All Forum Posts by: Julian Pilate-Hutcherson

I'm in the EXACT same situation. My dad has been spoiled with the appreciation he's receiving from his properties in California and has not bought into the concept of buying cash-flow properties as both passive income and a maintenance. I'm looking forward to other's opinions on this.  

I Googled and found a few banks and business credit cards that specifically do not report to the consumer bureaus. It looks like U.S. Bank has a strong 0% interest business credit card I'm going to look into first. 

Thanks for the input, guys.

@Chris Teti@Joseph A.@Whitney Hutten

I am in the process of setting up initial purchase and refinancing lending for BRRRR deals in a new, low priced market (avg. purchase price of around $60,000). I plan on opening balance transfer business credit cards and 0% intro interest credit cards to fund my purchase and rehabs. At the same time, I want to get pre-approved for refinancing before even searching for properties.

I know when applying for a mortgage, opening LOC and receiving hard inquiries during the process may mess up the process and effect how much I can get approved for. However, since I assume I would only need to get approved for at most $150,000 (75% of max assumed ARV of $200k) and I know for certain that I can get approved for at least $300,000, would it even matter if I opened these LOC before, during, or after the pre-approval process?

@Rashad Ellis I would also suggest finding a new buyer's agent. By you searching and scratching through all the listings on Redfin, Zillow, etc. without much help from the agent, it looks like you're doing the the job of the agent yourself. The agent should be scouring through the MLS and using contacts for pocket listings and sending you possible properties. I may be overlooking it, but it looks like the agent is having you do all the searching. Find a hungry agent that will work for you.

I would agree with the others above me when they say that your job as one who searches for properties for them is replaceable. It is always a possibility that they could fire you a couple years down the road and then you'll be SOL if you are no longer qualified for the scholarship. They may be financially independent/retired within 7 years, but unless you own the properties yourself, you'll probably still be working that job or another 9-5.

FREE MBA programs are EXTREMELY hard to come by. Many students would die for an opportunity like that. Many MBA students graduate with over $100k in debt. If you are able to enter the MBA program straight out of school without previous full-time work experience, I would highly recommend going to LSU and taking advantage of the free education. The bright side is if real estate investing is still a passion for yours after graduation, you can still pursue this. Real Estate is not going anywhere. 

Congrats on the acquisition. I see from your profile that it is cash flowing $400/month. How much is the total rent and lot rent, and is it stand-alone or located inside a mobile home park?

I've attended one of Than Merril's event's in the past. They use extremely effective motivational and sales tactics to sway the audience to cough up thousands of dollars for information and packets that are offered on BP for free or other more cost effective resources.  That tens of thousands of dollars that they ask for could be used as a down payment for your first deal. 

Although many investors swear against attending these seminars, I suggest taking in as much FREE information they offer as possible. The event I attended gave very high level information about the importance of real estate investing and brief, but helpful information on how to analyze deals. Than Merril's team is also extremely good at motivating to-be investors, which can be used to your benefit. 

In short, take in all the free information and be aware of their sales tactics.

I'm also on track to purchasing my first rental out of state. Books that have helped calm my initial anxiety about purchasing an asset that I cannot physically see on a daily basis and have helped me narrow down my top markets have been David Greene's Long-Distance Real Estate Investing & David Lindahl's Emerging Real Estate Markets. I hope these resources help.

My goal is to purchase my first turnkey rental property in the Michiana area during the spring of 2020. 

I'm a huge fan of the direction South Bend is headed. As a graduate of Notre Dame, I've witnessed the development of downtown South Bend firsthand. I've also found that the need for affordable student housing, projected future growth of the medical and food service industries in Michiana, landlord-friendly state laws, and incentives to bring new businesses to the area make South Bend and the surrounding areas a decent first market for me to dip my toes into out-of-state investing. 

For the Indiana investors, what drives you to invest in your respective market?

I highly suggest making a free profile on meetup.com and search for your local REIA or any other real estate investing group and attend the next meeting in your area to network and learn from experienced investors. Reading books and forums are good but nothing is better than hanging with investors in person. Many membership groups are free and directed toward beginner investors.