All Forum Posts by: Connor Sweeney

Thanks so much for the reccomendation!

Hi BP Crew,

My name is Connor Sweeney and I am a recent graduate from the University of South Carolina. I am originally from NJ; however, I just moved into an apartment in Orlando, FL for my full time job (not related to real estate). Come next summer when my lease expires for my apartment, I would love to find a duplex somewhere near the Orlando area and create a owner-occupied rental for myself. My goal in life is to be a full time real estate investor, and coming out of school with a good starting corporate job to save up some money has started my dream path into real estate investing. My mindset is that paying for rent is really like throwing my money away, I do not get any equity out of it and my money has no way of growing. I leased my apartment now in order to get settled into the area and save up money for a down payment for an investment property. However, I need the help of the BP community. I have two paths that are options for me and I would love for someone more seasoned to give me their mindset and advice on what a good way to start is. Come next august, I will have around $11,000 for a downpayment on a property. The first option I have been looking at is either a FHA loan of 97 Conventional loan. I have a rough understanding of the rules with FHA loans having to be under four units, and must be owner occupied for one year so that option would be me buying a duplex and renting out one side. Now, one reason I would not want to go that route is the permanent PMI and high closing costs with FHA. I understand 97 conventional is for personal property living and not rental or investment. Is there anyway to make a 97 loan feasible for an investment property? My other thought would be to buy a property with either of those loans and live in it for a year, doing some equity increasing renovations, hopefully being able to refinance later, take out that cash and use it for somewhere else. I do not mind renting somewhere again after refinancing a place if it means I get a chunk of change for a second property. I would love some advice on how to do low down payment first property investments and what are feasible options come next august when my lease is up and I will have around $10-12K for a down payment. Any advice and suggestions are appreciated!

Thanks!

Hi Everyone,

My name is Connor and I am currently a high school senior. My intended major in college is real estate/ finance, and in the future I plan to grow my success in real estate. Real estate has always interested me due to the fact that unlike investing in stocks, real estate is something you can actually see, change, and physically watch grow. I am 100% a beginner right now and really do not know much about the field. I am starting to read some books to learn the basics because I really want to get a head start before college; however, my main goal is to flip at least one house before I go to college. I want to stand out from others in the field and start young, giving me that extra edge and higher possibility of success.

My post today is asking for some advice, tips, and game plans of how to achieve my goal. I understand I need to get to know some of the basics of house flipping, but I want to know more of the process of flipping a home. The plan is to buy some foreclosed home up for auction, but are their other options? I am looking for what it takes and how to have a successful flip. Also, I want to know more about getting the money to even purchase a home to flip since I am only 17. I do not have much saved, but my father is willing to help out some. Still, I do not know how to acquire a $100,000+ at only 17 years old to buy a house and renovate it for a flip. At the moment, obtaining the actual house is my concern and is where my confusion is. Much of the websites or videos online apply more to older people with a healthy salary. If anyone is willing to lay out the process and clear some things based on how a 17 year old could flip his own house, it would be greatly appreciated. Please get back to me with any advice you have!

Thank You,

Connor 

Hi Everyone,

My name is Connor and I am currently a high school senior. My intended major in college is real estate/ finance, and in the future I plan to grow my success in real estate. Real estate has always interested me due to the fact that unlike investing in stocks, real estate is something you can actually see, change, and physically watch grow. I am 100% a beginner right now and really do not know much about the field. I am starting to read some books to learn the basics because I really want to get a head start before college; however, my main goal is to flip at least one house before I go to college. I want to stand out from others in the field and start young, giving me that extra edge and higher possibility of success. 

My post today is asking for some advice, tips, and game plans of how to achieve my goal. I understand I need to get to know some of the basics of house flipping, but I want to know more of the process of flipping a home. The plan is to buy some foreclosed home up for auction, but are their other options? I am looking for what it takes and how to have a successful flip. Also, I want to know more about getting the money to even purchase a home to flip since I am only 17. I do not have much saved, but my father is willing to help out some. Still, I do not know how to acquire a $100,000+ at only 17 years old to buy a house and renovate it for a flip. At the moment, obtaining the actual house is my concern and is where my confusion is. Much of the websites or videos online apply more to older people with a healthy salary. If anyone is willing to lay out the process and clear some things based on how a 17 year old could flip his own house, it would be greatly appreciated. Please get back to me with any advice you have!

Thank You,

Connor