All Forum Posts by: Blaine Alger

I am not a loan underwriter but it sounds like you should be able to get a loan to me.

You are employed, have decent credit and money fort a down payment. I am just not sure how much you can get approved for.

Like @Kevin Purvis said, it doesn't hurt to get multiple quotes and from my understanding, once you get one credit check, your score is frozen for a certain amount of time and that allows you to go shop around loans without risk of lowering your score even more.

One bank might tell you no way but the other will be happy to work with you. A "No" is just another step closer to a "yes".

-BA

The wholesaling filed is not necessarily the easiest route to REI in my opinion. There are many complexities to it and you have to be familiar with all of them in order to succeed. I understand how it can be very confusing trying to get off the ground.

I heard someone on a podcast describing it as being a mix of 5 different fields:

-Marekting

-appraising

-rehab estimating 

-negotiating 

-communication

I would suggest you focus on the education side of things and try to find an investor in your market who you could help out in return for a little guidance in the industry. 

Feel free to reach out if you have any other questions. Im happy to help!

-BA

I would be cautious of the no money down approach to RE. 

It's not impossible, but when starting out it just seems a little impractical.  You need some type of skin in the game to make others comfortable investing their money with you, especially when you are not the most seasoned investor. Once you get a coupe deals under your belt and build experience, you will have a proven track record that will allow you to access more creative financing options.  

You can always look for owner finance opportunities but you need to approach the conversation from the right angle and be able to build strong rapport with the seller.

Feel free to reach out! Always glad to provide any insight I can.

-BA

Continue to use the resources that BP provides you and learn all that you can.

When starting so young, it really give you a great opportunity to build a base of knowledge and sets you up for future success.

Feel free to reach out, I always happy to talk some RE with you.

-BA

https://www.wsj.com/articles/u...

Here is an interesting article by WSJ.

I like the idea but I think you have to really know the market and ensure that there is a need.

So that is the big question that all us younger investors run in to.

I am in the same boat as you because i'm on 1099 and need 2 yrs of taxes before banks will lend me a significant amount. If you have a W-2 it would be easier.

To get around this, you could either get a co-signer or just continue to seek out owner finance deals. 

Feel free to reach out if you have any other questions!

-BA

Sounds like you are off to a great start with the first investment.

I wish i could offer some better advice but military investing is a whole different ball game in my opinion. There are a lot of military guys who invest so it would be best to get in touch with them.  Yall have access to special financing options and have to implement better systems to be able to manage your rentals from the other side of the globe.

In regards to the duplex question: Im not sure where you are looking but if its on market, you will have some trouble. There are duplexs all over the place but some owners might not know they want to sell. Try to look into some off market deals.

Thanks for your service and let me know if there is anything i can do to help!

-BA

What up Jordan!

You are definitely in the right place, cContinue to educate and network and everything else will come together. I would encourage you to not get caught up in the education vortex and try to get out there and take action in the industry.

It might feel scary and uncomfortable at first but doing opposed to watching is the best way to learn in my opinion. 

Feel free to reach out! My girlfriend lives in Phoenix so I am somewhat familiar with the area but by no means an expert.

-BA

You are off to a great start by being here on bigger pockets! I would continue to network and learn on BP and also continue to learn from your dad. GC skills is something that I wished I would have learned while I was younger. Even if you won't be doing your own work, it is good to know what is going on.

My personally opinion is to not get your license if you are looking to JUST be an investor. If you want to work at a brokerage or flip houses then I would say otherwise, but if you are not, I think having your license just opens you up to unnecessary liability. There are many arguments to this topic so just be sure to do your own research and form your own opinion.

Feel free to reach out! I would be glad to answer some more questions or jus talk some RE.

-BA

Well RE is definitely not easy but that is why it has such a high payoff (risk V. reward).

I'm sure these are the same questions that every investor faces sometime throughout their journey.  I think the biggest thing is just persevering through the obstacles and not quitting. There are days where I feel liking punching threw a wall due to one headache or another that comes across my desk but you just have to keep rolling with the punches and figure it out.

I would encourage you to continue to network and learn on bigger pockets and figure out what you wanna do in terms on investing.

Feel free to reach out. I always enjoy talking some shop!

-BA