All Forum Posts by: Ephraim Teke

Joe, thanks for the valuable insights. 

@Scott Mac . Thanks for sharing your insights. This was very useful.

I often hear the phrase “you can always partner with someone who either has money or has skills in a deal when you don’t have both” on BP real estate podcast and other podcasts. This phrase is usually followed by a certain percentage or ratio that the partners use. The question I have been asking myself is What is the content of the partnership and how does it work? 
My initial thought was the definition of roles such as one person taking the role of property management (in the case of rental property ) and the other probably taking care of maintenance, but I get stuck with how the deal is acquired. Who holds the loan (if the property is not all cash buying), and the deal purchased using the partnership or one of the partners?  

Please, I need your thoughts.

I am a newbie with little knowledge of real estate and zero experience. 

What do you want to do with your real estate business this year? Why?
This year, I intend to gain more real knowledge-through reading and listening to podcasts-and experience-by buying my first property to house hack. The reason is to pursue my long term goal of financial freedom by paying down non-income generating debts (eg school loans) and to have the ability to reach out to the less privileged.

What are you going to do this year to move toward financial freedom? Why?
1) Pay off credit card debts to build better credit scores and qualify for an FHI loan.
2) Buy my first SFH to house-hack.
3) Join a real estate meet up group to enhance my real estate knowledge and to keep the ”real estate fire” burning continuously in me.
4) Start saving for my next property to start 2021 at a position of better “financial strength.”

Thanks Jennifer. I will certainly do all that you suggested. I will also let you know about the outcome. 

Warm regards,

Ephraim 

Neil, thanks for that advice. 

I am a newbie with zero experience and looking forward to getting my first SFH to househack in the DFW area using FHA loan. I contacted a lender, and the lender has a third party credit repair program to help build my credit scores. Has anyone on BP ever undergone credit counseling from a third party program of this nature? Could there be any hidden agendas or obligations after the repair process? Prior to this lender, I was referred by a bank to a credit repair counselor who asked for a ridiculously high fee.