All Forum Posts by: Derick Whitley

thank you guys, it looks like I have a lot to learn still..... got to hit the books again.

nothing.... :(

hello all,

I have been reading a lot and am very interested in creating wealth in real estate. I was trying to move my family this year but couldn't due to my financial situation. I current own a home and would like to rent it out to generate cash flow. after realizing that I couldn't move on my own I became discouraged to even think about investing in real estate. that same discouragement layrr turned into motivation, as i didnt want to settle for "getting by" i had to get in a better financial position to be a better father to my daughter (who lives in florida) A few months past and the house that my mother is renting is going up for sale. it's overpriced so I wasn't going to attempt to buy it. Well, we came across a piece of property in Williamsburg, VA that was in our family (aunt's and uncles) it needs some work but the landed assessed for 30k. and its a 3br 2bth SFH at 1300 sq/ft. It also has detached car port shed combo as well and on an acre lot. although my mom doesn't want to move she knows that house has potential.

the asking price is about 48k

comparable homes for sale or sold range from 90k-130k

I want to help my mother and stepfather and buy this home, do renovation (stepfather is a contractor) so I would run the reno money through his company.  afterwhich they will be my tenants. 

so I was thinking I could take a home equity loan from my current home to get a mortgage out on this home for the initial appraisal value which should be well over the asking price of 48k. i was landing at 100k as a magic number.put  about 15k into the home in renovations pay the 20k home equity loan off have about 15k for me to pay off other personal debt putting me in a better financial position to move again.  maybe even thinking I could do a 203k loan for my next home and in the blink of an eye have 3 properties all with good equity.

my question is, can I even do any of this? do you guys have any advice or pointers? I'm sorry if this lacks information I can and will answer any questions the best I can. thank you in advance.

Hey guys and gals,

I am very interested in starting to make profits in Real Estate. Although I would like to one day buy and flip a property I am currently buying a home in Southern Maryland, I don't really like the area but I bought this house without knowing much about real estate. Funny thing is, it was a flip and i remember the investor walked out of that closing with over 50k all thanks to me lol. My wife and I are both active duty military and are now looking to buy another house. I think i can rent out my current house for a possible $400 a month in cash flow, if i manage it myself. We are looking in the Ft Washington, Upper Marlboro, and local to Andrews AFB we want to be in good area as we do plan to live there for a little.

I am typing this because I am trying to reach out to the Maryland community to see if I could get some guidance on how to look and find some good properties and going about Buying, Rehabbing (if needed), and holding. We are going to be using our VA loan because we don't too much money for a down payment. I am trying to generate extra money and a better life for my family, I just want to be able to see my daughter in Florida more so eventually I want to have multiple properties but I guess getting started without any real world insight is difficult and I dont want to give up on my dreams.

I am not to versed in Real Estate so if you need clarification on anything i just rambled about, let me know. Thank you in advance

 so far this Website has definitely been very informative.  I'm already looking at a few properties online. I think I may start out with buying and renting until I come across my first flip. I am eager to learn and execute.  seeing how others have been successful and learning has really inspired me. as I progress in my venture I will share my steps with the BP community with hopes of getting even more advice and motivation 

 thanks Ned! 

thank you all, for helping me along my path thus far. 

I am about to tune in now, thank you. it's vital that I learn the in's and outs of the VA loans

 thank you, I do plan to start small with my current house by renting it out. 

hello BP members,

My name is Derick Whitley and I am very very new to Real Estate Investing, but am eager to grow and learn as much as I can so that I can open up many more opportunities for myself and my family. I am active duty air force, stationed at Andrews Afb. I have been in for about 10 years, the military is great but my ambitions often outgrow the mold the military has for me. I have started a mobile car detailing business and am also looking to do REI in my spare part time, during the 25th hr of the day lol. I will continue to read around the site and hopefully I can attend some local events to really gain as much knowledge as possible. Being in the military, I am a firm beleiver in mentorship so hopefully I can make those type of connections at the local meetings. I am looking forward to seeing you guys around here.

take care, and happy investing!