All Forum Posts by: Rhondalette W.

1.The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

I am glad you have joined the BP community. Good luck with your real estate adventure.

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Welcome Chris

1.The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

2.Next, read the BiggerPockets Ultimate Beginner's Guide– this is a free book that gives you all the basics of getting started.

3.Then, listen to the free podcasts there are hundreds click on BiggerPockets Podcast

4.Finally, if you have specific questions about any part of the process ask your questions in the forums.

I am glad you have joined the BP community. Good luck with your real estate adventure.

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Originally posted by @Vonetta Booker:

Hey, BP--here's my dilemma:

I'd love to continue investing in buy & holds, but most of my money is tied up in a flip last year that didn't sell in time, so I wound up renting it out and doing a refi to pay off my HML. It has a decent cash flow & good tenants, but after carrying costs & other expenses, I don't really have any extra money of my own right now for both a down payment on the next investment property and keeping my own reserves intact. (The plan was to use a HML, requiring 20% of the purchase/rehab costs, for the BRRR method.)

So, I figured I’d bounce some ideas off my fellow BP-ers to make sure I’m not either missing a solution--or about to jump in over my head with anything.

I've already refi'ed my investment property at 75% LTV, so I figured a HELOC for an additional, smaller amount (enough to help w/ a down payment) would be out of the question...correct, or no?

I thought about using a Lending Club, Uplift or friend/family loan for the 20% down payment--but I'm afraid of overleveraging myself with paying monthly interest rates on 100% financing (of course, the goal would be to quickly flip or refi the property ASAP). But is it even possible to have those loan types in 2nd lien position (after the HML's 80%) anyway?

OR, should I just wait until my tenants’ lease is almost up (late summer/early fall) and approach them about possibly buying the house (or I put it back on the market), and use that capital to start over with future buy & holds?

My head's kinda spinning right now in terms of what to do...it's a little frustrating because after hearing all these "50 doors in 5 years!" examples, I feel like I'm at a standstill, that things are taking longer with this REI thing than they should. But I'm also trying to be as realistic & smart about things as possible.

Thoughts & feedback as always are welcome!

Do not get too frustrated with those who report 50 doors in 5 years. I think most are experienced, have cash reserves, joint ventures, leverage partnerships etc. At least your property cash flows and it sounds like you have many options. I think of real estate as a long term adventure get rich slow plan instead of a get rich quick scheme.

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Originally posted by @Jessica Kegler:

Hi, I am new to investing and am looking forward to learning from others. I have just gotten into the education phase and have listened to some of the podcast on you TUBE. can anyone recommend other great places to start my education. I'm about to start reading the UBG.

Welcome Jessica

1.The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

2.Next, read the BiggerPockets Ultimate Beginner's Guide– this is a free book that gives you all the basics of getting started.

3.Then, listen to the free podcasts there are hundreds click on BiggerPockets Podcast

4.Finally, if you have specific questions about any part of the process ask your questions in the forums.

I am glad you have joined the BP community. Good luck with your real estate adventure

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Originally posted by @Ayana Young:

Hello everyone. My name is Ayana Young and I am brand new to real estate investing. I am in the Cocoa, FL area. I am currently seeking as much education as possible into starting this business venture. I am very excited to get into wholesaling, rehabbing and creating a passive income with rental properties. I look forward to getting to know others with the same interest and knowledge.

Welcome Ayana

1.The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

2.Next, read the BiggerPockets Ultimate Beginner's Guide– this is a free book that gives you all the basics of getting started.

3.Then, listen to the free podcasts there are hundreds click on BiggerPockets Podcast

4.Finally, if you have specific questions about any part of the process ask your questions in the forums.

I am glad you have joined the BP community. Good luck with your real estate adventure

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Originally posted by @Jonathan Brown:

hey guys new member to bigger pockets. I am in the Welcome

1.The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

2.Next, read the BiggerPockets Ultimate Beginner's Guide– this is a free book that gives you all the basics of getting started.

3.Then, listen to the free podcasts there are hundreds click on BiggerPockets Podcast

4.Finally, if you have specific questions about any part of the process ask your questions in the forums.

I am glad you have joined the BP community. Good luck with your real estate adventure

0 Votes

Welcome

1. The best way to get started in my opinion is to start with the education tab. There is a 62 lesson course. Watch the short videos you will learn a ton.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

2. Next, read the BiggerPockets Ultimate Beginner's Guide– this is a free book that gives you all the basics of getting started.

3. Then, listen to the free podcasts there are hundreds click on BiggerPockets Podcast

4. Finally, if you have specific questions about any part of the process ask your questions in the forums.

I am glad you have joined the BP community. Good luck with your real estate adventure

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Welcome Diana, congrats on your new purchase. Unfortunately, I don't know about the cost for rewiring. If no one here knows, try finding electricians in your area online, then call and ask if they can give you free estimates. Try to get 3 estimates to compare pricing. If they can provide references that would be great too. Good Luck with your new property.

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Originally posted by @Joshua Sclafani:

Greg S. Good point, another question for the attorney. Also, how often do you recommend that I inspect the property? Is that frequency often mentioned in your leases?

We inspect our property quarterly. We change come in to change the air filters and to check the smoke detectors. While we are there we take a look around and ask if they are having any problems. Try to fix any problems ASAP before they become a bigger problem like leaks or plumbing. Good luck with your first rental.

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All Forum Posts by: Rhondalette W.

Rhondalette W. has started 20 posts and replied 352 times.

Post: Real Estate Investments

Post: New member from Washington

Post: New Member from Colorado

Post: Money Tied Up...What to Do?

Post: new member

Post: New Member

Post: New member

Post: New Member

Post: New to site

Post: My First Rental - What are your best tips for a 1st timer?