All Forum Posts by: Elda Asheley

Quote from @Elda Asheley:

Hi, I’ve been researching and contemplating on which area of real estate I should invest in. I came to realize that I am missing professional/ seasoned advice. I would like to know what is the best way to invest right now for a newbie in 2024? 

Hey there!

Great to see you taking the first steps toward real estate investing! 2024 has a lot of opportunities for newbies, but finding the right area can definitely feel overwhelming. From my experience, starting with long-term rental properties is a smart move, especially for those looking to build wealth steadily over time. Multifamily properties, like duplexes, can be particularly appealing because they allow you to live in one unit and rent out the other, which helps with covering the mortgage while also generating income.

Another option is to invest out-of-state in markets where property prices are more reasonable but still offer great cash flow. For example, Indianapolis is a market that’s been attracting a lot of attention from investors lately because of its affordability, solid rent returns, and growing population. I work with new construction duplexes in Indy that are a great fit for investors looking for turnkey options without the headaches of major repairs.

Feel free to reach out if you'd like to chat more about how to get started in 2024 or explore some out-of-state options. I’d be happy to walk you through what’s worked for me and others starting out.

Best of luck on your journey!
Ryan Cheek

As you will come to find out, there are so many different avenues of real estate you can invest in. My recommendation is research them all, go to local meetups, and find what you're most passionate about and what you're best at. Narrow it down to one niche and become subject matter expert in that field. That's what I'm trying to do at the moment because I am relatively new in this field. For example, I've taken into account house hacking, SFH investing, multis, STR, co-hosting, wholesaling, and syndications. There are a lot more option out there but find what works best for you and become an expert on the topic and dive in. You got this!

Hey Elda, I like starting in the Midwest because it's affordable and offers good cash flow. Following David Green's Core 4 strategy (realtor, contractor, property manager, and lender) gives confidence to invest anywhere. I focus on Columbus, Ohio, which has seen significant growth, especially with tech giants like Intel, Meta, Amazon, and Google setting up operations, driving up property prices and job opportunities. I also invest in Cleveland and Dayton. Let me know if you need assistance!

Quote from @Elda Asheley:

Hi, I am researching ways to potentially invest in real estate with the assets available to me. What are ways that I could use land that I own to help me secure financing on a project? Is this common?

Here’s an interesting technique taught to me 40+ years ago by Jimmy Napier.  Find a property you’d want to own where the owner is willing to sell with owner financing or subject to an existing loan.  Let’s say the owner wants $200,000 for the property, but it’s worth only 180k, however he insists on $200k with no takers.  Let’s say you own a land lot worth in the market only $20k, but because land prices are all over the board, you have a legit appraisal at $50k.  You offer him $200k made up of the $50k land lot in trade subject to the existing $150k mortgage.  
Alternatively, you can offer the seller a $50k mortgage secured by your land subject to the $150k existing mortgage on the property you’re purchasing.  Make sure the terms of the mortgage loan offered on your land are “soft”, something like 0 interest with payments of $500 monthly for 120 months and the. A balloon.  

Elda,

You can use the land to build a home the land can be used as 'Equity" in the deal.  You would have to build on the land you own.  If you are trying to use it as collateral in replace of a down payment or as income thats not going to work.  Unless the land had such a signifacant value like over $500K you might find a private lender to put a junior lien against it if you own it "free and clear".

I have seen some private lenders offer a higher LTV even 100% if the collateral is sufficient, but again land is tough to resell unless its commerically zoned in a great location.

If you want to build a Primary home or Second home you can use the value as equity to go towards the down payment.

Quote from @Elda Asheley:

Quote from @Mark Munson:

Hi @Elda Asheley

I am a member of the North Carolina Real Estate Investor Association and just spoke there in Charlotte about financing. Feel free to reach out if you want to see what options you have. There are no restrictions for new investors, so happy to help. 

Hi Mark! Thank you for offering your assistance. I will be attending the Charlotte REIA meeting for beginners Aug 6. I'll be sure to reach out to you.

thanks again

 Enjoy the event and feel free to message me if you want to set up a call. 

Hi @Elda Asheley

I am a member of the North Carolina Real Estate Investor Association and just spoke there in Charlotte about financing. Feel free to reach out if you want to see what options you have. There are no restrictions for new investors, so happy to help. 

Hi Elda! I love working with new investors. I put another pair of eyes on the deal to make sure your return is going to be worth your time, and walk you through the entire process so you have a good understanding of everything!