All Forum Posts by: Jason Andrews

@Yiv L. Thanks for your response. I originally thought they were on one property but when I went back to the county appraisal district records they were under two different addresses/property IDs.

The reason I was asking the question was for future reference. The property would have to be purchased under hard money/private money lending due to the rehabbing it needs. Just was researching how after the rehab how I would be able to do long term financing.

This property I am looking at would be my first real estate investment (possibly). It looks like a good oppurtunity but I might be biting off more than I can chew for a first investment.

Here a few problems that I having with doing the evaluation:

1. Small town - No other fourplexes in town for comps. Only a couple apartment complexes.

2. Needs considerable rehab. Soffits starting to rot. Old single pane windows. Not sure if there is Central A/C. Should I put it in if not available?

3. Property not for sale. How do I make an offer if no comps?

Plusses:

1. Very strong rental market in small town.

2. No other fourplexes in town. Might get for a great price making it a great oppurtunity for great passive income.

3. Historical area. A large number house being restored. Great location. Close to future revamped downtown area.

I am still in an evaulation phase and learning how to evaulate a property. I also have a partner and possibility of a great private investor to help. Just want to get all my numbers right on the evaulation.

Since I am a newbie, I need to ask a question about two vacant fourplexes on one property. I think I read on BP that a four plex could be financed under conventional financing but five or more units are considered apartments and financed under commercial financing. Is this correct?

I found two four plexes together on one property. Would this property be financed under conventional or commercial?

Since I am new to real estate investing I am still learning financing.

Last year my wife and I started a small business (sole proprietorship), actually her business under my name. I work full time and make a good income but this last year we showed a loss in our business on our income taxes. Will this hurt me when it comes to my finding financing on a real estate investment? Will the banks look at my business (sole prietorship) and my income combined to finance a real estate property or just my full time job?

Should I turn my sole proprietorship into a LLC before I start investing? Should I wait till we turn a profit in our business?

Need advice. What would be best steps to take for the transition into investing?

I would like to find my first property within the next 6 months.

Rick, Thanks explaining everything for me. I also found some information from another post search I did earlier. Looks like also with this kind of sale the real estate could be connected with outstanding debt owed by deceased owner. Causing possible further time and headache if you are the winning bidder or offer on the property. Guess I might stay away from this house for my first buy. I will keep on looking for a better deal.

I found a house up for sale that I believe is in an estate. Since I am new at real estate investing I don't really know what is all involved with this sale. Is it hard to do a purchase from an estate? Is it time consuming? Good or Bad?

Thanks Jason . Dove season starts Friday.

Hi all,

I am a beginning real estate investor from Cuero, Texas. Right now my main objective is to start as a Buy/Hold investor in SF and possibly move to MF later down the road. My real estate investing WILL pave my way to and early retirement from my current job. Tired of working for "THE MAN" and work for myself.

I have always been interested in real estate and wanted to do some real estate investing but just put it off. Guess a little nervous about it. For the last few years I have had a friend of mine that has been buying houses and renting them out. The other day he honestly told me what he was bringing in on passive cash flow and I was stunned. He still works full time and works shift work like I do and does real estate part time. I am assuming he is going to retire early and do it full time. He said he would mentor me some and help me out. I told myself I can do this. Now I say IT IS TIME!!! I am taking the plunge.

My son has brought it up to me about investing as well. He has a gentleman at his office that has about 50 houses now and said it was great. He wants to partner up with me and we can get started. Also, his boss is into real estate investing as well and would be willing to invest some money with us.

So now I am researching and soaking in as much real estate knowledge as I can before I start. Lately I found a weekend radio program on AM that discusses real estate investing that I found as a podcast and listen to and then I come upon the BP podcast. BP has been very enlightnening. The wealth of knowledge on here is unlimited.

I am ready to build a new Texas network and learn as much as possible from everyone here.

Sorry so long winded.

Jason Andrews