All Forum Posts by: Dashon Jones

Finding a good deal would probably be one of the most important things to do. You can go to local real estate meet ups to find deals or link up with a realtor. 

There are a ton of Podcast you can listen to on this site that covers that topic. You can also hear how individuals transitioned into big transaction such as flips and buys n holds. 

Join meetup.com and search real estate. Best way to find the real estate groups and get real in person training and networking. 

Here is a link. 

http://www.biggerpockets.com/forums/223/topics/173759-how-i-use-creative-financing-to-get-my-first-6-units …

When you get a chance you can check out my post on how I used creative financing for my first two deals. It may give you some pointers. I started out with a 3 fam. 

http://www.biggerpockets.com/forums/223/topics/173759-how-i-use-creative-financing-to-get-my-first-6-units

I invest in NJ and I always suggest for young professionals to start off with a multi family.  1. It could be cheaper then renting or buying a single family. 

2. Its a great way to gain experience and segue into the investors world.

3. Its a great strategy to take advantage of lower down payments working you way down the unit count line then working your way up. Meaning it easier to go from a 2 fam to a 1 vs a 1 to a 2 fam. Imagine how much more difficult it will be to save up 20% while paying a mortgage alone vs saving up 20% while having tenants help you pay your mortgage.

Its the way I got started investing in buy and hold real estate coming absolutely nothing. Once you get the ball rolling more opportunities will begin to present themselves. Good luck.

I have my license and it has been useful for me for several different reasons. As I build my brand people are constantly giving me referrals just because they know I'm into real estate and not even know exactly what it is that I do.  This is probably the cheapest and best form of marketing ever. Being that I have my license, I'm am able to help others buy and sell houses and make good money on the side in addition to my investment portfolio which is good in the beginning stages when I only have a few rental properties. Im sure as the years go by, I will utilize it less and less as an agent but until then, the easy ( still not so easy) money is worth it. Plus as you said you get access to the mls which is a big deal early in the game. 

Just a word of advice. Focus on getting the first one a a good rate and hopefully below market value and it will make getting second one easier for different that I do not want to go into much detail on right now. Some time I make that mistake of working to far ahead and it can add unneeded stress. Focus on the right first deal and then you will be able to set up for the 2nd one. 

Now to answer your question, I would say approach them as you would any other bank. You would have to tell them what the loan is for unless you are trying to do a cash out refi and use that money as down payment. Good luck. 

Commercial is always higher. I personally do not think its crazy if its the best you could find. Maybe you should present this to a couple local mortgage brokers, they will have a larger contact list then you and they will only have to run your credit once vs going to each individual bank.  What is the property? I just did a cash out refi on a 3 fam for 4.75%

Yea when you get in to the commercial side of things, your personal finances does not matter as much as the property. The commercial banks care about how well the property performs and if it can sustain itself. Unlike residential when they are mostly concerned about your income to debt ratio. Being that you are new, the banks may want to see 6 months to a year of proof that property is performing as you say and some may even want to wait until you file taxes. It is very important to shop around and see what the criteria is for specific banks and keep a good data binder of them. This will also help you strengthen your knowledge. Good luck.