All Forum Posts by: Jake Davis

You should invest in what you know, both will have pros and cons just like everything in life. It's not up to us to choose for you, any decision you make. Make sure YOU think its the right one.

@Coral Hernandez ahh, did not know that! I always thought you could get the Hard money lenders to fund the down payment. Its understandable why they wouldn't want to though so it makes more sense. Thank you!

All of those things are easy fixes! As a new investor I would strongly recommend staying local to you where you can physically touch the property. The bigger pockets books are super informative and offer a tremendous amount of information as well! I took a year to learn as much as I could before I took action, I think it came to a point where I was evaluating 100s of deals a week just so I could learn my market! 

If its your first home, I'd recommend looking into house hacking, its a good way to get your feet wet and provide a low risk entry into learning how to run a rental business! As far as the anti social and taking risks aspects, if you become confident in something (investing) those issues tend to go away, I can talk someones ear off and make no sense, but since I know a little bit more about investing, I've noticed people start to listen more when I talk about it. 

Thats awesome! I love hearing about people who are actually taking action! I can feel the excitement just from the post! Congratulations! Can't wait to see more posts from you about it!

All wholesaling can work if you have a buyer for the property, wether its a 2k profit or 200k. If you purchase the property for 81k and no one wants to buy it at 96k how much lower would you be willing to go? Would you be willing to take a loss? Do you have a buyer? What happens if you can't wholesale it, are you prepared to pay for the holding costs until you do have one?

Could you get a hard money lender for the 25% down payment requirement?

@Tyler Tronson I was in the same boat as you a few months back, I wanted to quit my W2 job so bad. I just hated the 9-5 grind to no end and wanted to be my own boss. What I told myself is that I need 6 months of income plus some. 10k isn't a lot at all, if you live a normal life that'll probably get you 3 to 4 months living frugally and then what? Depending on what route you want to go could take years to become self sufficient. You also have the disadvantage of being new, a big part to this game is knowing people and networking, that is something that takes a lot of time and effort to get. Can you do it, sure, would I do it? No. But then again, I'm not you. 

From what I've experienced, a lot of brokers won't mentor you just because you want them to. I'm looking to invest in real estate as my primary source of income in the long run, but currently I'm on the path to becoming a Real Estate Agent to fund my investments. 

If you have friends who want to mentor you, that's great, the pre licensing course teaches you the laws, not how everything works in the world of investing what so ever. It's just unfortunate that its mandatory and people get discouraged thinking that's all real estate entails. You could absolutely become an agent and use that to your advantage to become an investor, you eliminate the middle man essentially, but you do have to have a broker to hang your license and that means fees.

When searching for multi family properties on all of these listing services, I’ll get just that, a multifamily property. Not a duplex or alike. I also don’t get many results when I look up “duplex’s“ for sale. Any ideas on the best place to look? My agent just sends me duplexes but usually their only one side!

Also, you’re living with these people who are complete strangers. If they were people you knew that would be a different story. The tenant screening process gets a little different when you don’t know much about the tenant. 

I would do it with friends, I would NOT do it with complete strangers.