All Forum Posts by: Derik S.

Hi guys, I:m back after having been gone for awhile. My question concerns down payments and financing. Like a lot of wannabe investors, I don:t necessarily have a chunk of money sitting around for a down payment. From what I have seen, it looks like a USDA loan is likely to be the solution here. Where in Western Washington state would a USDA loan be most likely to be approved? In particular, I:m talking about suburbs outside of Seattle, Olympia, Bellingham, and Tacoma. This is for a duplex or triplex that would act as a primary residence. I:m happy to read about USDA-friendly suburbs in the Olympic Peninsula as well, as well as any insight outside of Washington. 

Derik

Hi Jetty, welcome to BP. Allow me to furnish another welcome. 

When I think of New Mexico, I think of adobe homes in desert-like environments with cactus's and such.

The water isn't right, its a little too cold, but should I just jump in, and make my first investment, even if it isn't the smartest? 

I figure to overcome fear, and actually see that REI'ing isn't as scary or intimidating as it seems, I actually need to buy that first property. With no money for a down payment, how do I do that though? Maybe someone here who has had a similar experience in their journey can shine some light on the scenario, keeping in mind the following:

- I want to do multi-family, probably start with either a duplex or triplex. Whichever is ripe for the picking. 

- Let's say I want to, for example, choose a market that is hot like Boulder. If I were to stay close to a college location though, I would want to stay around CSU.

I probably would not be able to find anything, I am guessing, under the $!00,000 mark, that would not require new flooring, painting, etc. That's not including the possibility of value adding on a property. So, let's keep that price bracket in mind. 

So, I am wondering once one finds the right city, how to find the right neighborhood? To make it more specific, let's say I choose Fort Collins, supposedly a city that is booming, where would I begin to look for a neighborhood, regardless whether it is single and multi-family homes. Thanks. 

Hi Glen, welcome to the forums. It's full of great information sure to make the real estate newbie an expert. 

I am looking to research, and gain connections in this real estate universe from networking (hoping BP will help make that possible). Anyway, welcome to the forum. Hopefully the weather in Clearwater is quite nice.

Derik

Hi Steven, welcome back to the site. 

What is the market like in Corpus Christi, and what neighborhoods are good to invest in?

Derik

For every 100 people in Colorado, only 1 gets picked. But this thread isn't about jobs and joblessness, its about real estate. 

Its not that I lack to be inclined enough to work, its just dumb luck. I'm one of the last people who would want to sit on their rear all day long.

Looking to get started in real estate, but the only income I have received is a $20 my mom gives me from time to time. Lack of money, investing in real estate, something doesn't compute correctly here. As some here know, I'm looking to get into the buy and hold strategy (even though I have looked into wholesaling, to keep my options open) with multi family properties. Any money down I would be using would be coming from my dad. How does someone with no income enter into the real estate market, and not become homeless in the process?

 Hi Shah, welcome to BP. 

What kind of commercial properties are you looking into, if I may ask?

 I think Jeff summed it up best, but I'll give it a go. 

Anything that includes physical labor I consider active investing. So wholesaling and flipping for sure. Of course, even the passive investor can become active if they decide to value add to the property, whether it be a nice coat of paint on the exterior, or new cabinets in the kitchen, to increase the value prior to selling it. 

What comes to mind when I think of passive investing, is rental properties.