All Forum Posts by: Deneuve Brutus

Hi @Zoie Holley , believe it or not you are already doing it! You've joined a community of investors and you are asking for guidance. That is one of the first steps: Have the proper mindset. It is also a very crucial one. For college students, a variety of things stops them from investing. When I was in school there was a dilapidated apartment next door, I thought about buying it everyday. However, I  lacked resources. I didn't know what I didn't know. Most students are goal-oriented. We think first-thing-is-first, graduate! This is valid. Depending on your mental capacity and major, it maybe difficult to pursue investing while getting an education. I was a Computer Engineer with Comp Sci and Math minor, plus I did extracurricular activities. Don't let schooling interfere with your education -- Mark Twain

House hacking:

House Hacking is a great method to get started. You learn almost everything for residential rentals. Since you have one year left, you could leverage FHA and other government loan programs that demand owner-occupancy plus a certain live-in time period. Do you have a wealthy friend you. You do have to think about how will you afford the home? Will you leverage low interest student loans for a high return from the rents? Will you work part-time? How will part-time work affect your school? Are there grants/scholarships you can apply for? Are there programs you can enroll in which pay you and allow for work-school-life balance such as on campus-jobs or local internships?

TLDR; What stops people?

What stops people is MINDSET. Have you SET your MIND to do what your going to do, no matter the obstacles? A strong will, WILL find a way. A great quote I heard from one of the podcasts is "vacuum the truck". You want to sell your truck don't know how? Do the first thing you know and figure out the rest as you go. In your case the first thing you did was figure out that you need to educate yourself! That is excellent! Set a deadline to buy your first property, work with an agent, or others in your sphere who are like minded and you will avoid analysis paralysis.

You have a community like BiggerPockets who will answer your questions. 

Good luck!

I had that problem as well. I started by crafting my criteria "MFR under 12 units that cash-flows at least $150/unit that I can purchase, add value, refinance, repeat within a 15 mile radius of where I lived" only to find my market didn't support the criteria. So, I shifted to providing owner-finance SFR bump the cash-flow to $300+ because the goal is cash-flow in markets out of my area/state so I can sleep well at night and ensure my team members are well compensated for their efforts. I also focus on providing affordable homes to low-income families which is a business model that has already been proven to work.

You can have the information free, here are somethings I've done:

Join a REIA meetup -> build relationships -> ask the organizer and members for wholesaler recommendations.

Post on BP asking for wholesaler recommendations

Get creative: Find a two story rambler with a walk-out basement, rent each floor to two tenants, making sure you are not in violation of city code. I.E, ceiling height for the basement, windows for emergency exits, parking etc.

Monitor posts when individuals ask for recommendations provide value

Join FB REI groups in your state, county, city whichever is available -> ask for wholesaler recommendations

Keep an eye on the BP marketplace see who is wholesaling in your area, if there aren't any, contact the ones who post most consistently ask if they know someone who knows someone in your area.

Check out your county's/city's cash-buyers list, -> build a relationship -> ask for wholesaler recommendations (and possibly money)

Contact active RE Agents/Property Managers in your area -> build a relationship -> ask for recommendations

There are YouTube channels about REI DM/post comments -> ask for recommendations

Create FB ads " I buy ugly homes in XXX area"

Get comfortable with the idea you may have to invest out of your area/state.

Hound the auction webpages to the individual cities/counties your interested in (not the well known auction sites)

Read publications about legacy cities with high vacancy/home abandoned rates due to industrial HQ moves or what I call industrial to IT changes or the 2008 Housing Crisis ( Baltimore, MD. Eerie, PA. Philadelphia, PA. Detroit, MI. Cleveland, OH. ) a great read is
The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States by Lincoln Institute of Land Policy. Not only are some of these cities offering investors tax credits and other community development incentives. There are ample supply for rehabs. You should surely find wholesalers and off-market homes there. As with everything, due diligence!

My next step is to find reputable lenders, they are out there just like the homes ready to BRRRR.

Good luck, let me know if you have any questions.

I find properties that are very similar in the neighborhood, I start with my block and work my way out to the Zip Code if needed. Before I got my license I did use Zillow to find similar properties to compare and contract their features. Now I use the various tools like the MLS and other CMA tools.

The one thing I know to do is hire an attorney. An attorney can setup a great contract between the partners that is legally correct and binding. They will make sure all the basis are covered in terms of un-forseen events good or bad.

Hi @Harry Allman , I haven't read that particular book. However, based on the countless books I've read on the subject of REI. It is solely based on your criteria, long-term and short-term goals. For instance, I bought my first home out of necessity, now I rent it because it has served its purpose. I also currently rent from an apartment while the house is leased to tenants.

Hi @Angela Yan based on my experience and research, local credit unions and portfolio lenders are best for REI. Banks are generally less personal however they tend to have great websites. If you can manage to forge a relationship with a large bank manager, your in luck. Especially, if you deposit a large sum in a CD for a year or two. This will let them know your serious about doing business with them. Hope that helped, let me know if you have any other questions.

Hi @Tony Caballero Welcome! I'm also in Woodbridge. 

I agree, the HML/Private Lenders I've spoken with are all very human. If I don't qualify they always make sure to tell me why, and how I can improve my relationships with them. A national bank, I simply receive a letter in the mail. I've had much better luck with smaller banks and credit unions however there are still books of paperwork.

It may be low confidence because the system rates it low in the investment criteria, as far as being a "D" area, or maybe not many people are investing there? I recently did a calculation with "Confidence: High". It was in Downtown Tampa FL.

Your welcome, Good Luck!