All Forum Posts by: Austin Deardorff

Honestly, this answer doesn't piss me off - I get it. There's only so much you can do at this point in my life, and I am certainly trying to maximize that by learning and educating myself. I am currently looking for a mentor in my area just to start tagging along and learn the ropes on the fly without much skin in the game, other than time. I understand it's slightly different from this perspective, but I would consider it a fairly good start. Thanks for the advice and I wish you luck in any upcoming deals you might have on your horizon!

Hello everyone, my name is Austin Deardorff and I am fairly new to the world of real estate, but have a strong desire to learn. That being said, I am a college student, I have no income, and am unable to finance any deals, so I don't know how to begin, but I am too eager to wait until I graduate and begin making money at a full-time job. 

I know there are options for low/no-money down investment options through capital raising or private lenders, and even using an offer letter from a job as a "source" of income up to 6 months before starting the job to land loans at the bank (not positive if this is true). However, since I do not have any income and do not want to rely on my parents for money, I am not comfortable with these options in case my first deal happens to go south and I end up losing a substantial amount of money.

Upon listening to the BP Podcast #197, with Chris Heeren, he describes a situation in which he utilized a college student that was eager to learn to help him with certain areas of his work and another individual Chris worked with where he would mentor him through his own deals. I was wondering if anyone on BP knows individuals in the West Lafayette, Lafayette, or even Indianapolis, Indiana area that are looking for help in exchange for providing me with a learning opportunity. I know it's a little up-front to ask, so even if you have advice/suggestions on how to go about finding an individual who is willing to give me an opportunity of similar nature, that would be awesome! I have been to a few real estate meet-ups in the area and there hasn't been an investor who stood out to me, or appeared to be looking for someone to help out in exchange for knowledge and tangible experience. 

To clarify, I am more than willing to get my hands dirty. I am not the "handiest" person, but I am always willing to learn more and broaden my horizons and will not limit my opportunities to learn as much as possible. I appreciate any advice/suggestions and am growing to like this community more and more everyday! 

@Angelica Osusky as someone who is also currently in college (in Indiana, however) I am impressed by your drive to get something completed prior to graduation. I have similar goals and have a few questions, especially regarding funding, since we have similar situations. How did you go about obtaining the loan (or was it entirely cash financed?), did you purchase the house from a realtor/seller or was it a foreclosure of some sort? And where did you produce the capital for the renovations. Congratulations on your first flip, I hope you are able to sell it at or above ARV!

Thank you @Dave Foster and @Robert Hetsler, I appreciate the timely responses and clarification! I will certainly have to look into both a TIC and DST further to understand exactly what each entails further, especially if a book full length book can be written about each; both sound like very passive investments within real estate.

Robert, I would certainly be interested in speaking on the subject more and I will be sure to reach out to you. However, to clarify up front, I am not currently considering either option as I am still in school and currently do not have the capital for either a TIC or DST, but I am always looking to expand my knowledge and learn as much as possible, especially since I see myself investing in one of the two in the future.

Hello Everyone,

For the topic at hand - I recently learned about Tenants in Common (TICs) as a real estate investment option. Although I am not currently pursuing one, as I understand they can be fairly pricey, I was wondering if anyone had any experience purchasing or selling a TIC and if so, did you use it to continue deferring your capital gains since, if done correctly, it is my understanding a TIC can be used with a 1031 exchange. The only case I can see this occurring is for an experienced investor with a fair amount of cash produced directly from capital gains and not a single lucrative investment has presented itself to justify purchasing, even with a 1031 exchange, therefore a TIC is used, which is less costly than the taxes which would be paid on the gains.

From what I've read, there can be a lot of downsides to TICs and a firm understanding of the investment is required to ensure you don't end up spending more than you would if you were to just cash out with the capital gains. 

I hope this make sense and I would love to learn more from someone with experience or more knowledge than myself on the topic!

Thanks

Yes it does help! So regardless of the multiple postings, the total valuation is $99,075. Thanks for the clarification!

Hello! I am new to both real estate investing and BiggerPockets. I was recently watching a video by Brandon Turner titled "How To Analyze a Real Estate Investment From Your Kitchen Table" and, coincidentally, I am sitting at my kitchen table. However, as I'm following along and he gets to a part where he looks up the property he is analyzing on the Grays Harbor County Online Parcel Database, the property I am analyzing has two listings, each with the same parcel number but one lists "A" at the end and the other "B". I have attached the link below. Is there a difference between these two? It's the same owner and the same address. I noticed the combined land and building values are BOTH $99,075. Do I combine these values or are these the same property with multiple listings? I am slightly confused and was just hoping for some clarification for anyone who might be reading! 

http://www.co.grays-harbor.wa.us/gh_parcel/Search/ParcelList.asp?SrchParcelNo=&SrchHouseNo=605&SrchStreetDirection=N&SrchStreetName=Montesano&SrchLegalDesc=&Submit=Search

Thank