Rental Property Investing 101 Discussion

[Sonny Lee]

Greetings,

My name is Sonny Lee, I live in the Minnesota Twin Cities area and I am new to the Real Estate Business field. I am planning to invest in my first Rental Property (2 units) and would like guidance from you all. With a little introduction: I am a first-generation college student at Metropolitan State University majoring in Computer Science: Bachelor of Science program. I am currently continuing on with the end of my Sophomore year and is employed at an IT Corporate as an Intern. I have always been employed ever since I turned 16 years old, newly born to the real financial world I have been completely deceived by the system. As a first-generation citizen in the United States, I grew up with parents who came from Thailand. As you guys would know, they taught me traditionally and made me believe in only working hard. As a high school student earning only $7.25 per hour working 13 hours shifts at Burger King as a night owl, I was thinking that this job was an INVESTMENT. It became something I was proud of and it made me thought that I had a great job (Flipping burgers). Young and foolish, I was desperate, naive and did not understand that I was being registered in the RAT RACE.  After the 2 long years of working in the Fast Food industry, I moved up through every position, earning my ServSafe certification and became a Manager. After all those wage raise from $7.25 to $12 per hours, it was barely enough. I was hungry, hungry for more and as I added more hours to the schedule at work the result wasn't even enough, data shows it all. At that time I was going to graduate and found out that I was going to be a Father. Through stress and times, I questioned about life and ask myself: "Is this it? Is this the end for me? Why is life so rude to me? What is the reason for life's existent?" Feeling like I reached the Dead End of life, the stress grew in me and I knew I needed help. Then, I went to talk with many good friends and wise adults about a solution to my situation. Gladly, one specific person I was talking with told me: "Hey Sonny. Why don't you just be honest with yourself?" and with just that quote, it changed my whole life. By what I took it for, I begin setting high expectations and concentrating mentally, educationally and financially to create a vision for my future. With my in-depth thinking, I became honest with myself, like who would ever want to flip burgers through their whole life, totally not me. With lots of research and networking through connections, I found a program I decided to apply for, a Professional and Computer IT program that trains me for a 3 months course. After the hard work and involvement I invested, I quit my job at Burger King and got employed by my program. Now, they put me into multiple IT internships and support me to finish college. Through these past years, I started reading business books, like Rich Dad Poor Dad by Robert Kiyosaki, listening to positive motivational influencers like Tony Robbins & Les Brown, watch videos of Business Entrepreneurs like Dan Lok, Grant Cardone, Gary Vanerchuck, Tai Lopez, and Stephen Granhams. I knew that I can't rely too much on one thing so here I am, continuing on with college, working to gain experience for my High-Income Skills and starting the plan for my first Rental Property Investing business. 

Topics I want to talk about:

1.) What are Conventional and FHA Loan? Which is best for Rental Property Investing? What is a good strategy in using each?

2.) How do I build my credit fast? (Dos and Don'ts) 

3.) How to get Pre-approval for a Home Loan? What is the bank looking for?

4.) What I must do right now to start? What should I stay away from?

Thank you,

Sonny Lee