All Forum Posts by: Corwin Hernandez

  That's unfortunate! I was really looking forward to going as soon as soon as I started learning from BP. Hope the other things coming make up for. I'll still be around next year so please don't cancel that one to! Haha also nice to meet with the famous host of the podcast. I really enjoy the site and your show

 Welcome to BP Damont. I would recommend listening to the BP podcast if you're able. I listen to it all the time. Brandon who co-hosts the podcast, also does a webinar every week. if listening to people talk isn't your thing, there also lots of free things to read here on the site to get you started. I would recommend the Ultimate Beginner's Guide. It shows you the more popular real estate niches and strategies and that's important starting out. Figure out what in real estate you'd like to do. After learning so much, I think I'd like to start out as a wholesaler just to know how to get great deals so when I work my way into buy and holds, I can get great deals and keep them for myself. Although I am very new, I'd love to chat real estate with you if you'd like and help however I can. I won't be new forever will always lend a helping hand. Oh, and just poke around the site. There are tons of materials to check out. Good luck!

 I hope you're still active on the forum. I'm curious as to how you met the seller and who suggested seller financing. I am also curious to know how the deal went. I am interested in seller financing as well and would like to know how you came in contact with this particular motivated seller. Thanks!

I'm sure I'll get an email telling me this but I am just curious how soon in advance the summit is announced? Also, generally, when is it? How random is the location of the summit? I definitely would like to go whenever it is but am hoping I can be better prepared in my planning. Also, I'd love if anyone can tell me about their experiences at the conference. 

 Welcome to BP! I have been on the site for a couple months and absolutely love it. It has definitely helped open my mind to the realm of real estate and how it can help me slowly build wealth. Getting started depends on what kind of real estate investing you'd like to do. There are so many niches and strategies, all mentioned in the Ultimate Beginner's Guide. I would highly recommend listening to the podcast when you have time as well to listen to so many others investing in real estate in more ways than you can think. Listening to real people and how they invest will give you a better understanding of what you are looking to do in real estate. I might be a little biased because I would listen to about 7 podcasts a day when I first learned about BP at my old job but they are just so informational, I couldn't resist! I am just now starting to read books on real estate and would advise reading as well. I have learned a lot from the few books I have read. I am building the processes as best I can so I know how to go about investing with as little mistakes as possible but plan to get started very soon. I wish you the best and although I'm pretty new, I'd be happy to talk with you regarding anything real estate, even if it's something as small as a book recommendation. Have fun on the site!

I would agree with @Cheryl Packham in her statement about the credit cards. I am new to the world of real estate but have listened to so many podcasts and am just now getting into reading real estate books. My score is very low due to the fact that no one taught me to manage money very well. I haven't talked to any lenders or banks yet but I know this has set me back from house hacking like I want to because I can't due so at the moment due to the low credit score I have. I cut up my credit cards last month, sat down and figured out how much money I owed, and am working on plans to get out of debt and increase my score to get an FHA loan (maybe a 203k) and house hack a smaller multi family unit (preferably a 4-plex). I also like your goals very much! They show you are very determined to get down and dirty in the world of real estate. I wish you the best of luck!

After reading The Ultimate Beginner's Guide to Real Estate Investing here from BP and doing my own research, from my understanding, you should be able to use a 203k loan just as you would a traditional FHA loan. As long as it's owner occupied and you can get approved by the lender, you should be able to use it on a burned down property. This may of course depend on the lender's approval and such things but my answer would be yes.

Hi guys, I have been listening to the podcast and trying to learn so I can get started and I'm not sure when but I will definitely be getting into buy and holds at some point in time. I don't think I have heard anyone say why you put money away for vacancies. From what I've learned, you should generally put 50% away for expenses, and have the rest of the rent should pay for the mortgage. I like Brandon Turner's minimum of $100 per unit. Why is vacancy something we account for? I'm sure this is a newbie question but from my point of view, there is no utilities to pay for. I am also looking into a smaller multi family property and to finance it with a FHA loan

Thanks for all of your unique imput. I just talked to someone about a FHA mortgage and they said the interest rate would be 3% with 3.5% down. I was looking to do this in 2017 probably. I have found lots of smaller multi family units in my area after searching. Some that are run down and would probably qualify for a 203K loan. Lots more research to do. Thanks everyone!