All Forum Posts by: Grey Drummonds

@John Warren It’s good to hear your side, coming from a similar position as myself. It would probably be best to work on my career before I worry about investing. Thank you.

@Elise Marquette Thank you for the advice. I haven’t put much thought into owner financing. But, I will look into that as an option.

@Ryan Baker It's great to hear your close to gaining your degree in the nursing field and wanting to dip your toe in the real estate industry! I personally am in a similar boat, as I have not invested as of yet, but I can recommend ways to learn via books and videos. I will post them below in an easy format.

      - Rich Dad Poor Dad. This is so cliche, but this book gives you a different perspective on gaining wealth. 

      - Profit like the Pros. Ken Corsini wrote such a great book that has the best deals from investors all over different niches in real estate. This can show you a real-life application to what you want to do.

- Go to local REIA's. Here you can meet seasoned investors who can mentor or guide you in the right direction.

      - YouTube is huge. Check out basics from BiggerPocket's channel, Mark Ferguson, and less popular content creators on more specific topics

Keep learning and pursuing your career and your side hustle of real estate and you will do just fine!

Hello BiggerPockets Community,

I am about to graduate college and pursue a career in the mortgage industry. As many of you know, the mortgage industry tends to be all commission (with salary for new loan originators for the first few months or year to get the lead funnel created). I desperately want to house hack as my first investment in real estate and have a downpayment saved. My credit is good and I'm not in debt. But, where I don't have a full-time job work history, besides part-time work, what would be the best plan of action to obtain a loan for a househack? I was thinking of either an FHA loan, rent for 6 months to a year (to build work history), or obtain owner-financing of some sort. Thank you in advance for your responses!

@Elijah Wichers This is such a great question and thank you for asking the BiggerPockets community! It all depends on your goals. As an investor, you always want to make your money stretch as far as it can, and multiply as much as possible. The PMI can average between 0.5 and 1.5 percent of the loan amount on an annual basis, so it can hurt your wallet. But, you should still be able to find cash-flowing markets, that will keep you making money while paying down your equity to the 20% threshold, to where you no longer would need PMI. In my personal opinion, putting less than 20% down payment will make your investment more worthwhile. Real estate is all about leveraging your money, don't let a PMI payment keep you from doing that. Best of luck in all of your endeavours!

@Zoie Holley Congrats on being so close to graduating college. That is exciting in and of itself. Regarding the question of why people don't house hack and invest in general, is simple in most cases. People either want to keep their comfortable lifestyle, are in a transition phase, or just simply don't take action. As Americans, we want to be able to do everything we want to do but don't need to do (eat out, buy expensive clothes, have an insane car payment). This keeps people from investing in real estate because their mindset is stuck on liabilities and showing off their money instead of growing it. In your case, a lot of people are in transition phases. About to graduate from college, moving to a new city in two months, or trying to get their money in order, being in a transition can keep people from buying. Transition phases are hard. I am in one now, also finishing up school very soon. Lastly, people talk the talk but don't walk the walk. Some people are not only in analysis paralysis but just simply don't care enough about their financial side of life to change it. Best of luck in your future post-undergrad and beyond! 

@Jackson Hartman Sounds like a great deal. I am sure the improvements you did will be beneficial in getting new tenants and in the value of the property.

Hi BP Community,

I want to take action into getting into real estate wholesaling in the Atlanta market and not sure where to start. Drive for dollars, direct mail, bandit signs, etc.? For members that do wholesaling in the Atlanta market, do you have any tips for succeeding in the market?

Thank you,

Grey Drummonds

@Mike Cosmah Thanks for welcoming me to BP! I will definitely stay hungry and pursue towards my goals in real estate.

@Samson Hollmérus Thanks for the tips! I have set up the keyword function that seems like it will be helpful.