info and be ready for when I do then figure out what move to make. 

It is wiser to make a calculated move than to blindly make a move. 

Hi I'm Phil. My wife and I have rental property in Kenya. I moved back to the USA after a bad business deal. We are basically starting over and want to start over here. Our rental property in USD totals 200 per month depending on current exchange rate. I had to get a job to work on getting capital but ended up using it to bring my family here. Since we are basically homeless we want to get rental property that can pay for itself.

One income is not going to work besides jobs are not secure. I saw a residential/commercial here in Davenport Iowa. I don't know much about real estate here in USA. Mortgaging our lands in Kenya will only get us 15000usd. It will be hard to get a mortgage in another country and then invest it here. The property I looked at is 59000 an old building 1910. It is across from 2 or 3 factories and surrounded by residential. Dollar General and Burger King is 10-20 minute walk. There is a restaurant nearby and electric repair place and abandoned businesses. The place use to be a tavern and from the looks of it the owners lived in the residential. It is foreclosed in 2013. Taxes is 2,652. It will need some work. Looks the owners maintained the place. 

I was thinking of occuping the residential and renting out commercial for 8,000-10,000 per month from what I collected from the square footage. I was thinking of getting financing for 60k. Paying 45k-50k for the property then use the rest to fix up the place, inspection, and insurance. 

I was thinking of looking for someone who can give advice about if this is the right move and how to get financing with zero down. Since I'm new to the area I'm working on developing connections. Was hoping to get some capital but my paycheck is getting used up in relocating my family. Homeless shelters allow us to stay so long. The current one I'm staying at ends by September 4th when my family comes. I'm relocating to a family shelter. Hoping to find something that works soon so that we won't have to rely on paycheck. This is the cheapest residential/commercial the other one is 99000. We did get our loan paid off for the bad business deal but my wife no longer has a job due to cut backs. 

This is what we are doing currently. My wife is the entrepreneur and I'm the problem solver. My wife has taken 3 entrepreneur classes to learn and pitch in front of investors. She learns something new with every new entrepreneur class she takes. I'm constantly looking for books to help see if the latest solution will work and possibly get a new idea.