17 year old Newbie! Reachout

[Roshan Khadka]

Hey hope you and your family are doing well during these times. I am fairly new to bigger pockets and to the sub forum group.My name is Roshan and I am in the greenwood area. I am 17 years old just getting started in real estate investing. I wanted to ask if there is something I can do to add value to you somehow like analyzing deals or something else. My main goal is to learn myself and also learn form experienced investors 

Feel free to message me! Thanks everybody hope to hear from some of you guys. 

[Graciela Garcia]

For your FIRST purchase use NACA (Neighborhood Association of America). It is a nonprofit that offers amazing benefits. Since it is not for investors, use them for your first property that you will live in while you have the loan. Use them to buy a fourplex. Just yesterday, their 30 year rate was 3.125% and 15 year was 2.375%. No money down, bank pays for almost all the closing costs, no PMI, credit score does not matter so long as you can show one year of responsible credit. If you dont have credit because you are very young or dont believe in credit cards or such, they will use monthly bills such as phone or utilities to show you are responsible. The interest rates can be reduced by using a "buydown". NACAs buydown is amazing. The 15 year can be bought down to .0625% (yes, decimal is in correct spot) and 30 year can be reduced to 1.375% for the life of the loan. Nobody else offers these terms. Because they are a nonprofit, you will need to help them twice before they help you. You can staple or file papers for them at their office or at one of their conventions. Even just attending a convention and taking someone with you counts. My sister translated. I ushered people from spot to spot, stapled papers, stood in the hall at their convention and directed people--easy stuff. Since it is not for investors, make sure your first purchase is through NACA. Since you have to live in property, so go for 4plex. You can buy a fourplex for 200K, pay $8500 for 15 year interest rate buydown to .0625% (minimum required rate), and pay less than 4K for closing. Nobody else can do this for you. Or do a 30 year...14K to do buydown to around 1.375% and around 4K for closing costs (can only reduce 30 year rate by 1.75% due to Dodd Frank regulations blah blah blah). Sounds too good to be true, I know. I thought the same thing. My rate is 2.0625%, sister has .0625%, best friend has a little over 1% 30 year interest rates. Sister paid less than $100 in interest last year on the 160K balance (190K purchase price). Tons of money goes to principal every month and not interest. Because it is a nonprofit, there are a few hoops but worth it. I only had to go to their office 3 times. I uploaded all my documents into their system and my counseling appointments were done by phone. Right now they are doing facebook live webinars. I dont know if this is because of COVID or because they changed their platform to include this on addition to their classes. Last piece of advice...if you do phone appointments wake up early and be their first appointment. Their call center always runs late in the afternoons. Get a large binder and stay organized. If they ever frustrate you, remember you need them, they dont need you. Just say to yourself, ".0625....0625....0625".