All Forum Posts by: Andrew Freed

@Jason Shackleton, @Megan Arzt - It's all about having that laser focus. I appreciate the encouragement. 

@Megan Arzt - That is amazing, it is nice to see someone's journey 5 years later and all the success that followed! I am currently on my own journey (I have 3 rental units), but I hope to be where you are at in 5-10 years. :)

@Mohr Ben-Reuven - "The Real Estate Rehab Investing Bible" by Paul Esajian has a great overview of the elements associated with a rehab and general costs. I would recommend at the very least to listen to this audio book which could spur other educational ideas. 

Interesting, I have not heard that. Thank you for the insight Jay! 

Exactly! My only hesitation with going this direction ASAP is the fact that my parents think it's best for me to stay home for the next few years and save my money, instead of doing the FHA and living there for a year.

Makes sense, I completely understand your hesitancy. Your parents are simply looking out for what they think is in your best interest. I ran across this same push back from my family who where "looking out for my best interest". What I would say about that is you need to decide your own destiny and not let others define your goals. Your family clear loves you and cares for you but it sounds like they have not taken the path to financial freedom so how can they guide you? Learn, grow, listen to others who've done it and put yourself in uncomfortable scenario. That is the only way success will follow. 

@Account Closed Yes, you have to live in the property for a FHA loan. However, when you manage a multi-family and this is your first time being a landlord, it would be very beneficially to you to live on the property from a self management perspective. Additionally, I am sure you want to keep a close eye on your first property.

@Mark Abbate, @Will Fraser - Will had some solid advice. I agree, I would not get caught up in a bidding war. Run your numbers and offer what makes sense. If you truly like the asset and increasing the price by $10-20k would still make this property work from a numbers perspective then go for it. Otherwise, I would recommend sticking with your originally bid. 

On a side note, did you include a personalized letter with your offer? I would recommend following up your bid with a personalized letter to humanize your offer in either case, which I have seen be very effective. 

Not letting fear rule my destiny. By harnessing the power of determination and a spirit that never quits, you can overcome any real estate related challenge. Consistency is the key to success. 

@Account Closed - Just the fact that you are starting at this so young gives you a leg up on most investors. My advice would be to look into a FHA 203k rehab loan for a multi-family. Since you are so young, I would recommend buying as soon as possible and planning on holding it for at least 10 years. In the long run, that property will build significant wealth for you. Additionally, with your construction know-how and family support, you should be able to manage a cheaper fixer upper multi-family and provide some value add / forced appreciation. By utilizing this strategy, you gain experience in two types of real estate, multi-family and BRRR / rehab. At the end of the day, you can learn all day but experience and wisdom is worth its weigh in gold. Even if you break even, the knowledge is so worth it!

@Julian Broyles I'm a real estate investor and love accelerating my ROI through a buy and hold strategy. I'd say, to truly be a successful investor, you have to make this one of your primary hobbies and live/breathe real estate. Laser focus is key to any successful venture. Don't get me wrong, I like anime and am a foody, but I like to target my hobbies towards having fun while accomplishing my dreams. Achieving financial freedom in 10 years is my hobby and I don't plan on resting until I see my dream comes into reality.