All Forum Posts by: Tyler McLeod

I'm curious to see how others got involved in real estate investing. How old were you when you started researching/learning? How long was it until you purchased your first property? Second? etc. What is your "go to" property type?

What strategies did/do you use? Do you have your own LLC you use to purchase properties?

Do you purchase property close to where you live or in other locations?

I just want to see how others made it work. I like hearing these stories. They give me hope and a better idea for what I could do as I start out.

Best wishes,

Tyler

That sounds like a good idea. I am not sure just yet. I have a couple of leads on positions with companies after graduation.

Would getting a secured credit card be a good way to start with building credit? I've read a little about them. They require a down payment. I will wait and see based on how my job prospects go before moving further with investing. Until then, I will just read and ask questions!

Thank you for the feedback

First of all, I'm 21 years old in Birmingham, AL, about to graduate college, and I have no debt. I also don't have any credit built yet. How can I start? I've heard of people "piggy-backing" off their parents' credit to give some credibility to the young person. What are other ways?

Are there ways to be loaned money without credit? (other than putting up everything you have as collateral?)

I still have a lot to learn about financing property. I am mainly interested in multifamily units, which I have read are similar to single-family homes in terms of financing.

I don't know much about FHA loans, but I've heard they only require around a 3.5% down payment to get a loan. Is this true? Would that mean I would just be responsible for a down payment in terms of money required to purchase a multifamily unit?

I need some more information. Any direction would be fantastic.

Also, I don't have any properties in mind just yet. I am not about to just jump in and flounder. I am taking my time trying to learn the steps involved as well as who I need to contact to get things rolling.

Thank you all in advance,

A newbie

Thank you! I am not exactly sure how to find some of the information involved. Hopefully, after posting in the other forum, I can get a better idea of how to find the costs and evaluate properties

I'm just searching at this point. Not investing any money yet. So this is just a scenario I am looking into. I found a foreclosed three-unit multifamily house close to where I am living in Birmingham, AL. It is listed for $67,700 through a Realtor. I took some pictures to keep it fresh on my mind. It seemed like it was in pretty good condition (from the outside) not too many cosmetic issues at all. I did an Internet search to try to find a value of this property. It came up between $137,396 (low) and $185,888 (high).

Anyway, I am wanting to know and learn the steps from where to go from here.
-Calculating expenses (I read an article about being able to calculate them on a napkin to estimate positive or negative cash flow), but I do not know where to find these numbers, including HOA costs, utilities and whatnot, mortgage, vacancies, etc.
-Seeking out and acquiring funding to pay for the house
-Finding tenants (no one currently living there)
-Also, possibly finding a property management company to help (I want a hands-off approach)
-Other steps/costs I have not thought of.

I would greatly appreciate any feedback to help point me in the right direction, or even be a "bird dog" for someone else to purchase this property. I just want to learn the process involved and what is necessary to actually purchase a property (as well as how to determine revenues and expenses). I enjoy reading about all of this information, but I would actually like to watch a deal from start to finish in-person to learn as well.
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I also found two identical 8-unit apartment complexes (they're right next to each other and for sale) going for $180,000 each. Both complexes are active with tenants already living in them to generate income. I am not sure how well they are being kept up or whether they need refurbishing; they were built in 1971.

If you wanted to purchase these properties, what would you do to make it happen?

I realized I really enjoy driving around and looking at properties. Given, there weren't any tenants, so I was able to walk around the property, peek inside, and take pictures.

This is a repost thanks to @David Gellner for pointing me to this forum.

I also found two 8-unit apartment complexes (they're right next to each other and for sale) going for $180,000 each. Both complexes are active with tenants already living in them to generate income. I am not sure how well they are being kept up or whether they need refurbishing; they were built in 1971.

If you wanted to purchase these properties, what would you do to make it happen?

I realized I really enjoy driving around and looking at properties. Given, there weren't any tenants, so I was able to walk around the property, peek inside, and take pictures.

I'm just searching at this point. Not investing any money yet. So this is just a scenario I am looking into. I found a foreclosed three-unit multifamily house close to where I am living in Birmingham, AL. It is listed for $67,700 through a Realtor. I took some pictures to keep it fresh on my mind. It seemed like it was in pretty good condition (from the outside) not too many cosmetic issues at all.

Anyway, I am wanting to know and learn the steps from where to go from here.
-Calculating expenses (I read an article about being able to calculate them on a napkin to estimate positive or negative cash flow), but I do not know where to find these numbers, including HOA costs, utilities and whatnot, mortgage, vacancies, etc.
-Seeking out and acquiring funding to pay for the house
-Finding tenants (no one currently living there)
-Also, possibly finding a property management company to help (I want a hands-off approach)
-Other steps/costs I have not thought of.

I would greatly appreciate any feedback to help point me in the right direction, or even be a "bird dog" for someone else to purchase this property. I just want to learn the process involved and what is necessary to actually purchase a property. I enjoy reading about all of this information, but I would actually like to watch a deal from start to finish in-person to learn as well.

William Bannister, after just a quick look around on Realtor.com, I found decent prices on several 8-unit properties. I don't know their conditions though, but just a simple search already provided a good bit of information. As well as City Data info on the area. This is exciting learning about what's around me

Wow! Thank you all for the support :) Andy Bankston, I live downtown currently, but my parents live near Hoover.

Yes, I am trying to read as much as I can. That's what everyone seems to say - there is always more to know. So I'm keeping an open mind and taking my time learning the fundamentals of REI.

Ali Boone, I found your Hipster Investments site and read over a couple of your articles. I like your idea of investing mainly in turnkey properties. I am about to graduate and (hopefully) start a good career, and I want to begin investing to supplement that income. All while being mainly hands-off and acquiring less stress.

I figure until I save enough, I will continue to educate myself and hopefully find a mentor to help me along the way.

Thank you all for the encouragement! I am eager to start reading these articles on BP and see what other people have to say.

Thank you, Cooper. I agree, it depends on many different factors. What kinds of properties do you focus on in the area? I've seen some nice homes listed online. I came across their website a couple of weeks ago, but I think I'll have to do more research on my own before I try to get involved with a club like that. I assume they know much more than I do and probably aren't too willing to seriously work with or teach someone my age. One day! Until then, I've got some studying to do haha