All Forum Posts by: Joshua Huang

Hey @Aqeelah M., I agree with both @Cassi Justiz and @Kurt Michaelson about the $20,000 not being enough of an incentive. I most certainly wouldn't want to spend time to work on a deal that would only get me $20,000 when it could potentially net me more than that per year. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity. Put as much work as you can into the deal because it not only brings value to the investor, but it also bring value to you in the form of experience.

Hey @Justin O'Malley, just like what everybody else said; your credit score is already good enough for most bank loans with the best rates. Increasing it is not a bad thing but it won't help you out much more than your current position. 

Have you thought about househacking? Your credit score is good enough for a really good rate; you'll only need 3.5% downpayment; the rent you collect from the other units could pay the mortgage (you live for free); it will give you the experience that some banks would want to see.

Good luck!

If you have any debt, I would start paying those off with the $10,000. Paying off the interest on the debt is basically an investment with a guaranteed/fixed rate

Hey @Daniel Mendez, indeed while Indianapolis is still a good place to invest with good cash flow, you not only have to find the right deal, but you also have to pick the right street. A street could be in a B area with nicer properties, but then the next block over could be a D area with most of the properties are boarded up and the grass is 3 feet tall. I know this because I drive through these areas everyday on my way to work. You can go on Loopnet to look for a broker in the Indy area who can help you draw out the which streets to invest and which streets to avoid. The MLS always has a good deal here and there, but the broker can also bring deals to you.

So:

1. Is Indianapolis still a good city to invest in? - Yes, but not just anywhere in Indianapolis.

2. Can I still find good deals through MLS? - Yes, and brokers bring good deals too

3. What’s the cash flow like? - It will depend on the property and area you choose, but it has good potential. I'm sure someone else can give you numbers.

Good luck! 

@Luis Martell - if you are looking for a website, I heard that Biggerpockets.com has a lot of good and free information ;)

Unfortunately, even if you manage to get a $0 down offer accepted, you would still need cash for the inspection, appraisal, LLC, insurance, etc. that take place before you close the deal. So really, closing a deal without spending a single dollar is far from realistic (unless you can get the owner to finance EVERYTHING, which is again unrealistic).

And I would not recommend you spend money on classes taught by these gurus. There are plenty of successful people out there who are self-taught. The best thing you can do right now is to save as much money as you can and learn as much as possible. Free information can be found here, on the podcasts here as well as others like Spotify; you just need to spend a little bit of time to look. I would also see if there is a local REIA club nearby. Most likely you would need to pay for a membership, but it would be the best investment you can make as you get to interact with experienced investors in every aspect of RE.

Good luck!

Welcome @Michael Davido! It's understandable that it seems overwhelming and daunting when competing with millions of other investors when looking for good deals.

I agree with @Kyler Cook that proper networking is important. A lot of excellent deals are found through word of mouth off-market and not on the MLS. You might meet someone probably wouldn't connect you to a good deal today, but maybe 2 months down the road they find something that fits your criteria and reach out to you.

I agree that almost all deals have numbers that make them good deals. Make your analysis and find that number. When structuring your offer, explain how/why you came up with that number. And remember that it's okay to lose that deal, there are plenty of other ones out there. You just need to go look for them.

Good luck!

Some goals of attending meetups are to 1) learn and 2) be memorable (in a good way lol)

1) Like what @Lamart Glenn Jr said, you can bring a notebook to jot down information, take pictures of slides with information, or maybe even record the conversations.

2) As others have mentioned, go and introduce yourself to other members and genuinely listen when they talk about their experiences and advice; people love to talk about themselves. Put in the effort to remember what they say so that when you meet them the next time and ask any followup questions, they leave positive impressions of you as the guy who values what others say and would be more willing to work with you in the future.

625,000

Hey there everybody, I just got under contract a 19-unit apartment in Marion, Indiana, and am looking around for banks and credit unions that do commercial loans. Does anybody have either experience with any particular bank or credit union regarding loans for apartments or any recommendations for any particular one?

Thanks!

Welcome @Selena Harrison! Newbie investor here as well. It's great that you are starting at such a young age, I wish I had started back then. 

This is my opinion for finding mentors: no one is willing to mentor you if you go up to them and ask them to be your mentor; from their point of view, you are asking them to invest a lot time and energy and it makes it sound like a responsibility. What I would do is go to your local REIA and interact with the investors there (or reach out to local investors here on BP). Ask them what they do for RE and what made them want to do it. Then you can end the conversation with something like "I would love to hear more about your RE journey. Would it be alright if we talk more about it next week over a lunch/dinner/coffee? My treat!" That way you build a nice friendly relationship with the investor so that they are more willing to answer any questions you would have asked a mentor.

That's my opinion and DM me if you have any questions! Good luck!