All Forum Posts by: Chinyere Orie

I'm in the same boat as you.  Right now, I'm investing in my 401(k) up to my company's match, and then saving the rest for a down payment on a rental property.  I've thought about stopping my 401(k) contribution, but I haven't done so.  I think I subconsciously like having that safety net, just as a back up in case I need it.  That automatic savings is always a plus for a rainy day.  Good luck to you, whatever you decide!

 There are tons of email lists you can sign up for. I usually see them in Facebook investor groups.  Driving for dollars is another great one, along with Facebook marketplace or any other FB investor group specific for investors in your area.

Nice job!  And thanks for posting!

Was the sale "as-is" with inspections? If so, you should be able to get your EMD back if the reason you're backing out has to do w/ what you found upon home inspection.

Who's the builder?  You can google reviews of that specific builder to see what past clients have said.  Also, read the contract you signed.  Some of the terms may stipulate that they can change certain policies with no notice.  National builders typically include an appraisal waiver as part of the contract.

No, you don't need a license to invest in real estate, even for vacation rental property.

Ask for rent rolls, tax returns for the property, and current leases.  Also, ask for tenant statements: either written statements from the tenants or permission to speak with them so you can introduce yourself and get to know them.  

Welcome!  I'm from Baltimore.  I'll send you a message to connect

If you're looking on the MLS, it will be difficult to cash flow on those deals in this market. Maybe try off market deals, consider single family fixer-uppers, or wait a couple more months when the market (hopefully) balances out.

What you're feeling is NORMAL! Everyone goes through the same thing, even seasoned investors.  Mindset is key: read, study, and practice analyzing properties.  Also, I would suggest reaching out to local investors you meet here and see if you can shadow them or volunteer as an assistant so you can see what they do and how they do it.  That way, you're providing value to them and they are providing value to you.  Maybe choose a couple different investors who do different strategies (buy and hold, flips, wholesale, etc.).  That way, you can get your feet wet while you're saving money and learning.  GOOD LUCK!