All Forum Posts by: Joseph Shevy

@Seth Hersom

I agree with most things already said. Like @Brandon Hall

 above, I also graduated from college in 2013 (December) with a degree in accounting, though, I joined a CPA firm and quickly realized this was not for me. Like Brandon explains above, their are a lot of benefits to having a CPA, though you certainly don't need one.. It all comes down to what you plan on doing, and whether its worth spending the time and money getting it! For me, it was not. For you, it may be! That is something you will have to think about, in my opinion. 

As far as real estate classes go, I've never taken one, but it sure wouldn't be a bad idea. Personally I've learned a lot from just reading, listening, talking to mentors, and real world experience. 

As far as savings go, and how to jump into real estate... that is generally up to you. Get a job and steady income coming in, build credit, live frugally, and all of a sudden a deal will come along and you will be in position to act.

There are many ways to acquire properties without 20-25% down... If you plan on living where you are for a while, use an owner occupied FHA loan to acquire a 2-4 unit property @ 3.5% down, look for owner financing deals, etc. My first property was financed through an FHA and it was a relatively inexpensive way to get in the game. The property im closing on now is owner financed with 7k down on 93k purchase price.. And my third is likely to 0% down owner finance. So dont let the 20-25% numbers scare you!

Where you should go from here, is keep learning and saving! Before you know it, you will be in position to start making deals! Hope this helps. 

Joe

Thanks Kelly! It sounds like I am following in your footsteps a little :) 

We put the offer in last night, and my agent just told me they are discussing it now... If we can grab it at this price.. I will be a happy camper :)

Joe

Thanks Everyone! looking at the property today!

Che Chiu Wong, I already am learning a lot about property managing... as this current one is a little bit of a hassle. But, I love it!

Mohit Tater, Yes! hopefully 2 before I turn 24 in a few months!

 Thank you everyone! Yes, my fiance and I are very much on the same page here, which is my best asset. And it definitely is not impossible to own 3 rentals by year end.. We save everything we can and are in close with the right people.. We have a family friend realtor who has been in the business for a very long time and has been helping us find deals.. (My first and this one). She has also suggested the possibility of owner financing one of her rentals to us with $0 down :) Very exciting!

And the numbers so far..

list price 99k, rents for 650 and 700, but one unit (rented for 700) is under valued by 100-150 because the owner now is renting to his niece? or something.. not a big deal. 

The owner has offered to do 95k, 7% down, 4.5% int, amortized over 30 years, balloon in 5yrs. I may offer less to make the numbers a little better. Been on the market for a while. 

Joe

Hey everyone,

I'm still pretty new to BP, but have some potentially great news ahead, so I thought I'd share.

My fiance and I are just getting our feet wet on our Real Estate Investing, and landed our first 2-family rental on March 31st through an FHA loan. Now, under 3 months after closing on that one, we have a really great opportunity to get a second one through owners financing!

Because we have been saving as much as we can to invest, (as most 23 year olds dont..) we have a great opportunity in front of us that is ours for the taking. We hope to own 3 rental properties before our first year is out. Can't wait to see this property tomorrow! :)

Joe

Thanks for all the opinions and advice everyone! Was just trying to see everyone's stance on which they prefer. I definitely like the duplex so far.. because of how the numbers work for them. It seems like SFH's would be tougher to cash flow, like someone mentioned above.

Joe

Thanks Ali! I will look into that! I know there is no right answer here, just looking for personal experiences/opinions, etc. thanks for the input!

Just curious as to who out there does this? Find SFR's, multi's, etc. that are distressed and needs some work, buy for below FMV, fix it up, rent it out, pull the equity out and repeat. I'm sure it doesn't work out "just like that", but it seems like a route I would be interested in. I just purchased my first duplex on Mar 31 of this year and am living in one side while renovating it, and renting out the bottom apartment.

I've seen quite a few good deals around here on SFR's and multi's that can be fixed up for much below FMV. Just wondering what everyones thoughts were on this and how others go about this sort of thing.

Thanks in advance for all the info!

Joe

Hi BP,

As a landlord/investor, what are your favorite rental properties to own? Those with more or less units? SFR's or multi's?

I'm asking to get advice, opinions, suggestions etc. I only own one duplex so far, so just looking for opinions and insight from some BP members. 

Do your properties with more units seem to have a higher ROI? Do you tend to get better tenants in your single family properties? etc. Let me know your thoughts!

thank you!

Joe

HI BP,

Real quick... Been doing some research on conventional loans with 5-20% down and id like to discuss the requirements and possibilities of these loans as a means for investment properties. If some one with loan knowledge can message me that would be extremely helpful! You guys have not let me down yet, and Id really like some advice to help develop my investment strategy! Thank you!

Joe