All Forum Posts by: Dev Why

Ok so I'm trying to learn about investing, but there are no REIA clubs in my area and I can't find any mentors. So I was thinking about starting an REIA club so I can learn that way potentially. How do I make a REIA club? Is it hard to make a club? suggestions?

Hello BP,

           I am taking my first steps on the road to financial freedom. Next week I will see if I can get pre-approved for a loan to see where I stand, and what kind of offers I can make in the future if I find a property worth buying. I will also be talking to an Real Estate Agent next week as well. I just wanted to know what questions should I ask a Real Estate Agent? How do I find a good Real Estate Agent. I'm kind of nervous to take these steps because I'm so new at this but I want to keep pushing forward and not be paralyzed by all this information that I am learning. Hope to hear some good feedback!!

What type of questions should I ask a prospect mentor when looking for a mentorship in my area? I want to use the right words and be professional when finding a mentor.

Thank you for the information. Both of you have answered my questions.

How do you analyze a rental property if you know you are going to use an FHA loan for your first deal, while using the 2% and 50% rule? I know how to do the rules but how do you incorporate the right numbers If you know you are going to use an FHA loan on your first deal.

Example: 123 Carter street is a triplex on Zillow.com. Property costs $100,000. All the rentals are $650 a month. Mortgage for a 20% down 30 year fixed loan is $325.

50% rule: $650*3=  $1950 Total Income

$1950* .5= $975

$975-325= $650 Cashflow

2% Rule: $650*3= $1950 Total Income

$1950/$100,000= .0195= 1.95%

Question: How do I use these rules if I know I will be using an FHA loan for my first deal? or How do I set up the numbers if I will be using an FHA loan for my first deal?

(I know these are just rules that should not play into the final factor on buying the property, I am just trying to get through the first part in analyzing a deal seeing if I should do more analyzing on it or not using these two rules.)

Thanks guys. I will keep searching and take your suggestions.

Any Ideas on how I should link with investors to find a mentor? I was thinking about talking to my Landlord seeing that they have been investing in my area for sometime now. Thoughts?

Can someone explain the 50% and 2 % rules when looking at a property?

ok. I'm new to this site so just asking questions. 

Why do investors steer people away from wholesaling?