All Forum Posts by: Jeremy P.

Following what @David Zheng said

Checkout The Best Beginner’s Real Estate Investing Course Online specifically Module 6: Real Estate Financing and the The Book on Investing in Real Estate with No (and Low) Money Down

Go to your Local REI Club meetings and network with other Investors.

Research: Another Post Similar

I have even started calling local banks, credit unions, find out what their terms when I want to finance part of the deal.

Private Money Lenders find out what their terms when I want to finance part of the deal.

Portfolio Lenders find out what their terms when I want to refinance part of the deal.

I believe @Stephanie Knox is asking what numbers to specifically look for when working the Analysis.

It is easy to say make sure the numbers are correct, but what numbers?

When I started analyzing deals 2 weeks ago (and I just started 2 weeks ago) I thought 1-3% COC (Cash on Cash ROI) and $100 - $200 Monthly Cashflow was good.

After watching a few Webinars (Replays located in the Pro section) @Brandon Turner mentions he looks for minimum 12% COC and $400 Monthly Cashflow, He always does an analysis in the Webinars

You can also review the The Best Beginner’s Real Estate Investing Course Online

Here is the specific course on The BiggerPockets Property Analysis Software

It's hard to say what numbers specifically work for you, but with Brandon's advice I know now what to look for to make sure:

• Get good Cashflow
• Expenses, Repairs are covered
• Mortgage, Property Tax is covered
• CapEx, Vacancies is covered

Definitely don't skip out on the expenses, CapEx, Vacancies, if you don't know how much property managers cost call around and see what they charge.

I called 6 before I found one with a flat $100 fee per month to manage the property. All others charged 10% of rents.

You should also hit your Local REI club, network and ask for more detail numbers for your area. Like Vacancies.

There is not a single best way.

If you plan on living in the house FHA or 203K loans are good, low down payment, 3.5%.

Conventional is probably out since the house must be in livable condition before the lender gives money. 20% down payment

Private Money could be next, 0 - 8% rates (local investors, Friends & Family, even Investors on BiggerPockets, etc.) 30% down payment could be required

Local Banks, Credit Unions are a good source.

Portfolio Lenders would be good also 7- 10% rates, most don't require income verification but almost everyone checks Credit with 660+ being the average. 30% down payment could be required

Then there is Hard Money 10 - 16% rates, fees/points, not sure on the down payment

Brief Overview of Financing:

The Best Beginner’s Real Estate Investing Course Online

Module 6: Real Estate Financing

I've been working on Personal Lines of Credit, Home Equity Lines of Credit, and Saving up Cash this will help with down payments, and Rehabbing, etc.

I'm currently working on Portfolio Lenders to fund the rest of the Flip, or Refinance,even thinking about having them Fund the Buy & Holds and then refi afterwards.

I would follow this post: 

https://www.biggerpockets.com/forums/12/topics/414267-books-im-reading-now

Found this Tax book from Bigger Pockets

 The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful techniques anyone can use to deduct more, invest smarter, and pay far less to the IRS. by Amanda Han, Matthew MacFarland

You should figure out what your Niche and Strategy would be first.

The Best Beginner’s Real Estate Investing Course Online

Module 3 explains Niches and Strategies.

I will be Flipping Single Family Houses (to make Cash) and reinvesting that cash in additional flips and also Buy and Hold Single Family Houses and Small Multi Families up to 4-plex for long term.

I have not narrowed down my Area (Zip Code) yet.

You could also House Hack your first Property while Learning

Here is another post similar to yours:

https://www.biggerpockets.com/forums/12/topics/413684-i-pondering-what-to-do-next-want-to-make-a-good-investment

https://www.biggerpockets.com/forums/12/topics/413149-what-direction-should-this-newcomer-go

I started with:

Rich Dad Poor Dad

Currently Reading:

THE BOOK ON FLIPPING HOUSES & THE BOOK ON ESTIMATING REHAB COSTS 9 By J Scott

Will Start Next:

• THE BOOK ON INVESTING IN REAL ESTATE WITH NO (AND LOW) MONEY DOWN 6 By Brandon Turner
• Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom
• Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!
• THE BOOK ON RENTAL PROPERTY INVESTING 3 By Brandon Turner
• THE BOOK ON MANAGING RENTAL PROPERTIES 11 By Brandon and Heather Turner

More Books:

• https://www.biggerpockets.com/books
• http://realestateinyourtwenties.com/blog/seven-must-read-books-for-real-estate-investors/
• http://realestateinyourtwenties.com/blog/seven-more-must-read-books-for-real-estate-investors/

@Jason Branch

I came upon this great write up by Sherman Ragland about gaining access to MLS here:

https://www.biggerpockets.com/forums/443/topics/39...

I don't trust Zillow.

They are known for delayed updates of houses, zestimates are over inflated by more than 30%.

I own a D class property in Orlando, Florida, it can barely sell for $150k but Zillow shows the zestimates over $950k.

Complaining to Zillow had no affect, they did reduce the zestimate but still was over inflated.

Becareful using Zillow, if you don't have access to MLS it's easy make friends with an Agent and they run comps for you.

You could also check Realtor.com not 100% accurate like MLS.