All Forum Posts by: Kevin Wiley

I've seen all of the photos of Houston and of course I feel very badly for the people there. I have never been in a situation as bad as that and can only imagine the emotional and financial toll its taking on them...

That being said, I am still an investor. It's no secret that hundreds of thousands of people have flocked to Houston and its been lauded as one of the best real estate markets in the country. Of course, Texas is always a very strong market.

Does anyone have any data describing population migration after a large natural disaster? Like, after Katrina hit New Orleans, those thousands of people moved away. Is there any data to support or suggest where people tend to move and start a new life after a disaster? Of course once this is over, a large number of people will continue to stay in Houston and rebuild their town and their lives. God bless them. But still many people will be leaving the city, possibly further north out of (reasonable) fear.

Does anyone have any opinions of markets that were previously slow that may become bigger and more significant to invest in? When Katrina happened in 2005, over 135k homes were destroyed and over 250k people moved away from that city. Even still, the population is only 80% of what it was in 2000. Many of these people will likely move to live in apartments while they pick themselves back up and purchase a new home.

I really hate asking this question at the risk of sounding heartless, but its been on my mind for a couple of days now. I can't stress enough how badly I feel for the displaced families over there.

Thank you,

Hey all, I'm looking to do some purchasing in Cuyahoga County in Ohio. I'm seeking multifamily homes and have a couple in mind I'd like more info on. 

Are there any agents or contractors here in the Cuyahoga County area? Preferably people with in depth knowledge of the Euclid or Cleveland Heights areas. 

Thanks! 

Hey all, 

I just finished reading Grant Cardone's 10x Rule for the "n-th" time and I'm wondering, what are your goals? Why are YOU investing in real estate? Are you setting small "realistic" goals that require minimal effort and will produce minimal results? Or are you setting goals 10x above your reasonable expectations and fighting hard to achieve them? Is your goal to have 100 units? Or 1000?

I want you guys to post some of your goals here and just flat-out encourage yourselves and one another. I come from very poor beginnings and so my goals were meager. However once I took ownership of my life and future, my goals and determination skyrocketed. My initial goal was to own 50 rental units in total. By age 45 (currently 25)

My current goals are to own 5 50 unit apartment complexes in 5 different cities. I want AT LEAST 50 units in Dallas, Clearwater, Denver, Kansas City, and Chattanooga. I PLAN to live in each of these cities for a few years, learning the area, flip some houses for down payment money, and buy my apartment complex. Then move to the next city. I want to allow my poor mother to live for free in any of them she should choose. Same for my wife, baby, and I. I want to do this by age 35 or 40.

So tell me. What are YOUR goals? 

Thank you all so much. 

@Jerry Padilla, I think that's smart too. I don't think it will need a 203k since it's in pretty  good condition. I might just use my own cash or renovate while I live there. 

@Peter Mac, I appreciate the encouragement! It always helps keep us going :) 

@Art Shalomov, my collections debt is about a year old. As for revolving debt, I've got 4 credit cards, 2 of which have a zero balance, and the other 2 I use and pay off. 

@Melvin List, I appreciate that advice as well. I had a very intelligent, experienced loan officer whom I tried to contact yesterday only to find out he recently accepted a job on Capital Hill :/ he was brilliant with credit too. So far I'm seeing that many LO's don't understand credit or have a credit department in  their companies. 

Hello all, 

I have a situation and need some advice. There are a couple of moving parts so please bear with me. 

1st, I have poor credit. My fico scores are 594, 606 and 619. 

 2nd, I am working on a flip right now and expect to profit about 50k once it sells. It will be hitting the market in about 2 weeks and should sell fast. 

3rd, I have about 20k in total debt (19k car loan and 1k bad debt). I intend on paying g these off from my flip. 

4th, my income is a base pay of 42k per year plus bonuses and overtime. 

Now, here is my question. Given all of the above information, are there any loan officers or experienced buyers here that can work with me to find a lender for an FHA loan? I know FHA requirements are a 580 score, 3.5% down, and no larger than 4 units. I've called 3 different lenders and all of them require higher credit scores and don't go above 2 units with FHA.

I found a PERFECT triplex in St. Petersburg,  Florida that I want to house hack in as my first purchase. The property consists of a 3/1 single family home and 2 1/1 unit duplex. 

Can anyone more experienced in banking lend me some advice? 

Thank you so much

Hey all,

So here is my situation, I'm 25 years old, married with a baby. I currently earn just under $50k/year and will be getting about $35k in a couple of months if this flip sells for our goal price. This is my first ever flip.

My current goal is to purchase a multifamily home in Tampa, FL where I work and house hack to save more money. My question is , what next? I don't want to get complacent but I feel like there are simply too many options. 

Could some of you tell me if you've had a similar situation and tell me what you did? My ultimate goal is to invest in large multifamily apartments and then either continue to house hack and obtain financial freedom or buy a comfortable single family home for my family.

I see a lot of success stories from people around my age and would love to hear some anecdotal advice.

Thanks!

Hey all,

I'm looking to get in touch with multi-family and apartment wholesalers and RE agents in the Tampa/Clearwater/St. Pete area. I live in Clearwater right now and will be moving to Tampa soon for a new W-2 job. I'm in the middle of my first flip and expect to profit about $35k from it. I'd love to get in touch with some agents and wholesalers specializing in multifamily homes in this market.  I read a forum post of a young man, 21 years old, who purchased a $1.3m 20 unit property in his market in TN and it got me even more motivated to buy multifamily.

If anyone has any recommendations please let me know. I am already in contact with Net Worth Realty (and they're awesome btw), but they seem to specialize in single family homes for investors. I could be wrong about this, but I'm always trying to meet new people.

Thanks!

Yeah absolutely, I encourage it. I walk through the property 3 or 4 times a week so I'll be happy to show you some photos sometime.

I live in Clearwater, FL and it seems to meet your needs. Other than that, North Carolina or Colorado would do you good :) 

Great advice Diogo!