All Forum Posts by: Ian F.

>There are so many opportunities for you to learn online absolutely free and/or work free for others while learning in exchange.

This is true in general, but the pitfalls are not in what one knows but in what one does not know.  The home inspector that assessed the property I bought was not as thorough as the one that was used when I sold it.  Needless to say this made for a costly lesson I could have learned had I gone through a comprehensive course or read a book before hand about what to look for.

>Reach out to members in your local community or on BP and provide them some sort of value and in return you can learn from them.

I like this advice much more.  I wish I had known someone like you before I entered into my first and only deal so far and plan to find a mentor before I start my next one.  Thank you for putting yourself out there to help others.  In economics it's called specialization and trade, or "division of labor" and it benefits all parties involved.  This is why I love this community so much, can't wait to get back in the game. 

Hello,

I was interested in hearing this guy's take on RE investing and was considering blowing $250 to get his course.

https://meetkevin.teachable.com/p/real-estate-inve...

His name is Kevin and he runs a youtube channel.  Does anyone have experience with this course?  Is it worth it?

I'm never opposed to getting extra viewpoints on investing, even though I think I already have a lot of the basics down.

Thanks!

@Jim K. @Jennifer T. @Patrick M. 

Great stories, thank you for sharing.  Sounds like a lot of opportunities to make money, I never knew about those different situations/avenues.

I'll have to get a good team together before I hop back in and be ready to really put the house through the ringer to make sure the numbers work.  I'll be walking into houses with a different eye now.

whoa, thanks for all the replies in this thread.  This definitely changes my perspective a bit.  When i jump back into it I'll definitely look at these properties as great rehab and rent opportunities.  I just need to find that good neighborhood, like you all pointed out.

Thanks again!

Hey all,

After a flip from hell, two years and a lot of lessons learned I am considering getting into real estate after relocating.

My original investment strategy was to buy a duplex and house hack, but all the units I saw were trashed and not up to code.  I mean every single property but one, and I spent 3 solid months of looking two or three times a week.  Why do people let this happen to their rental properties?  I saw units with families living in houses that were structurally unsound, electrically unsafe, etc.  These people just sucked up rent and depreciation while leaving absolutely nothing but a death trap good for pawning off on a gullible investor, or demolishing.  Add to that the terrible state of our local economy and it felt nearly impossible to get started. /end rant.  Is this just a south jersey thing or is this everywhere?  Did anyone else experience this getting started?

That being said, what areas are best to move to for multifamily investing?  I know Dallas is growing fast, as is most of Texas.  Also, I work in IT so there's no city where I would really have a hard time getting a job.

Thanks in advance and pardon my rant.

Hello all,

I have a single family house in South Jersey (Galloway) (3bd/1bth) and for the last 2 years I've been fixing it up.  I've had it on the market for almost 2 months and it's not selling, even after reducing the price to break even territory.  Now I've decided to find long term tenants and rent it out.

Does anyone know a good property management company in Atlantic County (Atlantic City area) that handles single family homes?

Thank you in advance,

Ian

@Les Armour I PM'd you.

@Chris Mason I'm pretty sure he's just a contractor, never put together any kind of package or made me aware of draw request forms.  My mortgage writer said I can find someone else, too.

Hey all,

I am currently involved in my first investment property just outside Atlantic City. I got a 203K with my FHA loan and a general contractor gave me an estimate, on the bank's recommendation.

Bottom line is, I have been ready for the guy and patient for over a month but he's been stalling due to personal problems. 

Does anyone have experience with changing contractors with the mortgage company?

Also, how do you find and vet new contractors to make sure they're legit? 

Thanks in advance!

Hello all,

I am looking at a turnkey duplex that is $165,000 and my mortgage broker says that my DTI would be about 3.2% points shy of qualifying for the FHA loan. I have no co-signer, so he said he could do a deal where the mortgage is contingent on having a renter in there (one renter would cover 70% of the monthly rent).

Has anyone done a deal like this before?  Would it be wise to seek a private investor?

Thanks in advance!

@Paul Timmins 

Thanks, glad to be here.