All Forum Posts by: Joe Mulcahy

Hi Amanda.Lot of things to know. I would suggest going to a sale and check things out. Then if you think you can swing it get an education. They have them every month. Lots of good deals there but if you don’t know what you are doing you could get burned. I have been to a Delaware tax sale. I put a bid on a few properties but they went higher then I was willing to pay. You have to do your homework on each property and you need money.  I am a member of DIG. They are a group of investors who have meeting and offer education and one of those it how to buy at a sheriff sale. The Sherriff sale guru, Marc Shelby is a member and he use to teach it but I don’t know if he still does. Anyway I think there is a Delaware group as well. Check them out a digonline.org. cost is about 125 to join but worth the money. good luck.

Joe

Hi Matt.Congratulation on doing something most 20 year old would never think about. Their future!You are miles ahead of everyone else your age by even thinking about getting into real estate. I started when I was 50 and I wish I was like you and started at 20.As far as getting a mentor is concerned, that can be a little elusive. Most of the real estate investors are busy doing there own deals, trying to get a head.My advice to you would be learn as much as you can about investing. That includes podcast, books, websites, etc. i am listening to a great one now called EPIC real estate.  Join a few real estate clubs and get to know other investors. See if you can get a newbie buddy or two and you all learn together. Network with other investors. In SEPA there is a group called DIG (diversified investor group). Cost about 125 a year to join but it is well worth it. They have lots of meeting all over the place and lots of resource too.Best thing for you to do is finish school get a job and buy a duplex, triplex or quadplex. Live in one and rent the others.You get a taste of being an investor.Do this a few times and then by the time you are 30-40 you can retire. One thing you have going for you matt is you have your whole life to learn.

Joe Mulcahy

Hey I just love Philadelphia.  Great city and good people.  I came across this website which shows some data based on zip code.  On the front page enter your zip in to get real estate and population data.  I don't know how accurate it is so take it with a grain of salt.

http://www.city-data.com/

Joe

Hi Mary! Welcome to BP! Lots of resources here. Also may i suggest some REIA clubs. A few around the area you can find in MEETUP.com. There is lots of newbie and seasoned investors at these meetings. i belong to a group called DIG Diversified Investor Group. You can check them out at DIGonline.org or meetup.com. Free for the first meeting at DIG and then about 100 bucks a year to join. Anyway when you do get into wholesaling put me on your buyers list. i am always looknig for good deals!

Sure Mike.  The best thing to do is make a connection and then follow up after the meeting with a simple "nice to meet you" sort of email. We all just collect business cards and then don't follow up with a connection. I am also guilty of it. I see a lot of people introduction themselves on BP and I don't always welcome them but I am trying to do that now. Real estate is a peoples game and the more you connect the better you become. The beginners DIG classes are great! I am taking a few myself. The big meeting is at the end of January 29 at the Williamson Banquet Center 500 Blair Mill Road , Horsham , PA 19044  Starts at 6 pm. There will be a boatload of people there. Also if you have the time, take some of the other classes held by DIG.  They are very informative and again you get to meet and interact with investors.  Maybe I will see you at the big meeting!

Joe

Howdy Neighbor!  Welcome to the site and real estate investing in general. Smart guy to start young.  You only have years ahead of you to learn and grow.  I would suggest hitting up some real estate groups. I am a member of DIG Diverified Investor Group. You can find them at DIGonline.org.  They are great group of seanoned and newbie investors. Also  check out meetup.com for other groups in your area and network and learn. Let me know if i can help you in any way.  Good luck and maybe i will see you at some meetups! 

Hi Angela!One investor who I heard does home visit is Joe Nielsen “The real estate professor”He has a book on Amazon and a website that explains his whole philosophy. His strategy is to rent to Section 8’s and he is big on home visits. I suggest you get his book. It is small and an easy read. He has property in Delaware county, suburb of Philly.Very smart and savvy investor and a great guy too. He is a member of DIG Diversified Investor Group and he gave a presentation at a few meetups. I would suggest go to a real estate meeting where he is speaking and check him out.

Good questions Tim! I just bought my first rental and I used conventional financing. It was the easily and the hardest. I went through a guy my real estate agent suggested. He was ok except that towards the end when we were going to settlement I felt like he dropped the ball and I was running around emailing documents and it got crazy but it turned out ok. If you have an agent, ask them who they suggest. I got prequalified before I purchased the property. I don't think that meant too much as I still had to run around a lot toward the end where I thought that since I was prequalified I was good to go. But being your first house you might go that route. Also you will probably need 20% down and 5-8% for closing. With a HELOC you don't need money down but don't forget your house is the collateral If you don't pay the mortgage on your rental the bank can foreclose on your house. As far as documents go get 2 years of fed taxes, 2 months of pay stubs, your pay off mortgage note, 4 months of bank statements. Prepare to explain where your down payment came from. I bought my primay house back in 95 and there is a lot more paperwork nowadays. Good luck!

google DIG investor Group and they will be the first to pop up or DIGonline.org.  They have the meeting times on that website or go to MEETUP.com.  No all of the groups are on meetup though.