All Forum Posts by: Wale Lawal

Quote from @Marizel Ashby:

Quote from @Wale Lawal:

Quote from @Jonathan Greene:

Welcome. Why do you think you've been stuck in analysis paralysis? If you've been reading books and listening to podcasts, adding in-person real estate investor meetups is usually the special sauce to break the paralysis. If you are in Houston, there are tons of meetups there. @Wale Lawal, do you have a meetup coming up?

 Yes, I do it virtually on zoom. I will recommend that the person send me a personal message so that I can send them the meetup details since BP does not allow us to share that information in the public forum.

Keep up the great work sir @Jonathan Greene

Thank you Jonathan and Hi Wale!
One of the reason also if that we dont havr much to start yet, but want to and we are passionate about getting into it. I want some insight on the action items we need to do to know a good amount needed to start.... we are new and want to get in real estate for long term help for our family. We would love to attend group meetups too so we can get educated. I appreciate you both!

 @Marizel Ashby

Below are the top things I will recommend you focus on if you don't have at least $30,000 in your bank account or you don't have access to that kind of cash from other sources:

1. Start with your primary residence if you are currently renting.

You can buy a duplex with only 3.5% FHA Loan and rent out the other side while you continue to learn about real estate investing. You can even rent out all the rooms in both unit A & B.

You can occupy 1 room and rent out the rest for maximum cash flow but this comes with some inconvenience as you will have to deal with roommates and you don't have 100% privacy in your property.

2. If you already own your primary residence, move out and go buy a Duplex, Triplex, or Four and do #1 above.

3. Partners with an experience home flipper to learn the risks and rewards of house flipping to build up some cash (This is considered a job, not real estate investing).

4. Continue to repeat #1 recommendation every 12 months until you are tired of moving.

The ugly truth is that you need some money to start investing in real estate and I strongly recommend you do it with your own money before you start lending money from family and friends.

All the best and keep up posted on your progress.

Quote from @Jonathan Greene:

Welcome. Why do you think you've been stuck in analysis paralysis? If you've been reading books and listening to podcasts, adding in-person real estate investor meetups is usually the special sauce to break the paralysis. If you are in Houston, there are tons of meetups there. @Wale Lawal, do you have a meetup coming up?

 Yes, I do it virtually on zoom. I will recommend that the person send me a personal message so that I can send them the meetup details since BP does not allow us to share that information in the public forum.

Keep up the great work sir @Jonathan Greene

Quote from @Marizel Ashby:

Hi guys,

I am new to BP. I have been sitting for months now and stuck to alaysis paralysis in getting a small rental to start. I want to connect and network with everyone, in hope that I can learn from each of you. Appreciatr you all.

Thanks!

 @Marizel Ashby I can help get you out of the analysis paralysis as I have done for many new investors like you. Send me a Direct Message to connect.

All the best. 

@Vhernadette Sasing

For 2024 and 2025, consider leveraging real estate for passive income through turnkey out-of-state rentals, multifamily or small apartment buildings, and short-term rentals. These options offer economies of scale, simplified operations, and reliable income streams from tenants. Consider property management services and tools like AirDNA to understand local demand and occupancy projections.

Good luck!

@Yimma Davila-Castro

Welcome to BP!

To accelerate your real estate portfolio growth, leverage equity through Home Equity Lines of Credit (HELOCs) and cash-out refinancing. Education on financing and scaling, such as DSCR loans, and partnerships can help you take on larger projects. Focus on cash flow and value-add properties, such as fixer-uppers or renovations, and expand into multifamily properties for better cash flow. Build a network with other investors and seek a mentor if possible. Optimize your finances by reducing debt, boosting credit, and maintaining strong cash reserves. Reinvest rental income for property improvements or new investments. These steps will help you build a strong real estate portfolio sustainably.

Good luck!

@Kelly Lane

House hacking is a viable strategy for building wealth through appreciation, even in high-priced markets. By renting out a duplex unit, you can cover a portion of your mortgage and free up cash for other investments. In current market conditions, rents have generally increased, making house hacking a viable entry strategy. Focusing on duplexes or small multifamily properties can provide potential appreciation and cash flow, even if the property doesn't cash flow immediately. Finding a viable deal requires flexibility in location, property size, and type. Consider properties with value-add potential to boost rents and improve cash flow.

Good luck!

@Brandon Morgan

Duplex to house hacks offer immediate income, equity building, and a smooth scaling path. Single-family homes in New Jersey have appreciation potential, appeal to a broad tenant pool, and are easier to sell. Lenders offer favorable terms for owner-occupied multi-family homes, making duplexes a good option for financing. House hacking can be used to build portfolios and gain experience with tenants while offsetting living costs. A single-family home can still be an investment with the option to convert it to a rental. The choice depends on personal goals and lifestyle preferences.

Good luck!

Quote from @Jahid M.:

Quote from @Wale Lawal:

@Jahid M.

Starting a rental business involves researching local regulations, using platforms like Airbnb and VRBO for short-term rentals, targeting mid-term rentals like traveling nurses or business professionals, and considering Section 8 tenants for stable income. Networking and community building through platforms like BiggerPockets, local REI meetups, and real estate Facebook groups can help diversify your portfolio. Connecting with experienced investors in real estate forums, attending local meetups, and working with mentors or coaches can provide hands-on advice. Each strategy offers unique benefits, and it's essential to plan for seasonal fluctuations and consider cash flow vs. appreciation.

Good luck!

Hi Wale, that is very helpful information!  I will keep that in mind as I move forward!  Do you have any advice on how to find and select a loxal group/meetup?

To find the right real estate investor group, search for meetup platforms, REIA (Real Estate Investor Association) groups, local brokerages, and LinkedIn events. Visit multiple groups to evaluate their goals, values, and focus. Look for "Pitch-Free" policies, supportive communities, and smaller, specialized meetups. Attend real estate conferences or seminars for specialized meetups with a professional focus.

Good luck!

@Zach Rumfield

Estimating an ARV involves using public sales data, subscription services, local tax assessor's website, real estate agents, CMA tools, and local appraisers. As you become more familiar with neighborhood values and property conditions, estimating ARV becomes easier over time. Utilizing these methods and collaborating with local appraisers ensures accurate results.

Good luck!

@Colleen Sutherland

Welcome to BP!

To succeed in Cleveland's short-term rental market, research local regulations, analyze potential locations, find ideal properties, build a network, plan renovations, stay connected with BiggerPockets, focus on modern bathrooms, cozy outdoor spaces, and practical amenities.

Good luck!