All Forum Posts by: Ashley Guerra

 Looking back this deal was not at all right for me. I tried to fit in a shoe that was too big for me. However, if you have any guidance on my situation...

I am 22 and looking to get into my first real estate deal this year. Why? I figured if the numbers make sense (i will get to those in a minute) and i can afford the house worst comes to worst, meaning not defaulting on the loan, i am willing to invest in the property. I'm currently looking for a multi family (2-4) in my local market: trenton nj. Homes ranges 250-350k. most of these homes need renovation minimum 10k most of the time. Now with that, i would want to go in fha203k loan or simply fha. 
Financially speaking, im still saving, but the goal is 50k saved up (all costs: closing, fees, down payment) by this summer with my fathers help on the cash. Why summer? I finally start my full time job, report 60k a year, which is not very high considering where i live and my home purchasing power. Now i have a question regarding when i can use my college degree and job as "proof of two years work" rule: when can i show consistent paystubs where i can be considered for a mortgage loan? 
I dont plan on leveraging my dad at this point since we wont qualify for an fha loan if he is on the contract, so i heard. 
With this said, how does this plan sound so far?
feel free for any feedback

Note: that property was sold, it was a good deal, but it in no way fit my position

Hello all,

I am reading on the real estate investing process and i plan to buy my first property with an FHA loan, however, as i am no one with any experience on rehabbing i have this concern of pricing.

So when i find a property and get to the inspection part, i understand they find issues with the house, some which can be minor and others major. Now i know things like mold, plumbing or foundation issues sound scary, but is it something i should leverage and not be afraid of and fix or not dabble in that area? Are there any issues that are complete no-go's? i plan to get a property in trenton, nj, which for those of you who may not know, their properties are very old, so finding issues with the house is no surprise.

Also, is this the time i get quotes during this inspection time and see if i have enough reserves to fix the major issues? Or should i already have an understanding of how much things will cost? Is there a generic rule anyone follows that tends to work? how would i know which issues take priority over others (i.e. replacing roofing, fixing plumbing)? If i dont have enough money for major issues, does that mean i cant afford my home? If theres a lot of major issues when do i know i need to let go of the deal?

Sorry for all the question. Just looking for more knowledge and understanding. Anything helps!

Hello all, 

I am reading on the real estate investing process and i plan to buy my first property with an FHA loan, however, as i am no one with any experience on rehabbing i have this concern of pricing.

So when i find a property and get to the inspection part,  i understand they find issues with the house, some which can be minor and others major. Now i know things like mold, plumbing or foundation issues sound scary, but is it something i should leverage and not be afraid of and fix or not dabble in that area?  Are there any issues that are complete no-go's? i plan to get a property in trenton, nj, which for those of you who may not know, their properties are very old, so finding issues with the house is no surprise.

Also, is this the time i get quotes during this inspection time and see if i have enough reserves to fix the major issues? Or should i already have an understanding of how much things will cost? Is there a generic rule anyone follows that tends to work? how would i know which issues take priority over others (i.e. replacing roofing, fixing plumbing)? If i dont have enough money for major issues, does that mean i cant afford my home? If theres a lot of major issues when do i know i need to let go of the deal?

Sorry for all the question. Just looking for more knowledge and understanding. Anything helps!

Hello all,  I am a young real estate investor who is looking to buy their first property. 

I think (emphasis on think) I have found a deal for me but here is my situation: I am a recent college grad with no 2 year income (just yet) and I came across this property inHamilton, NJ, in which i need between 100k - 144k after all costs (rehab, closing, 20% down payment) I do not have this money as a 22 year old, so I naturally wanted to get an FHA loan but the problem is, its a quadplex that has all units occupied, so i cant really live here because there would be no space, unless there is a way around this. I would be able to come up with this smaller sum amount, since I have been saving.

Now, my father is the money man and could potentially help but even 100k-144k is a big amount of money, ALSO he just got his first house back in June 2023, which can impact pre-approvals, so what are my options here? How creative can i really get  IF this is even a good deal. 

I have ran the numbers and for me, they check out, obviously I would do more digging if it comes down to actually purchasing this deal

So... my biggest concerns are that I want to get into my first property and if I find an opportunity, like perhaps this one, I don't want to miss it, but the amount of cash on hand is a concern, so I'm kind of stumped. Where should I go from here? How can I tell the banks "I'm not going to default" without the cash on hand?

Thank you for any help at all!!

**Wrong title**

Can a veteran help me buy my first property?

Hi all,

Is there a way my brother could potentially help me buy my first rental property. He is a veteran and is able to get those VA loans, but is it possible to also get me on the loan without breaking any laws or such. Since he is a current sailor, he wanted to help me get my first real estate property since he gets all sorts of benefits.

We would potentially want to get multiple properties using VA loans or any sort of help, but is this legal?? Can he help me jumpstart my real estate journey in any way??

Any help is appreciated. 

So I am a college student interested in purchasing real estate within the next 2 years as I have a job coming up. I'm familiarizing myself with my market, understanding terminology, and overall learning. I am open to buying a good deal, with my parents help, if it crosses my path but I want to better understand the process; I want to make offers weekly just to see how the numbers work but I am not sure how a real estate would react to sending 2-3 offers weekly to a college student who doesn't have an official pre-approval, (although I have used better.com and amerisave.com to see what i qualify for using a soft pull on credit), nor a full time job just yet.

Does anyone have any advice? Should i bother reaching out to a real estate agent regardless of my situation? Should I stick to reading and learning more until I get a job?

Thank you for any input

Hello all,

New, beginner investor with a burning question: is it a good deal to have positive , $94, cash flow, but a low CoC at 1.5%?

I have found this property but a rule of thumb is "a good deal is between 8-12% CoC" which this property doesn't fit.

Should i keep on looking and avoid this one? Cap rate is 5.6% if that makes a diff.

my main goal here is to create passive income by buying either a single family home (this deal), or a condo/townhouse to house hack