All Forum Posts by: Gabriel Spaulding

Thank you everyone for the replies. Does anyone have a specific book on my first investment property, how to advertise my rentals, and managment? I'll be coming back with my clear and informed questions, thank you all!!!

2 Votes

Baltimore, Maryland

Hey everyone I hope you're all doing well.

So today I was thinking about some options and fears. So first, options. I'm confused about whether to go for a triplex, quadplex, or a 10-unit mobile home part. Another thing I have thought about doing is buying a small single-family home near an attraction and building a couple of tiny homes for AIRBNB, however, I don't know if this is wise or not. I also don't know if an FHA loan will work for a mobile home park. Any help with this would be amazing.

Do I make an LLC before or after I buy?

Is it better to save up 200k to buy a house with cash or would less risky to get a mortgage? Is a 15-year or 30-year better for investing? Can an FHA loan be a 15 year or will it always be 30 years? These topics are some that I need help with the most.

And lastly, about tenets, what can I do if a tenant stops paying rent? How do I screen and set up an application process for them, what are some things you would have on that application or look for? How do I advertise my units for rent to get a tenant moved in? How do I run a background check on tenants? How do you guys feel about living in the same building as your tenants, such as living in a duplex with a tenant in the other side?

Any info would be amazing, THANK YOU!

-Gabriel S.

0 Votes

Baltimore, Maryland

Quote from @Lance Trezona:

Hi Gabriel, congrats on starting at 19 to invest. That's awesome man! The first step would be to reach out to a lender and find out what you can get approved for. Use the FHA option if you can. Once you find out what you are approved for you can start the search. To find out if a property will cash flow and appreciate you will have to do some due diligence. You will have to look at the market you are interested in investing in. Run some comparables on properties similar to what you want to invest in in your market of choice. You will also need to figure out what properties are renting for in your area as well. You can look it up online, reach out to a Property management company, or a Real estate agent. They should be able to give you a good idea of what you can expect to receive in rent for your units. You'll have to take into consideration what your expenses will be as well. Hope this has helped and best of luck in your investing journey.

Thank you this helped me alot. One question...what are comparables??? THANKS AGAIN!!!

0 Votes

Columbia, Maryland

Hello BP people, I've been listening to the BP podcast for a decent little bit. I'm currently 19 years old and just started a plumbing apprenticeship. Id like to buy a small apartment or multifamily home. However, I'm a bit confused and scared lol. So here are my questions. 1: how do I figure out if a property will cash flow and appreciate in value. 2: after I find a property that is a good investment, how do I go about buying it? I've listened to a lot of BP podcasts but I have a hard time finding out the "how" to do it. So who do I go to in order to buy the home/apartment? 3: what type of financing should I be getting for it. I'd like to leverage it and not use all money out of pocket.

1 Vote

Columbia, Maryland

All Forum Posts by: Gabriel Spaulding

Gabriel Spaulding has started 2 posts and replied 4 times.

Post: I have some questions again...

Post: I have some questions again...

Post: How do I find out if a properity will have cash flow+appreciate

Post: How do I find out if a properity will have cash flow+appreciate