All Forum Posts by: Hamp Lee III

I will be watching this thread closely to see what the actual answer is as I just earned my MLO license as well, and am very interested in the official ruling.

Thank you for the post!

@Joel Allen

1 Vote

I would tell you to do what your budget can handle and not take on additional loans. I would purchase a newer house in a good “military area” with less maintenance and that cashflows without renting the rooms. You want to make sure the home can cashflow as a long-term rental if all other options fail. Check how well homes are appreciating in your desired area as well.

I'm active duty Air Force and have VA loan homes that are amazing with cashflow, but not appreciation. I'm good with that right now, but you'll need to know your exit strategy on how you will use the property in the future.

You don't have to be a big risk taker starting out. You have time. Plus, with what you'll have left with your VA loan, you can purchase additional homes.

Some might disagree, but I want to share my “dollar and change.”

Welcome to the world of real estate investing!

1 Vote

Norfolk, Virginia

Great info! Thanks!

1 Vote

Houston, Texas

Welcome to the world of real estate investing! One of the best things you can do right now is educate yourself. And you've joined one of the best communities for all things real estate investing.

1️⃣ Download this ultimate beginner’s guide: https://assets2.biggerpockets.com/uploads/user_file/file_object/1694/UBG_2018.pdf

2️⃣ Read BP beginner books on investing: https://store.biggerpockets.co...

Also read, Rich Dad, Poor Dad by Robert Kiyosaki

3️⃣ Subscribe to BP podcasts or YouTube channel and watch their webinars.

4️⃣ Ask questions here on the forums.

5️⃣ Visit (join) a local (and legit) real estate investment association.

6️⃣ Consider joining a BP bootcamp: https://www.biggerpockets.com/...

I wish you all the best in your investing journey!

2 Votes

Knoxville, Tennessee

Quote from @Eric Hernandez:

Good afternoon Biggerpockets community! As many have done, I spent a few years in the analysis/paralysis phase but my wife and I finally pulled the trigger on a single family house with a rentable basement in Irving Park in October! We’re currently self renovating to accomodate a W/D for our future tenants. I’m looking forward to learning from everyone on here! Chicago is full of opportunity!

Congrats to you!

0 Votes

Chicago, Illinois

Quote from @Jasmine Quick:

Hello, I'm new to real estate. Which strategies would you recommend for someone who is getting started in investing in real estate?

Welcome to the world of real estate investing! One of the best things you can do right now is educate yourself. And you've joined one of the best communities for all things real estate investing.

I recommend you read their initial books on their bookstore: https://store.biggerpockets.co...

Also read, Rich Dad, Poor Dad by Robert Kiyosaki

Subscribe to BP podcasts or YouTube channel and watch their webinars.

Ask questions here on the forums.

Visit (join) a local (and legit) real estate investment association.

Consider joining a BP bootcamp: https://www.biggerpockets.com/...

...and when the time comes, TAKE ACTION!

You can also consider becoming a real estate agent. There are pros and cons when trying to invest and serve your community as an agent. There are forums for that discussion, but I just wanted to put it out there. I started as an investor and recently received my license. I'm also active duty Air Force...so I'm working as both now before I retire. Just wanting to ensure I have the money flowing before I retire.

I wish you all the best in your investing journey!

1 Vote

Congrats to you for having tenants and stepping to achieve long-term financial wealth. There’s a lot we can all learn on our investing journey. I’m glad you shared your situation here and can find help and advice to strengthen your position!

0 Votes

Milwaukee, Wisconsin

I'm a realtor in San Antonio, and there are a few multifamily properties around $200K.

Plus, if you're a first-time home buyer (altogether), there are multiple programs and grants to help with the down payment.

If you're interested and don't have a realtor, shoot me a message. I would love to discuss options to start your real estate investing journey.

1 Vote

Quote from @Ashley K. Butler:

Quote from @Hamp Lee III:

Quote from @Ashley K. Butler:

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

Sorry…issues with phone on post.

Welcome to SA! I'm new here as well. I started my investing journey via VA loans. I have three rentals and one primary residence. Three of them are VA loans. This will probably be your "lowest entry" route.

And when you buy, focus on multifamily. I just received my license and reports show that more multifamilies are being built, but they sit on the market longer. There is an opportunity to seek there.

Keep educating yourself and get yourself ready to take your first step. There is also a local Active Duty Passive Income group here. Check them out on Facebook and join the next meetup. You have a great community here cheering you on!

Hello Hamp and Welcome to SA, as well fellow newbie!

Thank you for the information! I actually do not have a Facebook, but might consider getting it to connect with the group. I think it’ll definitely help to have as another networking avenue, in addition to the face-to-face networking.

The BP community has also been a tremendous help, thus far. I see so many examples of people getting their first deals, and I will be one of them by 2023.

ADPI has monthly meetups on 4th Saturdays, 10 am at Chicken N Pickle.

When I get the next meeting info, I'll send it to you.

1 Vote

San Antonio, Texas

You found the potential for a great opportunity…

Check out Cody Davis’ interview on BP as he shares his first experience with a similar opportunity: https://www.biggerpockets.com/...

There may also be someone here or in your local REIA that can help…but most of all, there's the the seller. Once you reach out and ask about seller financing, you may find an opportunity you never expected.

Keep us posted on your success!

0 Votes

Dallas, Texas

All Forum Posts by: Hamp Lee III

Hamp Lee III has started 10 posts and replied 1163 times.

Post: Required to be licensed in state of loan to share a commission?

Post: Ready to purchase first investment property, but not sure which

Post: Series Limited Liability Company (LLC)

Post: Newbie to BiggerPockets and Real Estate!!

Post: Newbie in Chicago here!

Post: Real estate beginner

Post: Rental Contract Expires in May 2023

Post: What would you do if you were me?

Post: Enjoying the Process

Post: Structuring 9 property blanket deal