All Forum Posts by: Garrett M.

Hi @Nate L.,

Just jump in! I don't mean to sound cavalier, but I think it is always the right time to invest in real estate. 

Personally, I wanted to invest for years before I finally got started. But I thought investing in real estate was mysterious and scary and that one needed resources, knowledge, connections and skills I didn't have access to. And that is where Bigger Pockets came in. I owe so much to the great folks on this site. Thanks @Joshua Dorkinfor providing such a great foundation.  

So here's the best advice I have. Disclaimer: I'm still a relative newbie myself.

First, continue in sponge mode. Learn as much as you can about your market, look for your advantages based on your unique skills, situation and market, and choose a strategy- What types of deals do you want to be a part of? Flips, buy and hold, BRRRR, syndications, wholesale deals?

If you will be investing in the "traditional" ways, your ability to buy an asset will depend on your available finances. Can you scrape together a down payment? Can you qualify for conventional bank financing? Do you have any advantages like being eligible for VA loans or FHA loans that only require 3.5% down on up to 4 units? I would also add using private money and hard money loans to this side of the column, even though they do require more experience, knowledge or both.

If you will be using "creative financing" that path seems to be less dependent on having cash available and more about how resourceful you are. Creative real estate strategies like wholesaling, seller financing, subject-to deals, lease options all require you to know your market and be good at finding and working with distressed/motivated sellers.

Listen to all of the BP podcasts, even the 100 AskBP podcasts that @Brandon Turner put together! Through listening to the interviews, you will learn which strategies are attractive to you, and you will focus your interests into achievable goals. Analyze a bunch of properties to see if they work financially until you can spot a potential winner as soon as you see the numbers.

Network with other investors in your market. If possible, find a mentor in your area for whom you can add value. Keep asking questions in the forums and keep learning. Hone your strategy and set goals for your investing. At the same time focus on getting your funding together and when the moment is right and you find the right deal- you'll be ready.

Thank you @Jason Clinton! 

Jeremiah Moss 2% rule guideline suggests a good deal will produce 2% of your purchase price (including rehab cost) as rent each month. So if your house costs 100k to buy and repair it should yield 2k in monthly rent. Lots of folks on BP are ok getting anything above 1%. Myself included. But there are areas of the country where 2% is possible. Listen to the podcast with Dawn Anastasia. I believe she gets 2-3% results in her market. Makes me want to move to Wisconsin or Kansas City! If you are set on investing in the market you next live in, just make sure you are "buying right" which equals Significantly below market price. Force the appreciation higher by renovating and sell after one year to avoid capital gains taxes. Cheers!

Hello @Spencer Rossie 

Are the renovated areas that reqire A/C on the ground floor? Because if it has a basement, central A/C could be cheaper to have done and it hides better. The LG system @Kelly Maguire mentioned, I think is called the artcool which has a wall mounted picture frame style vent. There are also some nice ceiling mount vents that are low profile. Look at Mitsubishi's Mr. Slim sytems. Lots of videos on youtube.

About flooring, If you are hoping for a continuous look, try to call a few architectural salvage yards in your area. Its common for them to carry local antique flooring and you can find a good match usually for a good price. Likely you would still have to have it refinished along with the other flooring you mentioned. Craigslist could yield some old local flooring too. 

Good luck.

Brian Tisler Perhaps, if the seller is motivated, you can get some more discounts on the property after inspection. Based on old hvac or any other surprises. If you are far enough down that road with the sale, they will probably give you something off! Good luck.

Hello Jarrad Hatton ! Welcome to the Bigger Pockets community. There really is so much to learn here. I would not have had the courage to complete my first deal without the education I received both online and through colleagues I met on Bigger Pockets. Thanks to Joshua Dorkin and @Brandon Turner I just found your post by searching for NSW. My Australian wife and I live in Philadelphia where we are investing. I am looking to learn about investing around Sydney. Not in Sydney! Don't think we could ever afford it. I do wonder if it's possible to do the same things over there, and how different it really is. Cheers to you and welcome.

Welcome to Bigger Pockets @Frank Callahan! I'm in Philadelphia as well and it's a great place to be investing. What neighborhoods are you interested in? Do you know what type of properties you are looking for or how you will finance them?

The forums are a great place to learn about different buying strategies. I like the Success Stories forum too. So much to learn! Enjoy and best of luck to you.

@Joel C.

I like this plan a lot and I had one question, well, more like a few...  

Where does the quit claim come into it? Would you be buying it in your personal name in "cash" from the business LOC and then quit claiming it into your LLC after securing 30 year conventional refinancing terms?

Cheers and thanks,

Garrett

@Steve Porter 

Do your lenders for the locs care how you use the money? I had one bank tell me that they wouldn't lend to me with a line of credit if I wanted to use it for down payments or cash purchases. Thanks! 

Hello @Raymond Thompson 

Were you able to find a type of lender who agreed to give you a line of credit on your rentals? Are they owned in your name or by a business entity like an LLC?

Cheers-

Garrett