All Forum Posts by: Bill Plymouth

@Stevan Radojevic it's mortgage fraud to get an FHA loan and not live in the property for at least a year. If you aren't ready for that commitment, why don't you partner with someone or find a private lender to finance the Down payment?

@Darrell Wyatt congratulations, man! Let us know how it goes

@Shafi Kaderi Hey, brother! Welcome to BP. Good move looking into the FHA 203k loan. You'll be ahead with that equity you'll have when you move in. Let's connect. I'm always looking to meet investors in the Philly area.

@Bryan Cavellier it totally is.  You don’t wanna throw in marble floors if you can only charge 900/month in rent ya know?  You also want to make sure you aren’t pricing yourself out of the market.  Almost every market has a cap.  If a neighborhood had mostly 1k/month rents, you can’t just go around charging 2k/month because you went all out in your property.  I understand you want the unit you’re actually living in to be a little nicer than the units you’re renting, but you have to look and see if you can actually get a return for the extra money you’ll be spending in that unit.  

@Toakase Tafuna of course.  Good luck on your journey!

@Toakase Tafuna 

1. Join a local REI association

2.  Consume all the information you can

3.  Know that real estate is a marathon and not a sprint

4.  Good numbers on a spreadsheet don’t constitute a good deal

5.  Don’t fall in love with a deal.  If it doesn’t work, don’t try to force it to work.  

Bonus:

Since you plan on househacking, check out the fha 203k loan. It allows you to purchase properties that a typical fha loan wouldn't finance. It even allows you to finance the rehab costs. The only negative is that you have to use a HUD approved contractor. You can't do the work yourself.

Double Bonus:

When networking at the REI association you join, don't think about what others can do for you, but what you can do for others. That's how relationships are formed.

@Lydia R. sorry to butt in like that!  You had it under control.  That question about calling the signs hit home.  I’ve has people call some of my listing signs asking me for internships  or training and whatnot.

@Bradley Post everything Lydia has said is on point.  Real estate is a marathon, not a sprint.  There’s nothing quick about it.  Also, if you are sloppy on a wholesale deal, you can cause some serious damage to the seller or a newbie investor.  Be careful. 

@Nicole Draper of course!  Good luck on your journey.  

@Bradley Post I wouldn't call bandit signs looking for a job or an internship if that's what you mean. They put them up looking for business. Not job inquiries. Form relationships with wholesalers at REI meet ups. You want to make sure you're working with a reputable one!

@Nicole Draper if you follow someone, you can see what they post, but they won’t see anything you post.  A connection is essentially a friend request. 

Build your network by being active in the forums, asking, and answering questions.  Also, message people who work in the same market you do and build connections that way.