All Forum Posts by: Karlo Alamo

Good post! @Charles Carillo How about if it's absolutely necessary? my credit usage was at 106% because of old credit cards I had closed with high balances a few years ago. It was a little under 10k. I had 19k in my 401k, so took out 10k and paid them off. in the next few months, while my everything reports to my credit, instead of paying down debt, ill save to have cash reserves and get 6-12 months of employment history (lost my job to covid)

@Sean McDonnellHello @Sean McDonnell!

My plan is to use an FHA loan, get into a fourplex for a year (househack), and then after a year that iv grasped a little more knowledge on landlording, better credit, more cash reserves, and with the cashflow from the other units be able to refinance that one, then do an FHA and move to another one. I'm willing to move or to invest out of state, but I'm not sure which one is best.

Thank you!

Currently, I live in Bismarck, ND. However, I see there are more options in others states and I know I have the ability to be able to move. So I wanted to ask the experienced community of BP, that once I find a property, would you start by analyzing the state first? the city, or the neighborhood?.

Thanks everyone!

@Justin Carmack

Good advice! thanks! when deciding where to move, do you start by analyzing the state first? the city, or the neightboorhood?

Thank you!

Hello Community!

What are your experiences? my city (Bismarck, ND) is kinda growing, but I can't find any fourplexes (or I should say is very harder" around this area. How much harder/less profitable is it to do something like turnkey and buy a deal out of state when is the first property?.

Thanks for all your help! 

The Founder without a doubt!

@Frank Hinck

@Frank Hinck

Great post!!! that is one very good advice. I've been trying to figure out what type of value can I offer so a mentor partners with me on my first deal?" I thought about 50/50, or offer to live, and do management myself (since I'm house hacking). However, I don't have the knowledge yet to have an idea of what a fair offer might be. I'm waiting until one of my books touches that subject, but your post helped A LOT!.

Hello!

Planning on doing it. I have no responsibilities, and wouldn't mind meeting a new place. however, since I'm recently starting, I'm not very good at analyzing deals and assessing cities or neighboorhoods. So I'm reading books to gather knowledge and see what is better.

Good luck!

Hello Community!

I recently started my journey to financial freedom. I wanted to ask you guys how did you get started, and what path you took to get where you are. Did you learn from people first? did you use books? I started by finding this page, reading Brandon's Beginners Guide, and I'm currently reading The Book On Rental Property Investment (also by Brandon) and I wanted to take his advice and use this forum as a powerful tool to work on my knowledge. My idea is to start with $15,000 (that I'm currently saving), and in the meantime prepare and work on my knowledge for when I'm ready I can succeed. I expect this to take me 6-12 months (maybe 18), but I'm ready to do whatever it takes to work on my future.

I wanted advice from others and make sure I'm not being too careful. I'm willing to take risks that will provide great rewards! which is why I want to get ready for this. But I'm afraid I'm waiting too long.

Thank you everyone!

I had the same question! I recently started and I'm trying to learn how to assess the deal, but so far the only properties that make me positive cash flow, are multifamily homes. What I'm guessing, is that you get rev in appreciation rather than monthly cash flow when you have a 1 SFR (at least for house hacking).

But keep it up @Austin J Gurule!!! I wish I had that desire and commitment to start this back when I was at school. Having more time gives you the ability to assess your next move more wisely, so take advantage of it!!!

Good luck!!!