All Forum Posts by: Account Closed

@Jeff Sprunger Go for it! I like that fact that your freedom number isn't a huge one. Just enough for you to live off of each month. Great example. Everyone's freedom number will be different. But achieving it is the special part, no matter how small or big the number may be. Good Luck on your journey. 

@Rolanda Eldridge Sounds like you are headed towards a big and successful 2017. I love to hear that. If you can get a great deal on a multi Unit and appreciate the property with your great rehab skills. You could get a great COC Return and Create a Cashflow Machine. 2017 is Yours for the taking! I wish nothing but succes for you on the journey. Go get it!

Hey Biggerpockets! Just wanted to have a general chit chat about reaching your freedom number. Has anyone achieved this lofty goal? If so how did you achieve it? What was the feeling like? Also how was the up's and downs like while pursuing such a goal? 

On the Other hand, if you have a freedom number and you are  working towards it. How is the journey going for you? I'm sure a great deal of us would love to read and dig out the great nuggets you may have for the next investor seeking the same goal for financial freedom. Thanks BP! 

@Gary Dale McKee Thanks For Sharing Your past mistakes. It's a Great way To learn. 

@Brian Nordman As Far as any hidden restrictions I would say it's mostly just black and white. With a FHA loan You must live in the home for a specific amount of time, possible to put down 3.5% but with that just make sure you can get a significant amount of cash flow while counting in MIP. Sometimes the MIP can eat up enough of your cashflow to were you are hardly making a profit. The process and paperwork can be a longer process. As you are dealing with the government instead of a local bank. So you must go through a bunch of red tape. Great resource to pick up that I have read multiple of times is biggerpockets Book on "How to invest in real estate with no and Low money down" it gives some of the pros and cons in the FHA loan and 203K loan Process.

@Lawrence Lloyd paclob The Bigger pockets Podcast Show 191 would be great for you to check out. Especially on out of state rentals. Also if you are gonna do out of state I would recommend having someone you can trust in the area that you are aiming for to be able to get correct and accurate feedback. Ken McElroy Speaks about tha in his book "The Abc's of Real estate investing" But Good Luck! I wish nothing but success for you on your new journey of investing. 

@Victor Glushak I'm not familiar with VA Real Estate. But here in Baltimore, there are numerous amount of programs that help out with down payment and closing cost. From $1000-$10000. Harbel Housing Program, diversified housing development just to name a few. You have to do some digging but it's worth it.

@Jasmine Wilborne Hi Jas! Sounds like you have a great game plan layed out. That's a good sign to start with. I would suggest getting the Baltimore business journal, Baltimore sun, and heading to Local meet ups to speak with other great minds about the markets and sub markets you are aiming for. Driving the neighborhood during certain hours is a great way of feeling out the area. I have used google instant street view a ton also. Ken McElroy The Abc's of real estate investing is a great book. I actually am reading it now for the 3rd-4th time. Currently on Chapter 7 "Is it really a diamond" But question: What are your Goals far as business? Are you aiming for cash flow? Appreciation? Quick Cash turnarounds? 

@Victor Glushak Great question. There are numerous amount of way's of financing a deal. First thing I would suggest is pick a niche and become a master at it. Great quote I heard from someone in the industry they stated "The Riches are in the Niche you pick and Master" Hard Money Lenders in my opinion are a good way of going for a more experienced investor and also when it comes to flips. For buy and holds I wouldn't recommend a hard money lender. However some are lending to buy and hold investors for longer terms. If you are looking to get a property in your circumstance. I wouldn't suggest A lease option deal in which you have multiple of ways of going about a lease option. You have seller financing, getting down payment assistant thru programs which will grant you money for help with down payments and closing cost. I am actually going thru a program now that's is helping me with a multi-unit deal. Private lenders are great also. If you have a great deal to show them they will more then like you look pass to being your first deal and focus on the ROI. In the real estate investing world there is always another path you can take when one has been shut. I have learned that myself.

Good luck! I'm sure you will find a Way to make it happen. 

Great way to get started. Biggerpockets has all the answers to your questions. Good luck with everything