All Forum Posts by: Isaiah Lopez

I currently don't have a reason to move out of where I live now. I pay below $900 a month for a nice 2 bedroom not to far from the duplex I found.... Based on what I researched and on my age and no experience I figure FHA loan is the best way to get the duplex.... If anyone could educate me on a better strategy I am very open to it.

If I could get a loan that I am not aware of to get the duplex and rent out both units with out having to move where I live and still get the best investment out of it, I'd like to do it. 

Originally posted by @Andrew Syrios:

Is that $2676/month for both units or per unit?

Per unit. But since I'll be getting a FHA loan, I'll be living there.... I'm not sure of any other way I get buy then duplex?

hello! My name is Isaiah, I am new to real estate with no experience. Since This February I've been researching and learning about real estate. I want to buy and Hold by obtaining a FHA loan to start off for me and my small family. I am 22 years old with now much credit history to show for.

I am Extremely motivated and want to the risk and start making moves, should I start working on my credit first before I ask for a FHA loan from chase bank? I found what I believe may be a good deal.

Detail on deal:

Found a duplex in Palm Desert, Ca:

$425,000, 2 units

2 bed/1 bath per unit, 2,544 sqft per unit. 

8,712 sqft total. 

It is also Near the best charter school in the area. I know my wife would be  happy about that for our 6 year old daughter since that is where she is going to school. 

estimated Mortgage is:

$1,885/month.

it is in a very prime area in Palm desert, walking distance from  A popular street full of very high end shops and dinning, it is sometimes called the Rodaeo dr. Of Palm Springs. 

Considering what I have read that prime locations can obviously go a little higher on rent.

The website suggests the rent could be: 

$2,676/month. But I'm sure when i do more research on the surrounding renters it's gonna be less than that. 

would this be a good investment number wise? Also based on my no credit history, would it be a bad idea for requesting a FHA loan? I'm afraid that my interest a month my be too high and I'll end up with a bad deal with no profit in return?

I guess it depends on what way I could look at it, if I could get the rent high enough from the potential tenant, I could be able to use what I make from them to pay the mortgage and pocket a few 100 bucks a month. Eventually I could probably re-finance. 

I'd rather ask her than go to the bank and get dis approved and then get a mark on my credit. 

I am still learning so please be kind to that, 

Thank you in advance to anyone who read and comments. :)

Originally posted by @Jo-Ann Lapin:

I always recommend real estate trainers in Santa Ana. The best I found. They offer a course that fan static that you should take just before your test date

 Thank you! Is their name "real estate trainers"? I will look into it, 

Originally posted by @Chris Soignier:

I took mine via Real Estate Express.   Check Groupon, they periodically do promos for online training under $200.

 Thank you for mentioning, I found real estate express and wasn't sure how legit they were, that's good to know you took your through them. I am going make sure they are okay in my state

Originally posted by @Jessica Baez:

Often times many local places will advertise "Real Estate Classes" however they may not always be recognized per your state real estate board. The best place to check would be your state's real estate commission website and they usually have a link to view the authorized schools. For example, my state NC, under the education for pre-licensing they have a list of all the schools that offer the state approved classes. Here's the link if you'd like to see what the NC school list looks like. http://www.members-base.com/ncrec/oecgi3.exe/O4W_P...

I'm not sure what state you're in but I'm sure they have something similar. 

 Thank you for sharing information, I found the website for California, I am going to search to see if the handful of classes I found are authrized

I want to start by getting my license and do deals with goals of investing further down the road.... Do I have to find somewhere to take the courses or are they offered online? Thanks

Originally posted by @Melissa Gittens:

@Isaiah Lopez Wholesaling can definitely be a source of income for you. However you should probably do a lot more research about it as well learn from a mentor in the area is who actively wholesaling. This will help you to decide if wholesaling is truly for you. 

 Yes I will do a lot of research, thank you for responding.

Are there any good essential links online and on BP about wholesale that I can learn from?

Thanks

hello everyone, I've made a couple post a couple months ago asking about buy and hold... As a few months gone buy and finding out a co worker of mine is a licensed Real Estate Agent. I began to learn My my personality is more quick money. My co worker told me a little about being the middle man wholesale. 

For someone like me who a couple months new to real estate and in the stage of self education finding my niche, and looking for a mentor... whould wholesale be a good start for me? Is it a good field? I am always willing to learn and listen, 

I am interested in fast money, i am planning on attending the REIA meeting in my Palm Springs area in May to meet people and learn.

I stated I was interested in buy in hold at first, but I learned I'm not interested in having to deal with tenants and property management and taxes. 

Thank you for reading and sharing advice.

Isaiah

Hello professionals and those who love sharing knowledge and experience. Me and my partner are both working hard educating ourselfs and looking to start soon.... But we both have road block because we aren't sure on what would be a financially good decision when it comes to what type of multi family we should purchase. Right now I am wanting on focusing for a 4-plex unit. He wants to start with a duplex.., financially because of mortgage costs, is a 4-plex too risky? Thank you everyone for taking the time to read and comment. Please only positive & honest comments.,...Thanks everyone! :)