All Forum Posts by: Anthony Beckham

@Aften Hennricks

How exciting! I think you're off to great start with just planning and joining Biggerpockets. Markets up and down the I5 corridor are all doing great and have seen a ton of appreciation over the last couple of years.

I suggest paying off whatever debts are necessary to qualify for financing and/or over 5% interest. Then keep the rest of the cash on hand to serve you as you hop into a 2-4 unit house hack. That will keep it simple residential financing and get your feet wet as well as start to produce income right off the bat. I wish I would have started out with a multi-unit house hack, the numbers are just bigger so it can be a little intimidating.

I wish you the best of luck! 😁

Hey Andrew! I wish you luck on your out of state investing. I have looked in that direction as well, so I'm following this thread! 🙂 Where are you located in Oregon?

@Anne Williams We can always find an excuse not to take action. There are good deals in every part of the market cycle, keep looking for deals throughout this Corona Virus scare, and if you find a good enough deal, make it happen! 😁👍

My advice would be to first call the agent representing the property and get the scoop on it. If everything checks out, go take a look at it and see for yourself! (This is assuming you have your financing in order, etc.) In most markets, if you see a home that is noticeably under-priced for the neighborhood chances are it will be gone if you spend too much time wondering why it's such a good deal. Good Luck!

Hey Dale,

I've never had much trouble finding financial institutions that will do rehab loan products. Mortgage brokers in my experience have been less likely to take on construction loans, rehab loans, etc. However, I'm sure their are plenty of them that do.

Chances are you'll just have to contact more than a few. Every time you talk with one lender, ask who they would recommend that may offer a 203k Rehab Loan. Call them, and repeat the process until you find someone who says they can. I've used this method a time or two, and it will save you time the next time you're looking for a lender to give you a rehab loan! :)

Good luck out there!

I've heard of several guys that were closing deals before they were even out of highschool.

Listen to the podcast "real estate disruptors", they always have high performing wholesalers on there. A few of which I know were around your age when they got started.

Just keep doing what you're doing. Studying. Creating a game plan. And even start prospecting now. There is really nothing holding you back. The only thing you can't do is sign on the dotted line, you'll have to have a friend or relative to do that. And that's a very small part of the hustle that goes into a wholesale deal.

Nothing is wrong with taking courses. Honestly that's what gets a lot of people started on the right foot. Just make sure that you're converting that newfound knowledge into action, and that action into dollars.

If you get started now, you'll be thanking yourself later. Good luck! :)

Most easy to find hard money lenders seems to be 10-12% with 2-4 origination points.

Depending on experience, credit, etc. is when you'll see the lesser numbers. 

I'm sure there are guys on here that pay much less, but I would say the above seems to be pretty close to the standards most are advertising. 

Hey Sam,

As far as I'm aware, it isn't going to matter what loan type you used to initially purchase the property. If you have an equity position greater than 70% LTV I don't see any reason why you couldn't refinance the difference out at a later time.

There are many hypothetical factors in your breakdown here, in which I don't know if they are realistic. At least not for my area. There are plenty of bank foreclosures here, however they are not typically dropping $40,000 off of an asking price. Among many other things mentioned here. 

However, the underlying question in regards to financing should hypothetically be possible if you were able to create the gap in equity through repairs, inflation, loan pay down, etc. But if there was really that big of a gap due to repairs that are needed, chances are it wouldn't have financed within the FHA requirements in the first place.

I wish you luck, my friend! Get out there and make something happen! :)

Wow! If you got a $74,000 assignment fee, all I have to say is I'm doing it wrong.. Haha! Great work, my friend!

I quit my job, dropped out of college, and got my real estate license at the age of 21. It was the best decision I ever made. I wanted to build my rental portfolio as well, but it's hard to do the BRRRR method without first having the cash to buy the property.

I worked hard, but made six figures my first year, tripled that my second year, and am hoping to at least double that again this year. I've now done well over 100 real estate transactions, and several investment deals. It all starts with getting your income up first. And you'll certainly be more confident buying real estate and knowing a deal when you see it after selling a bunch of real estate. It's not for everyone, but I think your plan is similar to what mine was, and well.. it worked!

$6,000 is plenty to do some marketing on either the agent or investor side (I've learned the marketing is basically the same when targeting sellers). Then you either list it and sell it, tie it up and wholesale it, or find a partner with cash who will provide the funds, and hopefully experience to flip it. You either have to have the money, or find the deal. Then hustle.

Study hard and stick to it. It's hard work, but well worth it!