All Forum Posts by: Frankie Woods

@Ryan Dossey  , I am currently working on obtaining my R.E. license as well.  If the offer still stands, I'd be interested asa

Own-STL is a great brokerage.  I would highly recommend them.

@Michael King 

Welcome to BP!  You are starting off right by jumping right in and actively participating in the community!

You just have to be patient.  Remember, there are A LOT of "investors" out there that don't know what they are doing or how to correctly analyze a property. 

@Sihao Cao 

Welcome to BP!  Looks you have quite the head start on most R.E. investors!  Awesome!

@Steve Wald I think even the founder of this site, @Joshua Dorkin , wishes he had found BP sooner, haha!  It is such a wonderful resource.  I would recommend checking out the 50% rule and 2% rule.  These are good rule of thumbs to follow while analyzing deals.  Armed with those basic tools, you can begin looking at real estate prospects in the market your interested in to best position yourself down the road.  Rule #1 - you make your money when you buy.  Rule #2 - the only way to know if you've found a  rule #1 is if you know your market inside and out.  (my personal opinion).

@Pedro Oliva I would purchase a multifamily (e.g., a duplex) with an FHA loan and live in one side while renting out the other. If bought right, you can definitely "hack your house" and live for free, or better yet, still accomplish cash flow. Check out the 50% rules and the 2% rules to get a start of how to calculate cash flow. Good luck!

Hiya @Tyler H. .  Welcome to BP!  Be careful when assuming appreciation will occur.  Past performance is not a predictor for the future. 

Saying that, I still believe NYC is a great market even given how expensive it is.  Though hard, you can probably find a motivated seller, thus making the numbers work in your favor.  Check out the 2% rule (though you'd probably be good at 1%) and the 50% rule.  Both are just rule of thumbs, but most agree that they are a good way to quickly analyze a deal before going further with your due diligence. 

Welcome to BP @John McMenamin !  I see you've already received some stellar advice!  BP is so awesome!

@Ronnie S. , welcome to BP!  I know you've been lurking for awhile, but congrats on taking the step to introduce yourself is huge.  I've found that by interacting with the community at large is the best way to truely ingrain the lessons offered here, aside of course by actually getting a deal. 

You have some really good goals lined up.  Now it's time to take them and find that first deal!  Good luck!