All Forum Posts by: Steve Kontos

@Spencer William Quesenberry

My wife and I took one full year of reading and going to networking events every single weekend before taking the plunge into our first deal.  At the end of the day it's about respecting this business prior to doing ANY deal.  Take the time to "learn the ropes" and speak to people in the industry.  Basically be a knowledge sponge absorbing everything real estate.

It's fantastic to see fellow BPers say their stories.  Best of luck to you and great thread!

@Trey Read

I have to agree with @Alina Trigub while adding in my own 2 cents.  Cash is and always will be king, remember that.  With that being said it's important that you treat this business with respect in terms of "dipping in".  What I mean by that is there are a vast array of different ways to invest.  Once you choose the type you like, you need to network and find someone who is successful at that type of investing.  Learn the ropes from that person or team directly and DO NOT put all your eggs in one basket upon purchasing your first deal.  There is so much to learn that the last thing you want to do is be left with no opportunity to grow.  I hope this helped and best of luck!

@Will Hanson

While it will take time regardless, you can also see about being an authorized user on someone's credit card.  This individual should have good credit and a decent size credit limit.  That will definitely help your score out.  Also Capital One is typically a good starter card.  

@Frankie Betancourt

uumm the following hit the nail on the head..@Ty Ottaberry @Matt K. @Kata Walters

What a lot of people don't realize is that MANY investors and even large companies use debt to purchase assets, it's just a matter of understanding the discipline that comes along with it.  There is a method of doing this properly though you definitely need to consult with someone who has credit experience.  

@Tom Wilson

First off congratulations on all your success thus far!

Interest rates are low right now so YES you should absolutely leverage to buy investment properties.  In terms of the mentor, I would look for someone who has successfully invested in the type of real estate investing your looking to do (in your case buy and holds).  Sometimes simply attending meetups or other organized events in your local city are great ways to start. In the case of BP, check out topics of interest and see who's rhetoric you gravitate to.  It's all about finding common ground based on the other person's interests and needs.

When I started I know networking events and just getting out there helped me find exactly what I needed.  It took about a year but it worked and I'm eternally grateful for the people I have met along my journey.  

I hope this helped to some degree and I really wish you all the best!

Hope you can come out and have a nice discussion about today's real estate markets.  I will also be talking about the many benefits to out of state real estate investing and take any questions you may have.  Hope to see you there!

@Dannielle O'Buckley

A good filter system that worked well for me is investing in landlord friendly states.  The added risk is already there because of the obvious distance issue so I like to mitigate my risks by having the law back us up.  Next you need to have a good system and team in place.  Those are key components. 

When starting from scratch I'm always going to advise that you speak to someone who has done this type of investing successfully.  Pick their brain and get a firm grasp before proceeding.  At the end of the day its YOUR hard earned money that's on the line. 

Best of luck!

@Jamel Abrams

Great advice from @Bob Okenwa

In addition to that, I would become an authorized user on someone's account who has a decent size credit limit.  This will also help your credit score improve.

@Crystal Hammond

Steps:
1. I would be an authorized user with someone who has good credit. 

2. I would then pull up all 3 credit reports and highlight the issues keeping my credit down.

3. Send a letter to the credit bureau stating you want further detail on the specific item keeping your credit down. 

4. Apply (or use current card if you have) and keep charging and paying off. 

Building a good history is key to a better score.