All Forum Posts by: Isaac Choe

Sorry for the extremely late replies!

I was reccommended the book "Rich Dad, Poor Dad" by Robert Kiyosaki and COULD NOT put it down once I started reading it.

@Stephanie Minor yes, I plan on getting a FHA loan for my first property, I'm looking towards a 4-plex but am hesitant in pulling the trigger due to the extra landlord-y responsibilities that would be involved in maintaining the units and tenants. I've been listening tot he BiggerPocket podcasts on topics of becoming a better landlord and they've helped me tremendously so far in that category.

@Andrew Davis Why thank you ^^. I actually listened to that podcast a couple days ago! haha. great suggestion though, it helped me out a lot in expanding my knowledge base. I've been listening to other podcasts from BiggerPockets as well and its got me debating on whether or not I want to rent to college students and have them as tenants. I'm trying to write out a game plan with guidelines and requirements so I don't forget to budget for the 10% PM, taxes, fees, expenses, etc. 

 @John Kent Yeah, I initially started out on BiggerPockets with the mindset that a partnership with someone who would financially help me was sound, but now that I've been researching around and reading some suggested books I'm contemplating the whole deal over again. 

 I'm currently working as bartender at a local restaurant, so I do have a job.

I'm aiming for properties that can be forcefully appreciated in value through rehabbing and be deemed as a reliable cash flow investment so that when I turn around to sell it, I'll have the option of leveraging the 1 year lease, or whatever the situation is, at the negotiation table. During the time that I am looking for a buyer, I would have cash flow to cover any expenses be it planned or unplanned coming in from the tenant while patiently waiting for a buyer.

Of course that's not a reliable way of creating long term wealth but I think its a vehicle i could use in order to reach the ideal duplex or multi family properties that I would want to keep as anchor properties. 

 I'm not trying to greedily follow the dollar signs now, I'm trying to establish myself for the future. I would love to do everything out on my own but having someone who can cut my expenses by more than half is what I'd call a blessing. Cash flow is my end goal, but in order to reach that point where I can afford those kind of properties I'm left with the method mentioned above unless someone can give me any better ideas.

Please, anyone reading along this thread; would you please give me some pointers if my mindset is not in the right place or there is a more optimal route I can take.

Ideally, I'd like to keep my potential business partner because of the fact that he would cover any labor costs in the present as well as in the future and is giving me full control of the property in terms of tenants, decisions on holding / selling, and what to do to properties in order to appreciate their values. I don't mind splitting profits 

@Sam B., thank you for your response.

Hello, This will be my first post to BP while lurking for the past day straight reading as much as i could on possible relatable threads but have come up empty handed.

Here is my current situation:

• I am a 23 yr old student living in Orlando, Florida. While attending school I've discovered that its not the route for me.
• I'm brand new to RE investing but have been watching youtube videos on leveraging, profitable cash flows, etc etc.
• I have bad credit due to past family altercations (sub 670) so financing is out of the question, but am debt free.

So here is my situation, I have a business partner who owns a construction company and is willing to front all the labor costs of rehabing properties as long as we split costs of materials 50/50. We are both agreeing to put 40k cash (80k total) towards the initial property allowing to cash flow the property from the get go in-order to snowball the rest into the next property. 

Where should I start? I'm currently leaning towards duplexes as they have better caps, but am open to other options as long as they provide Should i try and find properties where owner financing is possible? Do I still have to do the traditional inspections that home owner's go through when buying properties at this price point? I have the understanding that 2% is the ideal amount to charge for rent, does that hold true for single and duplexes?

I have a tons more questions I have but these are the main ones I currently have.

I would love to get in touch with anyone in Orlando, Florida who is willing to be a mentor figure or just a wall to bounce ideas off of.

Thank you for your time reading this wall of text and replies :D