All Forum Posts by: Nichole Wall

Ty!!

Let me just add that I do plan on finding wholesale deals (since that's where I think I'm starting) in his area but he's pretty successful in finding all the ones for himself with his network of people. 

Hi guys,

So I've known from day one of getting into investing that I needed to find a mentor in my local market to learn from and not try to learn from one not near me. I did get in contact with one and he helped me estimate a repair cost on a house that I ultimately (and then unsuccessfully) wholesaled. And he took me around one day to his properties for sale and I got to see him buy a house in 20 minutes for 45K and found out 2 months later he flipped it for 85k to one of his tenants!! He's a genius!! But one thing...I feel like I'm bothering him but...I want to see and know more!! I asked him if I could follow him around again and he said anytime but didn't get back to me about it. So my question is...should I offer to pay him to mentor me once a week or ask if he has any openings at his business to work for him to learn the business?? Or how do I find another local investor and ask them for the same thing?? This kind of goes along the lines of podcast 21 I believe where Jerry got paid to help a local investor answer phones. I need to do that!! I'm a hands-on person. Any suggestions would be great, thank you!! ~Nichole 

We currently have one FHA loan now. But that was another option we were considering...getting out of that loan to get another FHA loan (because you can only have one at a time) on a duplex or apartment building.

And that's exactly what I was thinking on a fix and flip too. Thank you! 

And where would I find people who are in those types of situations mentioned above?? Just asking around?

Hi everyone, my name is Nichole and I'm new here! I'm new to investing and long story short...I quit my job in February to start building my business full time but had my first wholesale deal not go through and my then partnership dissolve within that month which made me step back and really evaluate where I'm going with my business. I know that I can wholesale once I get organized enough to start marketing (which means my 3 kids starting school again so I have time to focus!) but in the mean time, I reallllly want to get started on controlling properties. My dilemma is...where do I start without a lot of cash but with great credit?? 

My husband has a great job but we don't have hardly anything in savings because we focused on paying off debts (5 student loans down to one in 4 years). We were approved for $190,000 mortgage two years ago when we wanted to get a new house. It would have been $250,000 but we had/have a $60,000 house loan. We since have done remodeling to our current house increasing the value to at least $75,000 (complete guess though). Also, we have a friend who wants to get into investing and has $20,000 cash....so my questions are...can we use that $190,000 to buy investment properties?? Is that a good idea?? Would banks go for that?? I would say a HML would be a good idea but in my market, rentals are the cashflow, not fix and flips My understanding is that the loan won't get paid off under the terms of a HML(because HML are for fix and flips) unless someone knows differently?? Please educate me if different.

Or should I refinance my home and get the difference (estimating $20,000) to start and pool it with our friends?? Yes, we are working on building our savings again and putting some payments on hold instead of paying them off too but I want to start investing sooner than later even if we aren't cash flowing that much yet. 

I'm veryyyy overwhelmed with all this but...real estate (and being successful with it) is on my mind 24/7. I discovered bigger pocket podcast exactly 2 weeks ago today and have listened to 0-22 since. :) And plan on listening to allll of them. I listen to the podcast when I'm driving, cooking dinner, cleaning, folding laundry, and putting away clothes. 

I'm so glad someone recommended this site to me. It's soooo awesome. 

So...advice?? Thank you!!!