All Forum Posts by: Eric Mauricio

Ok. Let me apologize for my ignorance first since I'm still crawling as a noob. So, there's this commercial property for sale that the owner has owned since the early 90s and he stated he will carry a contract for deed.

Asking Price: $190K

Required Down Payment: $30K

APR: 6%

Loan Term: 20 years

NOI: $15K - $20K per year

The property is a couple hours away from where I live and I do not know how many businesses lease from the building (obviously I will ask). The population's town is about 12K and the location looks to be good with other commercial buildings surrounding it when I checked Google Maps. Looks as if it's just street parking.

Does this look like a potentially good deal? What kind of questions do I need to ask the seller? Appreciate the feedback.

@Tony Velez - were you able to find out more information on the property?

@Vanessa Buirse - I suggest that you keep reading all the forums concerning flipping, listen to all the BP podcasts, and buy J Scott's book on Flipping Houses if that's the venture you'd like to pursue.

@Steve Marshall - doesn't that 4.5 years look so close, yet so far away? Lol. I'm looking forward to seeing all the deals you close on BEFORE retirement!

@Meghan O'Connor - that is so awesome to hear all the action you're taking! So, are you focusing on a handful of neighborhoods? Where did you hear about Property Radar because that is the first I've heard of it?

@Daniel Kelly - I was born and raised in Virginia Beach and I'm active AF. I actually just went back there for the first time in 4 years during the Christmas/New Year's break and boy has it grown!

Keep reading up on the BP forums and blogs, listen to ALL the BP podcasts (episode 108 with Grand Cardone was really inspiring), and read other RE and financial related books. Good luck!

Hello, BP Fam! I hope you can share your stories of what you did daily when you first started really diving into real estate investing.

I've been a reluctant landlord since 2014 on 2 SFH that were my primary residences (1 mortgage underwater and a mandatory military move) and I recently decided to use real estate as a way to build wealth and freedom. Unfortunately, both of my properties do not bring any positive income (bleh). I am looking to go as a full-time RE Investor when I retire from the military in less than 5 years, but that's not stopping me from looking for deals this year!

So, in 2015 I was passively looking into using real estate as a means to an end. In the beginning of the year, I went to a couple local RE meetups, I scrolled through some BP forum posts and didn't participate, and read 2 Robert Kiyosaki books (not Rich Dad, Poor Dad (yet)) that I picked up from the thrift store. However, I started ramping up towards the end of 2015 by finally reading ‘Rich Dad, Poor Dad’ (found at another thrift store), buying J Scott's books on flipping houses and Brandon Turner’s books on rental property investing, listening to the BP podcasts (I’m on episode 108 as of now), and engaging more on the BP forums.

This is my typical day now as a Newbie RE Investor: When I wake up I open the BiggerPockets app on my phone and I read and engage in the forum posts. On my way to work I listen to the BP podcasts at 1.5 times faster (quick tip from a BP episode!). When I need a break from my job I login to BP or read real estate/self-improvement books. On my way home I listen to BP podcasts again. When I’m at home I look on Craiglist and Zillow searching for deals. I go on my BP app again to learn more from other investor’s experiences. Before I go to bed I’m either checking out BP yet again looking to network or reading a book.

I’m really starting to love real estate and am constantly thinking of it. I hope to get my first, actual deal (whether it be a flip or a cash-flowing buy & hold) this year. Thanks for reading and I hope to hear what you were/are doing on a typical day as a newbie and what helped jump start your RE investing voyage.

@Zach Davis: Did you end up buying the 4-plex? There are a lot of small towns around my location, Fargo, and I was interested on hearing from any small town investors.