All Forum Posts by: Jarred Marrow

Hello all at BP. I am currently trying to figure out the best strategy for my goals which is to buy my first property. I am not sure which market to look into as right now I am currently in new york and was told my best bet for cash flow would be to look oos for deals that I could use as a rental or house hack. I am currently employed but making only 30k as in new york that is nothing, but i do have 30k saved in which i was looking to take some of this money and starting my real estate journey. If anyone has any advice or can point me in the direction to get started of what is my best best to figure this out please feel free to comment! Aso was looking in areas such as texas, OH, I would love to stay in NY but not sure my income is high enough to get something suited for here.

Hello all, I am currently interested in finally pulling the trigger and getting into my first property towards my RE portfolio. There are a few questions I have as my income isn't high and I know it might be hard to get a loan for a house but I do have enough capital raised for a down payment (15k). The main purpose of getting a property is that I want to use it as an investment property where I could have tenants or maybe even air bnb something that would bring me cash flow, I was wondering if anyone has any advice on loans or agents or maybe even any ideas/strategies that would be good insight on helping me beginning my journey. Also feel free to contact me as I am looking for like minded individuals that may be able to bring value to each other.

Quote from @Jayson Cain:

Hi @Shahnawaz Qadir,

I'm based in Southern California, but I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals. I've started looking at Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.

I've also helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.

Would love to chat with you as I have questions about a DSCR loan as well. Would love to connect and see what value we may be able to bring to one another

Quote from @Cory Vines:

Hi Ryan and Zoerene. I'm in the Tampa market as well doing wholesaling and flipping. Would love to connect with y'all.

 hello Ryan, Zoerene, and Cory I am new to real estate investing as I am looking for like minded individuals to learn and connect with. Please feel free to message me!

Hello all I am currently thinking about finally starting my real estate portfolio, I was in a car accident over a year ago and was given a pretty good settlement amount to the point where I want to invest my money into something that can give me equity and cash flow. The idea is to get my first property as a rental but I am not sure really where to start or what steps to take first. My credit is average and my income is less than 35k a year so getting a loan may be harder to get but I do have this substantial amount of cash and looking to get into the market. Any individuals who are open to helping guide me in this process or have any advice/ideas would be great as I would love to connect and meet new people with the same interest and goals while I can also bring value to them as well. Please feel free to post and share with a friend as I am open to all possibilities here and look forward towards talking to some of you!

Hello all, I am fairly new to bigger pockets online forums but I wanted to just throw some ideas that I have at you guys to see what you think. I am 27 and live in NY my parents are getting older and I am thinking of starting my REI portfolio, now the idea I have is to buy my parents house from them! The house is decent but I think I could turn it around into a really nice piece of property, both my parents are in there early 70s and I think it could be a gift to them that now I may be able to put money into their pockets and eventually mine. My idea is to do some construction and Re landscape the backyard, have the downstairs which we added bedrooms and a bathroom to upgraded, make some minor changes to the outside where we have a little mancave but my father put a bathroom in there as well and I was thinking to maybe make that a suite or its own mini apartment. Hoping can someone connect me with contractors, electricians, maybe architect personnel that i can also run my ideas by and see if it seems fit before I even propose this massive idea to my parents. Also if you guys can give me advice and tell me if this sounds like a terrible idea or could it work out!

Hello all, no idea where to start but I have had an idea of wanting to start my REI portfolio but I am stuck with trying to move forward as I know REI is a process and making money doesn't just come over night. With that being said I would like advice or direction to point me in a way that will set me up for success during my process, are there any books specifically or podcast other than BP (exact episode # would help) that can sort of help me put my next foot forward in my RE journey. My main concern is that I don't know much about RE other than the few basic terms as I know i will need contractors, attorneys, loan officers,etc and making connections with these people, what should be my number #1 priority as I have analyzed property markets, have seen my loan options, but is it just me or do some words in RE seem scary!

Hope there is any advice or feedback I can receive from you all! also there is a family friend who has been in real estate 10+ years, should I approach him and pick his mind, I want a mentor someone who can really help me start my journey and continue to keep it sustained. Thanks for the help hope to hear from you all

Quote from @Marci Mayes:

There's no time like the present! I would recommend looking for an owner-occupied property that you can house hack. There are many loan programs available for no or low money down for first time buyers. If you use one of these programs, you would have money left over for reserves. There are also many ways to house hack. My daughter recently purchased her first home in Montgomery, AL. The primary suite has an outside entrance. She installed a dividing door between the primary suite and the rest of the house. She started renting the primary suite on AirBnB. Her complete mortgage is paid each month from the AirBnB income, and she rarely even sees her guests because they have automatic checkin to the suite and no access to rest of the house. This house hack works perfectly for her. Get creative, but most importantly GET STARTED! 

I am currently about to start a career in basketball playing overseas but I am currently living with my parents paying rent, my schedule could come sporadic so I am trying to figure out the best lane in which I can move out but also make money with house hacking but also not violating any rules because I won't necessarily always be at home to be the landlord. I would only be living here in the U.S when I am out of season which may only be 1-3 months at a time, so I any advice please would help

Quote from @Paul V.:

@Jarred Marrow

Congrats on taking this step and asking for advice.  Two initial thoughts:

1) Living paycheck to paycheck - Real estate has it's ups and downs, so you want to have some cushion.  What opportunities exist for you to increase your value in your skill sets and increase your income and/or decrease your expenses? What sacrifices can you make today to invest in yourself?

2) What is your current primary residence situation? Renting? You could potentially leverage $20k into a downpayment for an initial primary residence to get your journey started.  

 I am currently about to start a career in basketball playing overseas but I am currently living with my parents paying rent, my schedule could come sporadic so I am tryign to figure out the best lane in which I can move out but also make money with house hacking but also not violating any rules because I won't necessarily always be at home to be the landlord. I would only be living here in the U.S when I am out of season which may only be 1-3 months at a time, so I any advice please would help

Quote from @Hamp Lee III:

Welcome to BiggerPockets!

One of the best ways to get started is purchase an owner-occupied property. It allows for the greatest benefits as a first-time homeowner. House hack if you can purchase a multifamily property with two to four units. I don’t always recommend renting out rooms if you own a single family home.

Check out the Neighborhood Assistance Corporation of America (NACA) loan program.

NACA was formed in 1988 and provides an affordable option for potential first-time buyers:

✅ No down payment

✅ No closing costs or fees

✅ No mortgage insurance

✅ No consideration of credit score

✅ Below market fixed interest rate

There are several requirements to be eligible, starting with attending one of their workshops.

https://www.naca.com

I wish you all the best.

I am currently living with my parents saving as I do pay them rent.... I travel back and forth overseas throughout the months sporadically at months at a time which is why I feel like trying to make it my primary residence would fall under occupancy fraud? I would love to get your advice on which route is best to make a smooth situation starting out!