All Forum Posts by: Ricardo Juarez

 Thank you ,Mindy. This has helped a ton. Definitely going to be cautious and consider all of these points.  

Hi everyone. I'm 20 years old I've been following bigger pockets for a while and am ready to move on my first investment property. A property came on the market this morning and it looks like it could be a good opportunity. It is a  3/1 that is in the middle of a rehab but the owner ran out of money. (also the owner is the listing agent)  She already has gotten framing done for a second bathroom to go in downstairs. The property has a new roof, new siding, new windows, new front door, and new retainer wall. Most of the demo and frame work have been done inside as-well. 

The property is listed for $125,000 and has an ARV of $250,000. With that being said I see this as an opportunity to get in as an owner occupied, finish the rehab get it livable and rent out the extra bedrooms. My exit strategy would be to sell after a 2 year hold or hold on to it and rent out the rooms. (its located right next to a college).

I know that conventional loans are off the table. So would getting a hard money loan to cover acquisition and rehab be the best way to get in... until I can refinance  and start renting out the rooms?

I would love to hear what some of you experienced investors think about this?

Thank you!

@Adam Chmielewski

Great advice. I’ve been approved for a pedal 2 credit card that I’m supposed to be receiving in the mail pretty soon. I’ve also heard about the credit union method, I’ll have to look into it some more. I’m considering opening one up an using both credit cards. Thanks for reaching out!

@Brandon Morrison

That's awesome! I'll definitely check out that book, thanks for the suggestion. Congratulations on making this REI journey happen for yourself as well that's motivating to hear.

@Brian Tunnell

Hey Brian,

The group sound like something super resourceful and I would love to be apart of it. I’ve PM you, we can keep in contact there.

@Karl McGarvey

This is great advice. I have a meeting with a financial advisor soon and I’ll be sure to bring this up. Thank you for your advice!

@Lara White

This is really helpful. Thank you!

What’s up BP nation!

I’m a newbie to RE investing and I have a couple of questions that might help point me in the right direction. I recently got back from AIT, which is where I was when I was introduced to BP. Needless to say I’ve been obsessed with RE investing ever since.

My goals with RE are to build a portfolio of MF properties. On my journey I see myself diversifying into some STR and maybe some flips to help fund my ultimate goal which is buy and hold.

I am 19 y/o and I don’t have credit. This is something of an issue I am currently facing. I’ve applied for multiple credit cards but haven’t gotten pre-proved for any yet. My first question would be What is a good method you would suggest someone use to build credit starting from 0?

I’m not sitting on huge sums of money so I intended to use leverage to buy my first property.

Right now I am working an overnight job which allows me to listen to hours of BP podcasts. So aside from listening to podcasts, lurking in the forums, analyzing properties in my market and saving money I feel like there is more I could be doing. This leads me to my second question.

Should I get my real estate agents license? Because I have the ability to go to college for free (g.i bill) I have also been considering going back to school to study something that could be beneficial to my business. (accounting,business management, marketing, ect.) What advice would you give someone in my situation?

What’s up BP nation!

I’m a rookie to RE and haven’t got any experience for the time being. I enlisted in the national guard and went in right out of high school. I recently got back from AIT and while I was there I met a women who introduced me to BP , needless to say I’ve been obsessed with RE investing ever since. My question is: what are avenues I can take to better prepare myself for my RE investing journey? My goals with RE are to build a portfolio of multi family properties. I am open to implementing other strategies along the way to get there but multi family buy and hold is my focus.

I’m currently 19 y/o and I don’t have any credit.

Ive applied to multiple credit cards but haven’t gotten pre-approved on any yet. If anyone has tips or suggestions on how I can start building credit feel free to leave them.

I am currently working an overnight job and living only on what I need and saving the rest. I have a bit of money saved from my training that I intend to put towards my investing. I have set up a budget and allocated my money accordingly.

Mostly all of my free time is spent listening to BP podcasts, lurking in the forums, and analyzing deals in my market. Between working to build up a good sized cash reserves,budgeting, and trying to get a line of credit I feel as if there is more I can be doing to better prepare myself.

With access to financials benefits for education (g.i bill) I am considering taking an online course to get my agent license. I am also looking at maybe taking classes at a community college that will be useful for my business later on such as marketing, accounting, property law ect.

Really anything real estate or financial related.

I guess I would ask what worked for you , and what would you recommend for someone in my situation? I know I can be doing more than just listening to podcast and reading forum posts wile I save.

Also I am in the greater Birmingham area if there are any investors that would be interested in meeting and just sitting and discussing real estate.

@Bill Brandt

I’m new to real estate investing and I’ve also had this same concern about when or when not to buy. You made a really good point that I feel is a great way to look at it. If over time the tenant has paid more than the down payment than you have profited, that’s great!