All Forum Posts by: Justin Minikes

Hello all,

I am actively looking for a wholesaling mentor who is operating a successful wholesale business in the Dallas area.
My question is, What is the best way to find these mentors? I have already started reaching out to a few experienced wholesalers on biggerpockets, and plan on reaching out to others through real estate agents, and lending/ title companies. Thank you in advance,

Justin

Also meant to ask, what hurdles if any do you think I’d run into if doing this?

Hello all,

I am curious to know if it is possible to get an FHA loan to purchase a duplex, triplex, or quadplex if I already have a conventional loan out on my primary residence? My goal here would be to house hack into a duplex, triplex, or quadplex While leasing out my current primary residence.

Thank you in advance for any help,

Justin Minikes

Hello all,

I’m curious about how everyone goes about structuring their wholesale deals. I have never done a whole sale deal, but am interested in whole selling since I’m just starting out. 

What kind of terms do you typical have?
Do you determine the % you take from the deal based on purchase price of the property before any rehab?
If I am looking to leverage a deal to gain experience with a investor so I can learn more from them, would it be a good idea to take less off of the deal for myself?

I’ve seen bandit signs of multiple investors in my area so my plan is to bring potential deals to these investors in order to gain experience/rapport with other investors so I can learn from them and network. Ideally, even get hired these investors part time to find deals while I maintain my full time job.

Thanks in advance for any help here.

@Erik Whiting

Thank you Erik, this helps a lot!

I’m 4 years out of college and have approximately $30K+ saved up in my bank account. I am looking for a strategy to get into real estate investing, but not sure where to take it. I am currently living in an apartment, have great credit, and a middle class income (around $80,000-90,000 annually). I live in the Dallas- Fort Worth Area and currently work for a production builder. What’s the best way to get started if you were in my position? I have a construction background, know good contractors and have some capital. 

Appreciate any advice in advance

Hello All,

I was wondering everyone’s thoughts on this buy and hold strategy.

Background: I have a single family deal lined up now to get my foot in the door of real estate investing. I am 26 years old. I work a full time job (in construction) and it pays well. I live below my means for the most part.

Purchasing a home with a conventional loan. Putting 10% down on a 30 year mortgage. Rates are really low right now. I got a 3.75% interest rate on my loan.

Moving in for 1 year and renovating the property while living there which is required per the loan agreement to be the primary residence if you use a conventional loan.

I wouldn’t consider the house distressed, but some improvements are definitely needed.

After the first year, rent out the house to a tenant. It should bring in about $250 in cash flow or 10% Cash on cash.( I get that this is not astronomical). I may have another $15K to invest in a new property after that first year of living there and now have an extra $250 coming in every month.

After finding a tenant, possibly doing a “stack” and buying a duplex or triplex or some more units. I would house hack this property.

Thanks for your feedback in advance!