All Forum Posts by: Christopher Gray

Whadup BiggerPockets!

I'm new to REI so I have been doing intensive research about what niche I should focus on to the different investment strategies as well as what kind of properties to invest in. Let me reiterate, I am VERY new to the lingo and aspects of REI (Today I literally just figured out how financing works so my understanding is still very vague.) Nonetheless I am open to all comments and opinions, criticism and feedback!

My questions are does my investment plan sound reasonable? and what can I add to my "potential investment analysis" when looking at properties online?

(My backstory/situation click here: http://www.biggerpockets.com/forums/55/topics/1750... )

Investment plan: After initial research (with plans to do much much more research) I narrowed down the strategies to buy&hold and house flipping. I would buy and hold a single family property and generate cash flow from tenants. After accumulating cash flow over time, I would use the capital gained to finance house flipping. 

I found a foreclosed townhouse in my area on zillow.com and here are the numbers:

Action starting at $80,000 | 3 bed. 2.5 baths. 1612sqft

Financing : 1% down payment with a 30 year fixed mortgage( So that would be $800 down)

If i was able to close this deal and rent it out for $1200 per month, I calculated my cash flow to be roughly 300 per month( less PMI of 1.5%, utility expenses, ect) 

My numbers could be off give or take a couple of 100 dollars. I'm sure my calculations don't include other expenses involved in the process (only because I have no knowledge of them and I am still learning about it all) I honestly wasn't trying to be exact, I am just trying to understand the basic concept of potential property analysis.

As always, I am open to all comments and opinions, criticism and feedback! Please let me know what I should do different, any advice you would be willing to give and any factors I need to add to my calculations 

By the way I am 20 years old and a full time college student, which is the reason why my down payment was horribly low lol. 

Thanks in advance! 

@Aaron Thivierge thanks for the reply! This is very encouraging to hear because I've actually started reading "rich dad poor dad" a couple of days ago, it was recommended to me a by a friend. I'm also considering to attend a free seminar in my area. 

@Nicholas Miller okay wow that clears up a lot of questions I had regarding the RE license. Thanks Nicholas! Also, how long have you been a real estate investor? and did you start out as a wholesaler? 

@Christopher Andujar thanks for the input Chris !

I actually have read the guide but I plan on re reading it to retain the information one more time around. The podcast have been very helpful giving me a idea of how this industry operates from an insider perspective.

@ElizabethColegrove thanks for the reply, I appreciate the feedback! I'm not sure about the  private property in terms of financing, I would have to do more research on financing and how to pay for such an asset.

However I have been catching up on some of the podcasts here on bigger pockets and renting out your first house seems to be the go to first investment. Thanks again! 

Thanks for the Chaz, I honestly wasn't expecting anyone to reply so quickly. I do plan on finishing school, my major is business so it aligns perfectly with my entrepreneur interest.

I will continue working only to support myself, the broke college life is not fun lol and quite frankly the only passion I can narrow down to is the money. I know it sounds bad but my eyes don't light up until we're on the subject of money; how much can I make it I take this action?  what do I loose if I make that move? what is a local market I can capitalize on?( the lawn service or leaf removal)  

Whadup Bigger Pockets!

My name is Chris and I literally joined the forum a day ago. I've been diggin through the the different threads and I think a resource such as bigger pockets is a great way to connect other link mined people. 

My question is: where would I start? I have no prior real estate knowledge or know-how so would obtaining my real estate license the way to begin?

My situation:

I am currently a college student in my junior year, working part time at a local dry cleaners( I've been working there for 4+ years) and I've had the urge to do something "big" for the past 24 months.

I hate my job because I'm tired of working for someone else, making them money and putting my effort towards a cause that is not my own.

Im looking into real estate investment not as a get rich quick scheme but as a life long career and a very profitable investment over time. I am hard working and very dedicated with a burning entrepreneur spirit. 

Note: I have developed simple cash flows from snow removal and leaf removal, Im on track to  launching a lawn service during the summer. 

I'm open to all opinion and criticism, negative feedback and constructive. 

By the way I'm 20 years old. 

Thanks for your input!!