HELP! With first potential investment and issues finding a mentor.

[Jeiby V.]

Hi BP Members!

First of all I wish to thank all of the BP members that have assisted me thus far and those that will leave comments to my questions.

A little about me I'm a "Newbie" to real estate and ever since I found BP I've been reading many articles and doing the best I can to start my career. Like many I have spent money on courses that showed me the basic but nothing never really happened since I'm in Newark new jersey I've attended many groups have meet many people but most group I've attended want to charge for "some program".

I've tried to connect with wholesalers but most of them don't have any experience or haven't done any deals. After a while I started to notice the same people started to attended the same groups making me feel it's going to be impossible to find a mentor. In one event I had an opportunity to work with a Realtor to learn but the interesting thing is he flat out told me he sucks at teaching and it took him 2 years to do his first deal but I still gave him a try to find out that his teaching consisted of me hanging up bandit signs and getting a $25 ticket. (I'll never do this again).

Ultimately I stopped attending the groups because after paying $25 - $35 it just became too costly for me especially when I really wasn't benefiting or it could of been me I've been asking the wrong way or looking in the wrong places but I'm not sure.

Even after all this I still haven't given up I'm constantly trying to finds ways to creatively invest in real estate without using any of my money since I really don't have much and doing so led me to asking you guys for dire HELP!.

I decided to purchase my first investment the traditional way using a FHA loan the "creative" part (I think it's creative at least) comes from a program I found sponsored by the city of Jersey City providing me with 10% down payment up to 40k max with an additional 10k in closing cost assistance the only set back about this grant is that it has to be a primary residence and I have to keep the property for 10 yrs if I move or sell I have to pay back what I initially used of the grant. Which I have no problem because ultimately I wish to build a buy and hold portfolio.

Since I'm already pre-approved for 200k I want to find every possible way this opportunity can shoot me towards the beginning of my investing career so from reading and networking I have a specific strategy to pursue the problem I'm having is finding out if what I wish to accomplish is legal because I've been running into many opinions about the matter. Also to find someone who could guide me in this process to make sure everything is o.k because if I screw up it's going to be detrimental since I'm risking everything in order to start my career.

My goal is to make an offer on a property for the full asking price of 200k or what ever it comes out to be since I'll be providing down-payment and closing cost I wanted to know if there's a way I can negotiate with the seller to provide me with a cash back amount of 7-9% which is the amount of the closing cost so I'm able to have reserve cash for future expenses and/or to possible combine the money I currently have saved to purchase the next property.

So BP Members my questions are:

1: What can I do differently to possibly find a mentor (I'm meeting with a potential mentor this weekend in NYC any advice would be beneficial)

2. Who in the purchase process I would have to work with in order to make this possible, and to see if there's other options I can pursue.

Thanks for everything!

Jeiby Vizcaino

-The best way to predict

the future is to

Create It.-