All Forum Posts by: Philip Sample

Thanks everyone! Lots of good advice here. I really appreciate it.

I've been planning to buy a 4 unit home on an FHA mortgage, and rent out three of those units. Problem is; lately I've been looking at information related to being a landlord and well... it's really complicated. I want to learn but I'm afraid if I continue learning in bits and pieces from unrelated sources on the web, my knowledge will have gaps. Is there a better way? What did you do?

Thanks everyone. This helps a lot.

I'm wondering about how to search for a house flipping/renting mentor offline, without the benefit of mutual acquaintances. I'm an introvert and I don't really know how to network very effectively yet. There are no REI clubs where I live (Rochester, Minnesota) so finding one is difficult.

Ben Leybovich thanks for the advice, I'll reconsider the license. In response to your question. I plan to rent SFRs to create passive income, and give me time to continue earning money in other ways. MFRs often have more maintenance and clients involved.

Brandon Krieg thanks! I'm definitely not refusing to change my plan. I'll keep my focus on what's directly ahead.

Michael Noto welcome to the site!

I'm moderately introverted and wholesaling seems like too social of a practice for me to get into so I'm considering another plan. I don't really have the experience to flesh it out fully so I'd appreciate any comments and suggestions to it.

1) get construction job & hopefully a mentor (for experience and to earn about $5000 dollars)
2) get FHA loan and buy distressed 4 unit property
3) Live in one unit and rent the others out while keeping my day job. (perhaps add another unit so I can rent out four? Not sure if that would be legal.)
4) when I have enough money I'll take out another loan and flip a property part-time
5)eventually earn enough to quit job and flip full-time
6)apply for real estate license (for MLS)
7)get real estate professional status (for tax breaks)
8) continue flipping properties until I have enough money to buy a single-family rental while continuing to flip properties full-time.
9)continue obtaining single family rentals while flipping.
10)potentially hire a manager to continue the process while I enter early retirement.

I'm young and have very little financial knowledge so if a plan like this is impractical please let me know. I'm aware I may have to change due to the changing market, and I'm unsure how to estimate how long this may take. I currently don't even have a credit card, so I assume I'll need to get one to add to my credit score. I really need a basic financial education, and I am unsure where to get it. Please give me any tips and suggestions you have, thank you.

Thank you, Ratho Reis I'll do that. I really appreciate the offer of help from your family.

Ezinwanne Hawkins Congrats! Interesting idea with the business cards. Reminds me of when I went to Las Vegas with family and found all these cards advertising prostitution everywhere (since prostitution is legal but not on street corners.) Pretty crazy stuff, but still a decent idea.

Thanks Ratho Reis! I found an association of realtors near me but I don't think that's what you mean. I may have to look somewhere else. Do you know of any blog posts on finding an association of realtors?