All Forum Posts by: Account Closed

@Michael Gerry Welcome to BP! House hacking would be a great way to start and I hope it is a great experience for you. If you ned anything, don't hesitate to reach out.

@Toni Willems Van Dijk Congrats and great job! It sounds like it was a success. On to the next one!

@Jacob Younger Welcome to BP! It sounds like you have the drive and passion to get moving on this quickly. Regarding what area you want to do, what do you want to do? Most areas are viable if you're securing off-market deals. Personally, I focus on the town I live in. Once I "exhaust" my list in that nothing "new" appears off-market, I'll move to the neighboring towns and so on. I'm a huge fan of driving for dollars which came after watching Anson Young's videos. By doing that, you are creating YOUR list that no one else has. Yes, some of the same properties will be available through ListSource but the list truly is yours.

Once you have your prospects, do a tax search for the owner online for free through the local town's tax payment site, and then market to them how you wish whether it be yellow letters, postcards, etc. Like they say, just be persistent and consistent. Plan to be in it for the long term and success will come.

@Levi Davis Welcome to BP! I recommend you check out some of the BP podcasts/videos on getting started in investing with no money down and also looking into wholesaling. Wholesaling will allow you to take off-market deals that you secure through your preferred marketing method and then assign them to a buyer for an assignment fee. Check out the video library below for more information;

https://www.biggerpockets.com/videos

@Nick Kouli Your best bet I believe would be to see if the seller would offer seller financing without a down payment. They might want a higher interest rate due to nothing down but it could work.

It depends on what your goal is with the parcel. You could seller finance it to the buyer so you have a monthly payment coming in. Additionally, you could do some research and see what uses the property could potentially have. It could be worthwhile to clear the property and get any approvals you need through the town in order to better market it. Then you could possibly sell it for a premium.

That's all dependent on what rents are going for in those areas compared to what your all in monthly costs would be including mortgage, taxes, HOA, etc. If there's positive cash flow that's a good thing. It's all up to what you're looking to do and if you can "afford" to break even for a while and wait for appreciation but there's no guarantees with that and could leave you in a tough spot.

@Sarp Ka While high in your area, I wish our taxes were that low in New Jersey! We would be close to double that depending on where you live. Although a pain, search for your desired counties' millage tables which should detail each town's exact millage rate. For Miami Dade County; https://www.miamidade.gov/pa/library/2021-adopted-millage-chart.pdf. If you need assistance in other counties, please let me know and I'll do my best to help. Google whatever Florida county you want followed by millage tables. e.g. "Miami Dade County Millage Tables"

@Lance Stokes Look into a local REIA in your area to join to gain access to a large network of like-minded people. Additionally, reach out to investors (through REIA?) in your area offering assistance, whether it be filling envelopes, scouting properties, etc. Have you looked into wholesaling off-market properties? It can be a fantastic way to get started while saving as it doesn't require a ton of money minus your marketing costs for located properties. Anson Young has great information on this that is worth a watch if you haven't seen his stuff yet.

@Justin Hales Welcome to BP! This is an interesting question in that what is your level of desired commitment to the investment? Do you wish to be active or passive? I couldn't choose for you but personally, I would go for an actual property based on my desired level of risk. While there may be mistakes, no one is going to manage your money as well as you IMO. It comes down to the rate of return as well. Another thought is that you could lose your shirt if the GP fails in their venture or things go sour. You're borrowing money to invest in a fund which is essentially the same as borrowing on margin in the stock market which can be incredibly risky.