All Forum Posts by: David Pascual

@Ryan Stover

Im sorry for this VERY late reply. I haven’t been on the app for some time.

No I have not gotten a property yet. I spent that time trying to educate myself before I make any moves and got caught up finishing school. I would very much like to finally start investing in the near future.

About your questions, I feel like that is the only part about REI that I get stumped on, I may have to do more research before I get started but I feel that that is the last thing I need to learn before I dive in. I started reading books and contacting some investors themselves about this and honestly it pretty much just comes down to experience. I remember hearing that some people do use Zillow or even Craigslist and whatnot but only on properties that have been SOLD and NOT what the asking price is. If you've gained some insight about this after all this time please let me know!

Thanks

if you are educating yourself then you are already on the first step. read as many books as you can. go to the public library and find books on REI and read them. for example i picked out a book on mortgages just to get a better understanding of the process of how things work and what options there are. read the forums on any thing your not sure about or just start a discussion and ask. Find your niche on what you want to do. find out if you want to buy and flip, buy and hold, use BRRRR strategy etc. once you know what you want then start learning heavily on your niche. GO to local REIAs or meetups and talk to other investors in your area. Listen to what they have to say and it will help alot. (i found meetups by downloading the "meetup" app and searching real estate investment).

Also i see that your a pro, practice using the calculators for analyzing properties! go online and find homes in your area and try to analyze deal on your own and see how you do. 

get educated. the best way i learned about REI is listening to the podcasts. they are incredibly helpful. you might not understand what people are talking about a first but as your knowledge increases you'll start to catch on. (tip: go back and listen to podcasts youve listened to over again a couple months down the road, you might catch something you didnt quite understand the first time). go through the forums and just read what people have to say or type what you want to know about in the search bar and discussions will come up. READ the books by brandon turner! they are incredibly helpful! for example: "the book on investing in real estate with no or low money down". great book for beginners. Good luck!

me being a 20 year old found the answer to this question reading Brandon Turner's book "the book on investing in real estate with low or no money down" it has tons of ways newbies can invest without cash and how to be creative. extremely helpful.

When trying to qualify for a mortgage is it possible to join forces with another person (partner) in order to qualify for a larger loan? Let's say that partner 1 has strong income and good credit but has recently gotten a mortgage for his primary residence which will affect his DTI ratio, partner 2 has good credit but only works part time. (not enough income to qualify for a mortgage on his own) in this case can partner 2 add incomes with partner 1 so that partner 1 may be able to qualify for a higher mortgage loan? Or must both partners need to be able to qualify for a loan individually in order to do this?

I have been on bigger pockets for months now and I have been doing extensive research on the niche I want to get into (buy and hold or BRRRR). Even though I would still consider myself a beginner, I have definitely learned a lot in these last few months by reading books, listening to podcasts, and by learning from other investors in the forums. It's a good feeling knowing your knowledge is increasing everyday. now at this point I think it would be great to meet and chat with other buy and hold investors in my area so that i can better understand how our market works or strategies we can use, doesn't matter if your a beginner like me, let's meet. Perhaps I know something you don't yet! PM me if you would like and let's make something happen. Thanks!

I have been on bigger pockets for months now and I have been doing extensive research on the niche I want to get into (buy and hold or BRRRR). Even though I would still consider myself a beginner, I have definitely learned a lot in these last few months by reading books, listening to podcasts, and by learning from other investors in the forums. It's a good feeling knowing your knowledge is increasing everyday. now at this point I think it would be great to meet and chat with other buy and hold investors in my area so that i can better understand how our market works or strategies we can use, doesn't matter if your a beginner like me, let's meet. Perhaps I know something you don't yet! PM me if you would like and let's make something happen. Thanks!

If your talking about a HELOC (home equity line of credit) your allowed to take out up to 80% (maybe 90%) LTV for use. that means that if your home is worth 100k your can use a maximum of 80k for your HELOC. Now its that simple if you own your home free and clear but most people have a mortgage on their home so then you would simply subtract your mortgage balance. if you owed 50k to your loan then you could only use 30k. (100k x 80% = 80k - 50k = 30k).

in your case you wouldnt just simply take 75% of 65k

to my understanding this is how it works. please correct me if im wrong!

start buy reading the ultimate beginners guide and learn all the pathways real estate offers .(theres so much more than just flipping) there you will get an introduction on how to find deals, how to finance, how to manage properties and much much more. Its a good gateway to start. when i first started on bigger pockets I too had about 10k saved and just started reading through forums and reading books and found out really fast that 10k won't do you much good in this industry, especially if your in California. You will have to save more or USE OTHER PEOPLES MONEY. I capitalize that because that is key. Start reading books by Brandon Turner, in your case his book on "investing with low or no money down" is a great place to start. just start educating yourself and your eyes will be opened. Good Luck!

@Chris Seveney

Great. thanks Chris.