All Forum Posts by: Dock Newell Jr

 This is awesome info @Alex Chiapetta

Hello and welcome! It's great to see your enthusiasm for connecting with commercial lending and real estate investing professionals. You have a solid foundation in real estate, and your transition to a Business Banking Specialist role will undoubtedly complement your expertise. I don't have any mentors in that area, but I have experience finding mentors. Here are some steps I believe can help you connect with mentors. 

LinkedIn: Utilize LinkedIn to connect with professionals in the commercial lending industry. You can search for individuals with relevant titles or keywords like "commercial lender," "multi-family real estate," or "real estate finance." Send personalized connection requests and start building relationships. 

If you haven't already, join local real estate investment groups or networking events. These groups often host meetings, seminars, and networking events where you can connect with lenders and investors.

Given your role at American Federal Bank, I would like to ask you to please contact colleagues within the bank who specialize in commercial lending. They can introduce you to potential mentors or provide insights into the industry. 

And most of all, offer value. When approaching potential mentors, be prepared to provide value in return for their guidance. Share your real estate experience and how it can benefit their lending perspective. Offer to assist with research or projects in exchange for knowledge.

Remember that building meaningful relationships and finding the right mentor may take time. Approach the process with a genuine interest in learning and a willingness to contribute to the relationship. Over time, you'll likely find a mentor who can provide valuable insights into commercial lending and real estate finance. Good luck with your career transition and networking endeavors!

Hey there, fellow Grand Forks, North Dakota residents!

I'm excited to connect with our local community of investors right here in Grand Forks, North Dakota. I've been actively involved in real estate and investment opportunities in our area, and it's time we come together to create a thriving investor network.

Whether you're experienced in real estate, stocks, startups, or any other form of investment, I'd love to hear from you! Let's collaborate, share ideas, and support each other in growing our portfolios and achieving our financial goals.

Feel free to reply to this post or send me a private message if you're interested in:

1. Meeting up for coffee or a casual networking event to get to know each other.

2. Sharing your investment journey or any tips and tricks you've learned along the way.

3. Discuss potential investment opportunities right here in Grand Forks or the surrounding region.

4. Building a strong local community of like-minded investors who can learn from each other.

Whether you're just starting or have years of experience, your insights and expertise are valuable. Let's make Grand Forks an even better place for investors by fostering a supportive and collaborative community.

I look forward to connecting with you all and building a network that benefits us all!

Cheers,

Dock Newell Jr

Which neighborhood in Atlanta and the surrounding area offers first-time homebuyers/investors the best value? Share your insights and experiences on affordability, amenities, and potential for future growth in the area!

Congratulations on your recent graduation, full-time jobs, and expecting a baby! Real estate investing is an exciting way to build wealth, gain flexibility, and secure your financial future. To embark on this journey, educate yourself by immersing yourself in real estate podcasts and literature, setting clear goals, building a financial foundation, considering financing options, and exploring house hacking as a starting point.

Create a realistic timeline by understanding that real estate investing is a long-term endeavor, and be patient with your family's needs and goals. Connect with local real estate investors, attend meetups, and join online forums to learn from experienced investors and find partners or mentors. Consult with a financial advisor or real estate professional for personalized advice based on your circumstances.

Plan for parenthood by accounting for childcare expenses, insurance, and adjustments to work-life balance in your financial planning. Start small with a single-family home or smaller rental property to gain experience and confidence. Real estate investing requires careful planning, dedication, and a long-term perspective. It may take time and effort to achieve your goals, but it is possible to achieve them. Prioritize building a solid financial foundation, continue learning, and adapt your plans as your family's needs evolve. Best of luck on your journey into real estate investing!

Hi @Kurt Gutormson! If you still need help I have a few that can help.

@Nolan Chandler hit the nail on the head. The fact that you both have a VA loan is a real estate hack many investors don't think of, especially if you buy Multi-family. I've used the VA loan multiple times, and when I run out of entitlement, I refinance my oldest property. Look into buying homes that need a little love that still passes inspections. You can improve that property to increase its value so that you'll be able to refinance.

Welcome to the Bigger Pockets and the exciting world of real estate investing, Delta Fox Properties! It's great to see your enthusiasm and effort in crafting your mission statement, goals, and strategy. Real estate investing can be a fantastic path to financial freedom, and your dedication to learning and growing is a promising start.

To succeed in real estate investing, prioritize education, research local regulations, and consider house hacking and multifamily properties. Choose markets with good rental demand and reasonable prices. Identify gentrification, infrastructure, and job growth in potential markets. Connect with local real estate agents for insights. Build a reliable team for remote property management, including property managers, contractors, and agents. Secure financing with a low DTI ratio, good credit score, and VA and FHA loans. Consider mentorship from experienced investors in local or online communities.

Remember that real estate investing can have its ups and downs, but your commitment to continuous learning and adaptability will serve you well. Best of luck on your real estate journey, and feel free to ask any specific questions you may have along the way!

Hey everyone,

I'm currently facing a situation with one of my tenants in a single-family property. They've expressed difficulties in paying rent, and I'm looking for some creative ideas on how to structure payments or any strategies to ensure we can successfully complete the lease term.

I've noticed that my local rental market has seen a decrease of around $125 a month, so it's highly likely that I'll need to lower the rent once the lease is up. As it stands, the property is generating a positive cash flow of $180 a month, but there are some impending repair costs to consider as well.

Any suggestions or insights on how to navigate this situation would be greatly appreciated! Thanks in advance.

Investment Info:

Townhouse private money loan investment.

Purchase price: $160,000
Cash invested: $42,000

The author successfully purchased Tiki Dr for their Airbnb property, overcoming challenges in obtaining financing. They found a seller-provided financing solution, negotiated terms, and completed due diligence. The property was officially transferred to the buyer on closing day. The author then set up the property for Airbnb rentals, ensuring compliance with local regulations and safety standards.

What made you interested in investing in this type of deal?

I was interested in investing in this deal because Airbnb properties can generate rental income, and the location of Tiki Dr seemed promising for this purpose. Additionally, the seller-provided financing made the deal more appealing and accessible.

How did you find this deal and how did you negotiate it?

I found this deal through a real estate agent who had listings in the area I was interested in. Negotiations involved discussing terms directly with the seller, including the seller-financing details, and reaching an agreement that suited both parties.

How did you finance this deal?

I financed this deal through seller-provided financing. Instead of obtaining a mortgage from a bank, the seller extended a loan to me to facilitate the purchase. This helped me avoid the additional costs associated with traditional bank financing.

How did you add value to the deal?

I provided additional furnishing to enable the desirability of the property

What was the outcome?

The outcome of the deal was successful. I acquired the property on Tiki Dr for my Airbnb investment with the help of seller-provided financing, which allowed me to avoid the extra costs associated with traditional bank financing. I subsequently set up the property for Airbnb rentals and began generating rental income.

Lessons learned? Challenges?

Some lessons learned from this experience include:
Seller-provided financing can be valuable when traditional bank financing is challenging or costly, and conducting thorough due diligence is crucial to avoid potential issues with the property.
Challenges included: Initially, obtaining financing through a bank posed a significant challenge due to added costs, and negotiating the terms of the deal, including seller financing, required effective communication and mutual agreement.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with Jake Sostheim from The Corcoran Group, and I would recommend him to others based on my positive experience.