All Forum Posts by: Byron Broadnax

This is may seem like an odd question to ask, but right now I'm looking for work, but I want to get serious about this real estate thing. My deal is, Data Entry is kinda of my field, and I was wondering , is there was any way to combine the 2? 

Like specfic job titles, or work I can do for others that will help get my feet wet.

In my area, there are a lot of reasonably priced 5 Bedroom places (some in worse condition than others).  With that being the case, I want to kill 2 birds with one stone. Moving out and bring in another source of income.

But I'm wondering one thing. One of my goals is to grab one of those houses, rehab it, create a studio apartment for myself (I want the bare minimum in personal responsibilities) , and 2 other units to rent out. 

So the question is, how hard (and maybe more importantly, is it even reasonably possible) is it to make a single-family house into multi-unit house? I would figure a minimum amount of square feet would be needed, but I'm wondering if the effort is even reasonabily possible.

So me and my mother, after years of talking about it, and now knowing we're going to get 3 to 4 grand to spend on it, we're now closer than ever to get our real estate investing game into gear. 

One problem. 

Both of our credit ratings are shaky at best, it may be good enough, but since applying for a loan is negative for your credit rating. I ask you this,

Is there a way to find out what financing options we qualify for, without applying for them?

After not being able to recruit any of the people I know and knowing I need others to keep me motivated to see this through (it's a idea I talk about, but never seem to have the motivation to just do it ) , I want to start a MeetUp/Facebook to start a local group in my area.

I want it to be a group for local people to hopefully to pool together money and/or time, have almost a book group over the "The Book on Flipping House" (telling them to buy the book of course) and have way of introducing them BiggerPockets.

So please tell me my idea is flawless and will lead numerous people and my self to the promise land right?

I got a friend in San Francisco, who I've talked up real estate investment, and I think I've caught his ear.

He comes back at me about a guy who rehabbed a apartment building and started renting them out.

I believe I've got a possible partner in the making for what I believe is called a rehab and hold type deals, and I told him I would get him and me the Bigger Pockets flipping book, but is this best resource for this type of deal?

And if not, what's a good education tool for me and my friend (besides BP of course)?

I think from what I've gather, unless I can find someone(s) who I trust to somewhat "crowd-source" a deal, there are better ways to invest.

I think my best bet is to find to find a deal and use my money as deposit for the deal.

So basically, find someone to daisy-chain my money with, until I have enough money outright to do loans with, right?

All advice is welcomed.

If I we're to acquire this money, the plan would be to live out of some of it, while investing the rest (very modest living might I add). A bank CD is good if you have bank CD time, but I want to use the money to build into something bigger.

Thus, I've came here for a idea better then telling the unwashed masses that I have $8K burning in my pocket.

edit: Please believe I will find people on the ground before I hand over any money.

I might find myself with $10k, and if I do, I want to be able to use $8K of it be a private investor because:

a) I feel I can get the return in 90 - 120 day, if it's a rehab project.
b) Duh! It's better then a bank.

But now, I need to know where should I post that I have money to invest?

I don't think Craiglist is the best idea, because there are some scamers out there, but I do want to let as many local reputable people out there know I'm willing to lend my money @ the right return.

Thanks for all your posts.

As you might of guess, I'm brand new to the game. Me and my mother went to one of those Armando's 3 day seminars in the Cleveland area but after they wanted a large sum of money for mentoring and a bus tour and her already having a full time job, it kinda didn't go anywhere.

Until now, as I'm more interested in self employment and going that way, so any starter tips or points in certain direction can help.