All Forum Posts by: Jonathan Rivera

Take your time and learn the material. Your 10K isn’t going to go away if you don’t spend it. It’s still 10k. Continue adding to it while you learn. Build relationships while you’re here. Are you seriously just going to give someone 10k to invest without knowing who they are or what their experience is. 

My friend has a great saying for this. He says, “You don’t just walk up to someone and say ‘Hi I’m so and so, want to have a baby?” It’s to high a commitment. 

@Pete Storseth

Don’t feel pressured into a sales pitch. First of all, no mentor is going to sneak attack you that way. I have a coaching cert from John Maxwell. If I was seeking a client I would advertise, not find an unsuspecting victim. You don’t know who he is really or what his experience truly is. A mentorship relationship is built on trust and time. His math is not all there either. Usually you get a discount for more commitment, not a jack up of $200. Be careful. 

That being said here’s some free coaching. Go on YouTube and type mediation music and sit there and breathe. If you don’t have 5 mins, then I suggest taking 30mins. Realize you’re in a rush to get a deal and have someone hold your hand through it. I don’t blame you, but take your time to get the proper education so that you don’t need someone to hold your hand. If you took a month, two, three to save $$$, read, podcast, YouTube, ask questions, run analysis and connect with different people here, you’ll be in a much better position than you are now. 

This is such a place to grow, learn and make those connections. So come in, take your coat off and stay for a while. I can see a lot of people here helped steer you in the right direction. They all did it to help save you from well what I feel like is plain stranger danger! Lol investing some time into learning this stuff and it will save you headaches down the road. Also I changed my mind, I’ll take an upvote for my services here and let that be a lesson to ya! XD

@Pete Storseth it’s been said every property has a number that makes it a deal. If you’re analyzing it, figure out what that number is. How low would you have to go to make it work, how high would the rents have to be, is there a way for you to meter the units so you don’t have to pay for utilities, play with different finances and strategies. Perhaps this wouldn’t be a good rental, but might be a great flip. The more you read and the more you analyze the more it’ll click. Good luck! 

I’m going to agree with @Joe Villeneuve. The deal will rarely jump up in the air and say here I am! I know you’re eager to get started. I was very eager as well, but you want a solid understanding of what strategies and financial options you have in order to choose the ones that make sense for you. 

A quick example is that I rent an apartment from my parents property so that they have a good solid tenant. I also house hack by having a coworker room with me. My portion of the rent is already very cheap. Getting a duplex and house hacking may actually increase how much I pay monthly although I will get other benefits. Some may say the other benefits are worth it, but me leaving would leave a coworker with all the rent and my parents without a steady tenant. Besides, I like my apartment, it's proximity to work and parking. That being said investing in rentals through a BRRRR makes much more sense for me and my lifestyle.

After you get an overall education, that’s when I would focus and hone in on what fits your lifestyle. Hope that explanation helps. Best of luck @Ahmad D.! 

If you have a deal, there’s an investor out there who will finance it. The better question you should be asking yourself is “do I have an irresistible deal?” Devil is in the details. 

As it stands though, we're not sure if you're trying to flip, get a rental, house hack, BRRRR etc. perhaps you don't need an investor and a lender providing an FHA would be sufficient, or perhaps you need a loan for the down and you're planning on an FHA.

Keep in mind, investor doesn’t have to be professional. Private money lenders can be a family member, friend, crowd fund, etc. think about who around you can help. Figure out a way to give them value. For instance, you can bring in a buddy who you trust, have him put in the down and you finance the rest. Work out a split. I can go on, but I think I’ve made the point. Best of luck. 

@Blake Stewart this really depends on what your end goal is with the property and how your financing strategy fits to getting to that goal. If you're a Dave Ramsey type and the fear of debt is that great to you then perhaps a 15yr is a good idea on your primary SFH. Where as house hacking a duplex may not be the best idea unless you could absolutely guarantee cashflow and even then it kinda goes against the purpose of the investment IMO. If your style of investing is to have your properties paid off faster, then I guess this may work, but I think you'll find if you keep learning from the site you'll discover better methods than just 15/30. Again this question is a big "it depends" and the factors are plentiful.

I don’t disagree with you about some investors not being tested. I recall looking at boats with a buddy and the ones that made a journey across the ocean or during a storm were the ones considered sea worthy, not so much the newer boats as they had not yet been tested. So I definitely correlate the two and understand what you’re talking about. 

I’ve been at this for a couple of weeks. I’ve been consuming as much as I can. I quit Facebook and placed this app where it was. Basically just been consuming podcast, books, webinars/ videos as much as I used to mindlessly scroll through social media. Am I ready to set sail, probably not. The problem is you’ll never know if you’re sea worthy if you don’t. 

There’s only so much prep I can do. I can check my math. I can go see the property(ies). I can have my financing options. I can update the math. I can put in offers and if I did my upfront work diligently and correctly I should have a deal along with an exit strategy. 

Does the prospect of f*cking it up scare me. Yep. Am I going to let the fear of it stop me nope. There is a dichotomy and I think you hit it on the head. You shouldn’t take on the voyage you haven’t prepared for and at the same time you’ll never get anywhere keeping yourself in the harbor. 

Not trying to sound like I advertise for them but the Book on BRRRR is fantastic and will help you see how you can literally BRRRR anything @Jesthen Baez. You got six months until you’re back. I’d spend that time saving $, educating myself on this and building relationships with your “core four”. You can hit the ground running when you get back. Best of luck! 

Hey Mike, 

I’m new as well, but have really consumed a lot of material in my short time here. It’s amazing the material/tools that are on here that can help you so much more. 

If I had to put myself in your shoes I would Use one of my freebie rental calculators to see what the cashflow on your current house would be if it was rented. If you have at least that base hit to a homerun you should feel pretty good. What you don’t want to do is end up taking a heloc and being negative on cashflow. 

Secondly talk to a lender. See if an FHA loan is possible to get into the duplex. Then you only have to do a 3.5% down. You may have that on hand or can then use the heloc. I would have all the numbers down and make sure this works out for you before committing.

I think you have good options, but would definitely consult with a lender. Maybe check the network tab for lenders in your area that are on this page. See what they think as investors and what they can offer as a lender. Maybe also find an investor in your area who may be willing to help you run the numbers or who may want to partner with you and knows that the property will be managed well thanks to their live in partner. Skies the limit and the more you learn the more you can figure out a method that allows you to win. Best of luck! 

Not trying to sound cheesy but if there isn’t one in your area perhaps you can get one going. Also I’d check Meetup.com there’s usually a club nearby. Hope it helps.