All Forum Posts by: Khang Vang

 The first step is talking to a lender. They will tell you what you can afford and help you set some goals.  Once you have the budget an easy way to get started is a house hack or live-in flip if you can do it with job and family.  Buying a duplex and living in 1/2 and renting out the second can teach so many lessons.  Look for appreciating markets if you can live in those. Here in Reno, NV there are some cash flowing properties but we have a strong appreciation and equity building which is where you will build more long term growth.   

Khang,

First figure out what your goal is and then work backwards from there! If you need $5,000 cashflow per month to live comfortably, then you would need 50 properties that cashflow $100 a month (for easy math but you get my point).

The most important step is figuring out if you can even qualify for funds to purchase real estate. Network with some lenders that work with investors and determine how much you can qualify for. They will look at your debt-to-income, credit, income history, etc. 

Figure out how much money you qualify for and then start by house hacking a 2-4 unit property. Don't expect upfront cash flow because you will be:

1) Occupying one of the units 

2) Putting low money down which means your monthly mortgage payment will be higher 

3) You have to pay PMI (since you're putting less than 20% down, this gives the lender further security if you were to default)

Start with house hacking and look at real estate as a long term wealth building strategy. When you house hack, the goal is to learn to manage a rental property and pay less than you would renting.

Hope this helps. 

@Khang Vang

Those are great goals to have and real estate can help you achieve them. Just keep in mind though, that real estate is not a get rich quick option. Although you can achieve those goals, it will likely be a long journey taking multiple many years and a lot of work to achieve. First step would be to read as many books or listen to as many podcasts as you can to understand both the buying process and how to identify a property as a good deal or not. Once you have a solid foundation and feel comfortable both running numbers and assessing a property, talk with a lender and see what you will be able to afford. In the mean time, join a local real estate investor association. Real estate is very reliant on networking and this association is an excellent place to network to find people who can help and advice you on which route to go. 

Hey @Khang Vang, It's great to hear that you're ready to start your journey with real estate. Starting fresh is a great position to be in and your enthusiasm is key. Many successful investors began with little to no experience so you're in good company. I recommend that you start by identifying a strategy you wish to pursue, choose a market that aligns with it, and establish your Core 4.

The main challenge I observed is that individuals often lack a clear end goal or strategy, or they select a market that doesn't align with it. Also, be sure to connect with the local lenders and brokers, they can be valuable allies in achieving your real estate goals. Hope this helps!

I am a real estate broker, I typically sell properties that are for sale. I'm not one to give guidance to "wholesalers", and frankly I think you'd be more successful getting your real estate license and doing things above board, rather than going down the "wholesale" path. Let's chat at the event on Wednesday!

Hey Khang, listings on Zillow are sourced from the local MLS (Metrolist) and are typically listed with an exclusive right to sell by the listing broker. Therefore, you cannot typically go around the broker. I've heard of wholesalers getting good deals from the MLS but typically they're working off-market, which is kind of the whole point.

Anyway, as I'm sure you've gathered, there are many ways to make money in the real estate industry. Scott and I are hosting the event together on Wednesday the 6th - hope to see you there!