All Forum Posts by: Jack Fernandes

Hi All-

It's been a pleasure joining the forum and meeting such well rounded people (both on and off the forum). I'm 25 and approaching my first deal for a multi family. Maybe some of you remember your first deal- it's an exciting time for me. I'm definitely in that real estate honeymoon phase where I'm networking hard, scouring deals, and reading anything I can get my hands on. With that said:

1.) What advice do you have for me on investing in rental properties or real estate in general? Specifically, what piece of advice would you give to your younger self (or me, if I were your son)?

2.) Bonus points for the over achievers: Landlording tips are welcome (although I'll probably stick w/Property Management from day 1)

I think this might be fun since it is self-limiting. 1 piece of advice per person, only, so please think hard of your most valuable warning or guidance. 

Thanks in advance for kind+thoughtful contributions and for being nice and respectful to me and your fellow posters! I hope we can continue to think positively and help one another, especially given the difficult times being faced by our Nation and our world. 

@Jean Torchon

Thanks for the info, Jean. You may win for “most straightforward response.” That helps a lot, actually, and that seems like it could easily be worth the time it takes me to study for the exam and fill out the paperwork. Thanks for contributing!

@Jean H.

Ladies and gentlemen, we may have found a Queen of the lowball! In my world, of alternative investments, that is an honor 👑 and a privilege.

Good for you for having the stomach to put in that offer and for deciding to counter. Inspiring negotiation story! Thank you for sharing.

@Brett Peters

Thanks, Brett, and thank you for sharing your insight. It is interesting to me that a topic that so many claimed was obvious and straightforward

has proven to have many different approaches and variables. I am getting used to the idea that there is really no such a thing as a “one size fits all” approach to real estate action items.

Thanks, all for these interesting stories. It’s fun going through and reading about some of your unorthodox approaches and all of these inspiring successes. I think we are entering a good market to make some low offers and still close- the tricky part will be weathering the storm with low cash flows!

@Llewelyn A.

Haha thanks for sharing Llewelyn. I am happy to hear you ended up on your feet and figured out the mean streets of New York! I have every reason to believe that California would be similar in many respects. Thank you for sharing your experience!

@Saj S.

I think I would rather get the cash too! That way my basis in the property will technically be higher which should help with capital gains if I ever sell.

Good feedback and advice. Thanks, Saj

@Sandra K Shirah

Thank you for this detail, Sandra. I think that this is how it is done in California, too. I know that one must always disclose that they are a broker. Thank you for the response!

@Kanita Jefferson

It’s autocorrect’s fault- we should complain to Apple! Kanita is a great name but it is marked as a spelling error by my phone. I will change that now since I can tell you are a VIP! 😇

Hi Lenders- I hope you are doing well in this crazy time, amidst the pandemic. I hear lenders are tightening qualifications for non-fed backed financing options, so things will be getting interesting here again shortly.

Pandemic aside, I’d like to hear some creative options for getting good rates as a 1st time buyer.

Hypothetically, I'm looking to buy 4 units in Southern California for $1,000,000. I'm a first time buyer, and it would take me time to save up 20% for a down payment. I want to buy as quickly as possible, but don't necessarily want to pay the premiums and lifetime mortgage insurance associated with FHA.

1.) What options would you recommend aside from the straight FHA 3.5% down that requires mortgage insurance for the life of the loan?

Let's see if you guys and gals can perform some lending jiu jitsu. NACA loans, 5% conventional, HUD or USDA... anything you can think of outside of the FHA?

2.) What resources would you recommend to 1st time buyers to learn about all lending options available to them? Any books, websites, or YouTube channels (aside from BiggerPockets) that you think provide a good survey to eager rookies?

Thank you in advance for your thoughtful responses!