All Forum Posts by: Ivan Burley

@James Wise.  That's what I call a win win.  Health and prosperity!  I'm entering my second year of Electrical apprenticeship so once I become certified I'll have that to offer to other investors as well as contractors.  I guess I need to scour the members from Nashville and lookd for someone with experience.  

Still getting familiar with the site!

That's a great plan @ Alejandro Sosa.  It's always good to jave you thoughts organized before hand.  Glad to hear you foind someone that could help you.  I hope to find my memtor soon.  In the mean time I'll keep plugging away.

What kind of tasks are you performing with your mentor? In which areas has he helped you most?  Did you guys reach an agreement as far as compensation for his time and knowledge?

@ Devan M. I'm in similar situation as you. I also work full time and I am looking to get some mentorship in my free time. I've thought of a few things to do such a bird dogging and cold calls. Maybe following up on leads that a mentor may not have time to get to. An issue I have is trying to locate a mentor to even offer these services to. I've been to one REI meeting a while back and plan to attend more. I'm hoping I will come across someone willing to give me a shot there.

Good now I can stop pressing to find that holy grail.  I'll feel better looking at the multi today after work.  Good thread for a newbie like me!

Thanks @Andrew Syrios.  I've been working on those as well I'm just not exactly sure what a good cap rate would be exactly.  I'm pretty green at all of this but I'm learning fast.  I've been finding that many of these owners don't have much in the way of numbers and records.  Either that or they don't want to disclose them.

This thread has been very helpful for me.  I'm in the process of purchasing my first multi-family and I've been struggling to make this work.  I haven't exactly found the right property yet but I've crunched numbers on a few.  Most have come in between 1.3 and 1.75.  I'm purposely avoiding lower income areas for this multi-family.  I have a SF in a lower income area that has been doin fairly well.  I have to work with my tenant every now and again but they have always paid in the end.

I have been shooting for 1.5 to 1.75 on this deal.  I feel I can make this work.  Nashville is pretty hot right now and maybe I just dont have enough knowledge yet to find these 2% deals, but I haven't seen any that are multi-family.

Just saw that I mispelled your name "Bryan".  My apologies. 

Hey Brian.   I'm not meeting with anyone right now but I I'd love to meet.  I don't have much experience, just one rental amd working on aquiring a multi now.  I'd be great to find some local people to pick brains with.  Nashville is on fire right now and I really dont want to miss any opportunities. 

What did you have in mind?

Thanks for you input Brian.  I don't like to feel as if I'm constantly asking for help without giving any in return.  It's just that at this point in the game I don't have the experience to offer qualified suggestions.  I know there are many different views on the different methods.   I believe that buy and hold first would work best for me.  The thing that has always turn me off with flips is the thought of having that money (commitment) tied up for months, even a year at a time and having a hard time selling.

Hey guys.  So I'm just beginning my journey to prosperity.  Being a newbie I often find myself faced with hard decisions. BP has helped me a lot and I thank eveyone who has offered their insight. I have another dilemma on my hands and I'm hoping to get a little help.

I was to qualify for a FHA loan and I am a little torn as to how to use it. My initial plan is to purchase a duplex and rent one side and live in the other. I'm aware that with an FHA loan I'll be expected to live there for a minimum of one year. I've found a couple of potential properties and the number make good since.

another option, and I may be of track with this one, is to use the loan to purchase a home to filp. I know many investors like to flip first to fund buy and holds, but I actually planned to build my cash flow to a certain level before I got into flipping. 

I'm hoping some vets could give me a little advice as to which direction would have the best chance of long term, sustainable success. Given that I work hard, am very attentive and learn quickly. I know everyones situation is different.  I am just lookin for general advice. Thanks for reading.  I know it's rather long.