All Forum Posts by: Justin Foster

@Shaun Palmer There's a good real estate attorney that helps lead the REIA group in the triad area. I was just talking to him yesterday about setting up my own LLC and he was very knowledgeable about setting it up to make it as advantageous as possible for investors. PM me for his contact information if you're interested.

@Michael R. I live in the North Carolina triad area and know a real estate agent from the REIA group that works with investors. PM me if you're interested.

Ideally, I'd like to buy my first investment property as a multi family property such as a 4-plex, rent out the other three doors, make positive cashflow while living there, and have the owner occupied down payment. 

There's a lot to learn and prepare in order to do this, but my first obstacle is how to find these deals. I live in a fairly small town of about 60k population. Online real estate websites never list more than 5 multi family properties in my area and I'm not finding any results in the local paper. 

What are my best options for finding 4-plex deals in a small town?

Like many people here, I read and loved Kiyosaki's Rich Dad Poor Dad. It's the book that got me interested in real estate in the first place. 

I recently read his book called The Business of the 21st Century and now I'm not sure what to do. I haven't yet gotten started with real estate, so I'm not sure if I should do real estate or network marketing. I'd like to do real estate at some point regardless, so the question is which one I should start out with. 

Has anyone here had success with both that can share their experiences?

I'm working full time while saving up for a car so I can get more active about investing. Yesterday, I ended up having a nice conversation with a customer who turned out to be an investor looking for more property. 

I got his business card before he left and I know I need to follow up, but how do follow up properly?

I'm 23 and looking to get into wholesaling. I just found a job this month, so I'll be able to get a car in the near future, but I don't want to keep finding excuses to put off real estate.

Without a car I can't drive for dollars, meet people to network with, or access information at the courthouse.

What can I do right now that will help me towards finding deals?

@Maverick V.

I believe it was two years of W2 income history, but I don't think it had to be with just one job.

Probably worth noting is that it was a local bank that I went to rather than a national one.

@Brie Schmidt

That is good to hear. I must have gotten that part mixed up.

It might also be difficult though to invest for 2 years without any bank loans. Are there any ways around that?

@Shawn Thom

I'm not entirely sure. I was rather confused by the whole issue so I might have gotten that part mixed up.

It may have been that only for a bank loan I'd need the 2 years of income history, but I thought she mentioned something about needing the history even if I wasn't getting a loan.

When I talked to my bank's real estate loan officer, I found out that I need 2 years of income history in order to buy my own property, even if I wasn't using a loan.

Can someone go into greater detail of this for me and what methods can I use to buy property without that income history?