All Forum Posts by: Reggie Wright

You won't get a lot of response because there's no value that you're offering them. For instance it would be much more profitable to spend that lunch hour meeting with their team or a potential new source of financing rather than meeting someone they don't know.

Now it would be a completely different story if they actually had met you before and saw that you were hungry to know more. Your best bet is to go to your local REIA meeting and introduce yourself there.

Best of luck

Other things equal, it seems like your opportunity cost is higher if you lived in one of the Bronx/Brooklyn triplex units. 

As you mentioned, you have to pit the pros/cons of an extra $2k in revenue (and living in Manhattan) versus the ability to use a loan program finance an owner occupied property. 

Good information, I wasn't aware of the rule change. Thanks for sharing the knowledge!

Go to gmail.com -> click on "more options" -> click "forgot email"

For me attending the local REIA opened a lot of doors for me. Attend yours and invite an investor out to lunch.

https://www.meetup.com/The-Woodlands-Real-Estate-E...

Welcome to BP. I'd recommend going to your local Real Estate Investing Association (REIA) meeting. Google "(your area) REIA" and be sure to meet everyone there.

It's a generic answer but it truly depends on your local market. If I were you I'd add keywords to your post like "average profit for flips in Miami" so users in your area will get alerted to your post. 

I feel like real estate investing is widely-known yet little understood. For instance everyone has seen a flipping show on HGTV but they don't know the first thing when it comes to finding deals, calculating the numbers, making offers, closing contracts, managing the rehab and selling the home. 

I feel like taking action has gotten me further towards my first deal than listening to hours of real estate content. Don't get me wrong, I love the BP podcast and I can listen to REI videos on youtube all day but I found that saw tangible results once I started driving for dollars, knocking on doors, asking postal workers to refer leads, calling FSBOs and writing yellow letters. For instance I actually visited a potential flip with a contractor. My first deal is still yet to come but it feels closer than ever before. So yeah, just get out there.

By the way, what's your plan?

It's called house hacking. As a disclaimer I've never done it personally but the concept, as you said, is to buy a 2-4 unit multifamily building and live in one of the units while renting out the others. Yes it is necessary to live in the building for at least a year because of the FHA rules. The FHA wants homeowners to use its loan program rather than investors, therefore it created the one year residency rule.

You can buy without living in the property if you are able to buy it using money that doesn't come with the one-year residency rule. In other words, if you are able to get a traditional mortgage or seller financing or use some other loan program that doesn't require you to live there. 

@Ralph R. Odessa has a strong rental prices because of the recent oil boom. Although energy prices have gone down the rent rates haven't fallen by the same degree. I would say that area is a C- neighborhood. A majority of the houses are small and old but relatively few homes have security bars on the windows and no one hangs out on their porch. In other words I wouldn't be worried to visit at night.