All Forum Posts by: Tyler Carpenter

Thanks for the info Richard: I had thought of that and that is why i wasnt planning on maxing out my cards. I was just going to use 50-60% of the availability which would drop my credit a little but HOPEfully not drop like a stone.

I make a decent salary as an engineer and banks are willing to get me loans for the purchase, but the rehab is a different story for the loans. I am just weighing in all my options. I figure if I could find a killer deal that maybe it would be worth it to pay an extra couple thousand and start now instead of later while still realizing what Jon says; of knowing if you can make it work or not at the worst situation.

Thanks for the info Jon. I havent quite learned all the acronyms yet, tell me again what the LTV stands for? My mentor says not to worry so much about the refi because he would either back me for the refi and become a partner on the deal or find a broker that would be willing to work with me. I just have trying to find good investors and really nobody takes me as serious as I should be just because of the whole starting out business, which I totally understand. But someone in my shoes and the drive to make a deal happen, I am going to look at every possible way even if it may look stupid to some.

What does everyone think about using credit cards to start for cash/ rehabbing/ down payment money for a first time startup. Im new and I know I have a lot to learn, but am just curious about picking peoples brains in this area. Has anyone done this? In short, I have a mentor who is basically going to help me find a great deal where my rehab/cost of property will be below 50%. I then would refinance to take the equity and pay off my credit card and since I have such low rates would actually be cheaper than paying back some investors. This then would give me a decent amount of money to put down for my next rehab project.

I know Im new to the whole investing and when I talk to my friends/ family no believes that someone my age can have such a successful future ahead and all because I have the self motivation to carry on my dreams. All I keep hereing is oh the real estate market is crap and blah blah blah this and that. Well in what Im going with (rehabbing) its the best time to start. So when I talk to my friends about my real estate goals and they just dont have the heart to imagine the outcome, I get fired up. This is the best motivation for me. I find myself loving real estate more and more the more my friends and family bash it. They just keep feeding wood into my fire.

What would you all consider as the operating costs? Maintenance, Insurance, vacancy factors,etc?

Welcome to the site, I joined the site about 2 weeks ago and have learned so much just from reading everything on here. Best of luck.

Thanks all for the encouragement. Its kind of hard starting out with nothing and not having your family and most of your friends believe that you can make something bigger of yourself, especially in real estate. That is my hardest part right now, but also the best thing for me. It has motivated myself to prove that I can do whatever I put my mind to. Right now as I start,I have no passive cash and am currently working with my mentor at learning everything. He is leaving it up to me on how to get my first time investors. He knows its hard for me and that Im going to have to work hard to sell to people that I will return there money with a profit and to invest in me. He knows im struggling because I have no backing to my success, but knows Ill find a way to make it happen. I've heard many people suggest that you should lie and present yourself as if you have had a few properties, but I am not that way. I come from a family where both of my parents never went to college but work hard. I put myself through college and worked hard to become an engineer and currently at age 23 I am designing for caterpillar and getting ready to go to Arizona for 6 months to design on the Apache Helicopter for the military. So I know I have the passion and drive to make things happen, just not the income. Any comments or suggestions in the area of gaining investors? Thanks for the welcome again.

Hello all, I am just starting out in this business and really dont have a lot of passive cash just yet. I am looking to take on investors to get my first place under my wing. The only positive side, is that I have a very very successful real estate mentor who is going to help me find the best deal to maximize profit, but its looking like I need to come up with $20K in money I dont have for rehabing. What are some of the easiest ways, that you all were able to use investors money? Also, what ROI did you offer to obtain more and more investors? Thanks

I plan to do the same. I have a best friend who has always been right next to me, sharing my passion for real estate. He is going to become a silent partner over the next few months while I try to setup my first few places, since Im still young and have no money.

Hello my name is Tyler Carpenter and I am a 23 year old real estate investor/ engineer. I got into the real estate addiction a few months back when my dad gave me a book on how to keep your spirits high (Weekend Millionaires). This then led to another book by the same author about real estate and renting, and this is when I became hooked. I have since then read a few more books and just been reading anything that pertains to real estate. My real first HUGE STEP into real estate happened by total randomness. I am huge into cars and ran into someone who has a lambo and asked him what he does for a job and wouldnt you guess. Rehabing Real estate. Since then, he has taken me under his wing and is showing me the ropes and answering anything I can think of. He is an awesome guy and is basically setting me up to start a great and successful life in real estate, yet making me work hard and struggle to learn. Besides that I figured if I would surround myself with people who share the same passion as me, it would help keep everything in perspective. I hope to learn anything and everything, while seeing the negatives and possitives by asking questions from every levels of success. Cheers