All Forum Posts by: Damaso Bautista

@Isaac Gwin

If I was advising my son who is graduating in 2024 with his MBA, I would say stay in school and prioritize that.  Once you get your dream job and start making money, they you can start really focusing on what you want to do in real estate.  I say this because in reality you need money to invest with.  

While in school I would start working on your credit score by taking out a credit card and using it within reason and paying it off.

Get a part time job that you can start building a work history at as long as it doesn't interfere with your school work.

Limit the amount of school loans you take out if you can.

Learn how to save money and learn how to live below your means.

If you can do these things real estate will still be here when you are ready.

In my opinion this is the best way to do it, instead of asking how you can find financing with no job and student loans to pay. 

Good luck!

@Manda Gouvion

Hey Manda,

That is a wonderful motivator.  Sounds like me and my wife when we were young.  

What is your plan of attack?  

There has to be more detail than just one property per child.  The reason I say this is because there are some places in the United States where you can buy a house for 10K.  The house will probably not be livable and be in a F neighborhood but you can accomplish your goal of having a property per kid.

My point being you need to make an investment plan.  You need to learn how to analyze properties and markets.  What makes the most sense as far as the type of rentals you want to have.  What type return are you looking for. What type of systems are you going to have in place to run these properties if they are not local. What is your risk tolerance. What do your finances look like now and how do you fare in the open market trying to acquire these properties.

Just some food for thought.

Good luck and I wish you all the success in your real estate investing journey!!

@Justin Goodin

I have a house in Bloomington, Indiana.  Right now my son is house hacking it while at IU.  It is allowing us to have free housing at minimum for the next 3 years for him.  Once he is done I have some options of what to do with it but it serves our purpose right now.

@Wendell Butler

Nice work Wendell! Do your due DILIGENCE.  Although this sentiment is talked about religiously and everyone knows they need to to this, there never fails to be a continuous stream of posts by investors trying to figure out how they can fix a problem after closing when they didn't do their due diligence.

You learned a great lesson.  Never trust what someone tells you and even never trust what is in the paperwork gives you until that information if personally verified by you or an agent that you completely trust.

@Laura MacDonald

I feel like at your stage in life and the area in which you reside, your best bet at achieving this right now would be to trade in High Priced Denver area (cash out) and start a base in an emerging market.  A place where you could use the money that you cashed out to have a home base (primary), but then leverage what you have left into cash flowing rental properties.  

If you have dreams of doing this in the Denver area then I would say as hot is that market is with non traditional income would be difficult.  

That would be my suggestion.  I speak from a place that I am in also.  I flirt with the idea of cashing out here in Los Angeles California and buying a primary cash in Tennessee (tax break and second amendment friendly) and then use the rest of the cash to invest in rental properties.

Some things that cross my mind.  Once I leave I can never afford to come back.  Is my wife going to be happy living in a foreign state with no beach and year round 70 degree weather.  

Just some food for thought.

@Araceli Gutierrez

Good luck! 

A couple of things to get straight from the beginning:

1. money for down payment and closing costs

2. Last 2 years of tax returns

3. 2 most recent pay stubs

4. Check your credit score

5. Submit this information to a mortgage broker to see how much of a property you can afford

6. Start researching areas where rental markets are good

7. Learn how to analyze properties for their rental potential

8. Start looking for properties to buy 

I wish you the best of luck in your journey!!!

@Zachary 

@Zachary Johnson,

Nice! What does the rehab budget look like and what is it going to rent for after all of your costs?

Where is the property?

@Aaron Caddel

That is why my initial statement was that your strategy was way over my head.  Meaning I didn't understand it.  So for someone who doesn't understand something.  The explanation of shuffling paper just sounds like a 3 card monte game to me. 

Don't take offense just take into account that your audience is not always going to be as sophisticated as you are.

@Michael Chong

The easiest thing to do is contact the school district that you want to be part of and ask them for a map of their jurisdiction lines. 

Look at that map and determine if the property falls within their district or not. 

i think you are making it too complicated.

@Aaron Caddel

I will be the first to admit that all of that is way over my head.  But with all that paper and shuffling around someone is getting SCREWED. 

So if your presentation gives a valid explanation of who is getting the short end of the stick then I think people can make a more informed position about this scheme.