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All Forum Posts by: Account Closed

Account Closed has started 10 posts and replied 34 times.

Post: Insufficient Work Documents

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

Hello Everyone,

 I recently went through a pre-qualification process with a loan officer. One of the things that stood out to me was the requested documentation. I am in my early twenties and have done freelance work and have been working on my eccommerce. The loan officer told me straight up that I would not qualify for most mortgage loans even if I have bank statements showing consistent income and a 700 plus credit score. Has anyone dealt with a similar incident, If so, what should I do?

Post: MY FIRST REHAB WENT A BIT TOO WELL. CONCERNED!!!

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

Laurence this is honestly very inspirational (especially your bio), Congratulations! 

Post: What do you have on you real estate team?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

Hello Everyone, I am new in the real estate business and putting together a team of people that I will be working aside. Who are some of the people in your organization, and what was the process of deciding who you wanted to include in your projects?

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47
Originally posted by @Thomas Dougherty:

Let the PM manage all the rental properties at the beginning and it makes me feel I have less control on my own property. 

Hello Thomas, 

If you can please elaborate on why giving the PM most of the control was an issue?

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47
Originally posted by @Caleb Heimsoth:

@Bijou Diaou. In a broad sense, investing in a turnkey property out of state was probably up there. It was a good learning experience but you have to understand there’s nothing about real estate that’s passive

Hello Caleb, I am actually looking to purchase a turnkey property out of state, If you do not mind can you elaborate on why it was a mistake.

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47
Originally posted by @Bjorn Ahlblad:

@Account Closed the place was completely trashed the teenage son was out of control and the single mom could not deal with him. Holes in ceiling, doors smashed, etc. Tenant move out in the middle of the night, son broke back in set off fireworks, got drunk and arrested. Long story short inspections are vital, make notes and take pics. We now self manage and video every unit before moving in a tenant, and again when they move out. We also screen inherited tenants as necessary. Thorough screening and no compromises is vital to sleeping well!

Thank you Bjorn, For the shared story, Definitely will do. 

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47
Originally posted by @Bjorn Ahlblad:

@Account Closed not insisting that my PM do regular inspections! New tenant or inherited tenant every 6 months first year, or longer if required. Every 12 months after that. 

Hello Bjorn, Just out of curiosity, Why was that such a big mistake?

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

@Taylor L. I have been warned about both habits, Will surely make sure to avoid both

Post: From personal experience, Do you prefer rehabbing or turnkey?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

Hello Everyone,

I am new in the real estate business, and I am doing intensive research, and I am preparing to buy my first rental property in the next few months, I wanted to ask the bigger pockets community, Thier opinion of that can help my decision on what type of property I should aim for.

Post: As a new investor, what was the biggest mistake you made ?

Account ClosedPosted
  • New York, NY
  • Posts 34
  • Votes 47

Hello Everyone,

As a new investor, what was the biggest mistake you made and what would you have done differently. I am opening the discussion for newbies such as myself to learn from the mistakes of others and avoid those same mistakes. I want to hear all about!