All Forum Posts by: Bill Regan

Welcome to Bigger Pockets Brandy. You have a great last name for this business ;)

First off, welcome to Bigger Pockets. If you browse around and listen to some of the podcasts you'll find that a big reason Joshua Dorkin started this site was he believes in sharing information and hates those who try to scam new investors out of their money with get rich quick schemes. So, you are in the right place. I'd call your credit card and have them cancel all transactions from your guru and ask for your 3k back. If you are really worried about it maybe get an attorney to call on your behalf and scare them? Look around BP, listen to the podcasts, read some of the books and you'll be well on your way for free!

Check out mobilehomeinvesting.net, @John Fedro's website.  Tons of information there and John has a podcast and even a mentoring program if you are interested.  He is one of the go to sources for investing in mobile homes.  Good luck!

Hey Philip! You could use your HELOC to purchase a multi that needs some work and fix it up then rent it and then refinance it into a traditional loan thereby getting your initial investment back and then being able to use the HELOC on another deal. Also, talk to several banks. Even though you are "unemployed", some lenders may be able to work with you based on your stock assets and the equity in your home. Remember that banks are in the business of lending money! Try a smaller local bank or seek out a portfolio lender that doesn't necessarily have to conform to a Freddie Mac type standard.

That's what @brandon turner did to acquire the four plex that he is using to pay for his daughter's college. We've been using his form letter to target smaller multi families in our town. No luck yet, but only on round one. Good luck!

$400 per month isn't too bad. Perhaps a different way to look at it is how many investments would you need to pay the loan for you. Then once those properties pay the loan off you'll have an extra $400/month in cash flow! Use assets to pay for debts.

Mike Nelson I worked with my dad doing all kinds of stuff like that and engine work to boot. While I didn't enjoy it while I was doing it, in retrospect it has made me a more well rounded individual and I'm grateful to my dad for showing me those things now that I'm a little further down the road of life. I think a lot of younger people don't realize the value that can come from doing some manual labor with your own two hands. There is a sense of accomplishment in remodeling a kitchen or changing your own oil that you can never get by pressing the send button on an important email or crafting a really nice excel spreadsheet.

Joseph Shin First of all kudos to you for looking to gain knowledge at a young age. Bigger Pockets really is a great resource for getting that knowledge, there is so much to learn here! Listen to the podcasts and read the blog. If investing in real estate is in your future, try to get jobs as you are able in related fields. Maybe you could work a summer for a contractor and learn some basics of the trades (carpentry, plumbing, etc). Or, see if you could help at a local real estate agency or do some bird dogging for an active wholesaler in your area. The possibilities are limitless and if you show up and are enthusiastic, people will be happy to help you along. Save up a bit of money and you could get a 3.5% down payment FHA loan when you go to college and rent out rooms or other units (if you get a 2-4 unit) and live for free! Good luck and I bet we all wish we started learning at your age.

Hi Melissa, I've been looking into this a bit too.  I spoke with one attorney and it was going to be in the neighborhood of $450 for the note and mortgage.  However the trick seems to be finding a loan originator who will work with you or even understands what you are trying to do.  

Good advice Steve! Best to take your time and analyze the deals and not rush into anything and get caught with your pants down. Good luck on your next deals!