All Forum Posts by: Dean Halpin

Good afternoon,

I joined this group after listening to Brandon Turner's "The Book on Managing Rental Properties." I have one property my wife owns, and soon we will have two. I would like to network and learn from those having been in the industry far longer who can share their knowledge and experience. I would love to find people in El Paso, TX to have relationships with and learn from. I would love to own a multi family property in the next two years. Any advice and book recommendations are welcomed. 

As usual... 'what Nathan said'... :-)

Also, I would not consider wholesaling as getting into Real Estate, nor would I consider arbitrage as a RE investment. You need to have a solid goal (write it down) to buy a property of your own. There are many ways to do this, just do your research. 

This site is an absolute gold mine for those just getting started like yourself. I would make it a goal to spend at least 2 hrs per day here - read all of the posts, then go search for topics that interest you. Post your questions on here, most experienced investors are happy to help. (Remember - No such thing as a dumb question)

And don't be in a rush like most young wanna-be investors...I can't tell you how many times I've seen/heard "I want to have 10 properties within 5 years and be making $100k per year". Although that is technically possible, it ain't that likely to happen....so be realistic. And good luck!

Our primary focus is empowering real estate investors by providing up to 100% funding for their real estate projects. We specialize in joint venture transactions, collaborating with both seasoned and new investors.

No matter your level of experience, credit standing, or financial resources, Property Investment Funding, LLC is eager to partner with you. We are dedicated to delivering comprehensive real estate investment services designed to help our clients achieve their goals.

You bring the deal; we bring the funding!

Quote from @Dean Halpin:

Thanks for sharing. It's not easy to admit mistakes.

I think you should start by eliminating the get-rich-quick mindset. There are some people that get lucky and earn cash quickly, but they generally hide the fact that it was pure luck or how much work was involved. Real wealth is built over time with consistent effort, even when things are difficult.

Increase earnings, reduce expenses, save, invest. You'll improve over time, but this basic formula remains.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Quote from @Dean Halpin:

Quote from @Account Closed:

Quote from @Dean Halpin:

Hi everyone! My name is Dean Halpin and i'm currently a wholesaler/investor in the El Paso area, and i'm looking to buy my first ever rental property, but would definitely need some assistance in the process. Pace Morby is the guy i look up to the most when it comes to creative financing, and i was wondering if i could meet up, or hop on the phone with somebody who knows the game pretty well to grab some advice. 

-I'd rather not go the traditional route with buying just because my W2 isn't exactly the most stable and i'm a full time college student. Any advice would help, thanks!

If Pace Morby is your "go to guy" why not just join his group?

If your W2 isn't stable, how will you make the payments on the property you buy?

 Who said i wasn't involved in his social media groups? I don't have an entirely stable W2, but i have money saved up. Seems to me you don't have any advice to give.

I have lots of advice to give, but you have to be receptive to it, which apparently isn't the case. I teach creative financing. But I'm not going to butt in on someone else's (Morby's) advice. We do things very differently. So, No offense taken.

Since you have paid for Morby's community, shouldn't you be asking him for advice?

@Dean Halpin

To buy your first rental property, consider creative financing options like seller financing, subject-to-deals, lease options, private money lenders, and hard money loans. Network with experienced investors and continue learning about creative financing. Practice market research, property analysis, building a team, and starting small. Focus on high rental demand areas and use tools like BiggerPockets Rental Property Calculator.

Good luck!

Quote from @Dean Halpin:

Hi everyone! My name is Dean Halpin and i'm currently a wholesaler/investor in the El Paso area, and i'm looking to buy my first ever rental property, but would definitely need some assistance in the process. Pace Morby is the guy i look up to the most when it comes to creative financing, and i was wondering if i could meet up, or hop on the phone with somebody who knows the game pretty well to grab some advice. 

-I'd rather not go the traditional route with buying just because my W2 isn't exactly the most stable and i'm a full time college student. Any advice would help, thanks!

 Lots of time to buy houses.  If credit is good and you have a ton of cash, then you should buy.  If credit is new or iffy and you don't have a ton of cash in the bank, you should not buy.

Quote from @Dean Halpin:

Hi everyone! My name is Dean Halpin and i'm currently a wholesaler/investor in the El Paso area, and i'm looking to buy my first ever rental property, but would definitely need some assistance in the process. Pace Morby is the guy i look up to the most when it comes to creative financing, and i was wondering if i could meet up, or hop on the phone with somebody who knows the game pretty well to grab some advice. 

-I'd rather not go the traditional route with buying just because my W2 isn't exactly the most stable and i'm a full time college student. Any advice would help, thanks!

If Pace Morby is your "go to guy" why not just join his group?

If your W2 isn't stable, how will you make the payments on the property you buy?