All Forum Posts by: Account Closed

Hey guys,

I am going to be taking out a loan to finance the start of my real estate business. I'm am looking to sell real estate at an extremely high level, and I have heavily researched and understand the risks and rewards. The reason why I am looking to take out a loan is because I'm going to throw a lot of marketing dollars into this thing immediately. To some that may sound risky, but this is a business loan that is being used to grow my business. I am fully aware that many agents, investors, brokers start from $0 and can sweat equity their way to the top. I only state this to combat the inevitable comment I will see here stating "why would you get a loan" , "so much risk", "80% of agents fail". Well I want to go ahead and combat those statements by explaining. Right now I have a well paying job, most people (especially at my age) would love to be in a similar position. At 25 I am close to 6 figures with very few expenses, no kids, a company car, and the full works of health insurance, benefits, 401k, I could go on.... Basically, to justify leaving my comfy corporate job, I need to ROCKET SHIP this real estate career into the 100K plus territory. And after consulting with many professionals who are brining in that kind of income, I know I need to invest heavily in a steady and reliable source of lead generation. And that is what I intend to do. Sorry for the lengthy introduction but I'd like you guys to understand my mindset on this.

On to my question: I am considering getting a sizable personal loan, more than considering really, heavily leaning that direction. I'm looking  at getting a loan of $40,000

1: Since I have a company car that I will have to give back, I am wondering, should I use the personal/business loan to purchase a new vehicle or should I finance two seperate loans? It seems to me that it would be much easier to have the debt consolidated under 1 loan, plus the fact that I will be writing off this vehicle as an expense of the business. I'm not sure if I would come out better in interest rates between the two loans, however I get the feeling that having the first loan may decrease my chances of getting approved and/or increase my interest rate on the following loan. 

2.  What do I need to look for (besides interest rates) when looking for a lender? I have USAA insurance and could receive a loan via them, I am a life-long chase bank patron and have almost all lines of my credit open through them.  I also have a pre-qualification quote from So-Fi which seems like a decent deal actually but I know people get weary on the internet based lenders. Honestly with the exception of student loans, I havent had a major loan ever, so I do not know what it is like 2 years down the line and if/when variable rates are adjusted. So I was looking solely at fixed rate loans thus far although they do cost more.

My Plans for the loan are as follows:

 Loan Amount $40,000

Purchase a moderate vehicle $15-17.5k

Spend about $10K of the loan for my first 3-6 months of marketing (obviously can increase this as I make money and reinvest in myself)

Spend 2000-3000 fairly immediately in upfront costs of the business (Suits,cards,signs,flyers, I also have a company provided laptop so I would need to purchase a computer as well)

and the remaining 9-10K, I plan to actually just save/sit-on, so I can at least cover the payments on the loan + pay my rent for at least 6 months. In case things go really south for me to start off at least I can cover my costs. Plus I already have a decent amount of my own money saved at this point as well.

I could obviously go much more in depth, but this is already a long post. Basically I want information from those who have taken out a business/personal loan. What do I need to look out for? What about the car thing? Which lenders are you happy with?

THANK YOU SO MUCH FOR THE TIME AND HELP!!!

Thanks for the reply @Nicholas LaGatta ... really theres nothing stopping me right now, I've prequaled for a handful of different types of loans, really I'm looking to just select the right property and get it going. 

But in addition to investing, I would like to get into the "part-time realtor" game, if there is such a thing lol... I'm a guy who wants to play it from all sides and grow as fast as possible. Right now I work a full-time job as a business consultant, I invest in index funds, bitcoin, and some other stocks, I buy and resell high end clothing and shoes. I'm even working on an ecommerce website. I'm doing a lot of things in attempt to grow my wealth. But in addition to all of that, I still have enough time I feel I could take on a complete additional job as long as it is based from my home and has a flexible schedule.

So I'm planning to get licensed, in the upcoming month or two, and I want to do one of two things, either join a realty company this is going to provide me with great insight and help me develop quickly, or partner with another investor where I can add value to his/her service and begin splitting deals with that person. Ideally both of these will happen for me. I want to position myself so that instead of being, 1 deal a year, 1 deal every 2 years. I want to make Deal.Deal.Deal.Deal.Deal.Deal non-stop all the time. I know that aspect TAKES time. But I want to accelerate. I need partnerships to do that because I know I cant simple read books or watch youtube to gather all the experience I hope to have.

Hi Everyone,

I know I'm new here as far as posting, however I've been looking over your shoulder reading the forums for quite some time now, I've also watched the majority of the BP podcast episodes.

I am looking to get much more involved in real estate and really focus on transitioning my career into that direction. I recently moved to Atlanta, well I've been here about a year but haven't made a ton of outside-of-work connections. I actually have a genuine interest in real estate, I'm constantly checking the market just for fun, and was heavily involved in real estate club in college. Despite that, I never really considered real estate as a career for myself. At this point I have decided that it is essential I develop an additional stream of income, and why not start taking real estate very seriously. 

Ideally at this point, I would like to start investing - purchase a property/make some deals. I also am going to go ahead and become a licensed agent. 

For the time being at least I would like to stay in my current career, however at my job I only need to dedicate about 30 hours a week toward work. Call me ambitious but I could stack on an additional 30 hours of additional work (especially if its providing me with a great extra income). I was wondering if somebody local could recommend a real estate broker in the Atlanta area that would provide quality training that I could work with part time? Perhaps you're an investor in Atlanta, looking to take somebody new (but very sharp) under your wing and split some deals with? Maybe you're part of a local investment group willing to take me in? Or perhaps you're somebody not even in Atlanta, but want to exchange numbers and work on some deals with me. I can promise, anyone that is willing to help me get started and will answer my questions, I will prove to be an extremely valuable asset to you in the long term. Send me any advice you may have! Thanks.

*Also..... sorry to ask so many things in one thread...

But would you recommend buying a multiunit, renting it, and me continuing to rent at my current apartment? This is another option I am considering, but I wouldn't be capable of making the rent payment here and the mortgage, if for some reason I did not have tenants. I have looked at some properties with tenants already in them. But I also am reluctant on some of those deals.

Thanks for all the quick replies! @James Yoder @Austin Fruechting @Cody Thompson .... I have looked into doing the live-in-multiunit type of thing. Although unfortunately for the area(s) I'd like to live, it looks like most of these properties are way outside of my price range, or in areas I wouldn't want to reside. I wouldn't completely rule this out, I know there are gems out there. But finding this sort of property, that will also meet my needs, is going to be difficult. Location is of importance to me as I work full-time and also am starting grad school, so I want to cut down on travel time as much as possible (if you've ever seen Atlanta traffic you'll know what I mean). This is why I was thinking perhaps it would be feasible to buy this condo, still attempt to make some money with it, but live comfortably. 

All in all I just want to be sure I'm not setting myself up for future failure. I would actually be receiving a conventional loan at 3% on this property.... HOA fees are not very substantial (only $15/mo on this particular property)... and the realtor is checking on the rental aspect for certainty, If I cannot rent it out at a later date I wont be purchasing. I basically thought I would buy this now with the intention of renting it when I move to the next property. But I may end up wanting to buy another rental property, before I myself am ready to move.... so I want to know if lets say I make the same amount at my job in 2 years from now. And I want the same loan all over again from the bank on a new property, without having sold my current one. Are they going to let me borrow more funds?

Lets say you ARE me: and you buy the condo, live in it, have saved some money over the next 12-24 mos 5k-10k... What do you do next?

Hi guys,

I am a younger guy, about 2 years out of college. I am heavily considering buying myself a loft/condo type of home (as a personal property). It will come out to be roughly what I currently pay in rent per month. And I qualified for a very low down payment. 

My pros on this property: I personally like the home (as I should since this will at least temporarily be my primary residence), It offers me some personal advantages as far as location to various amenities (including my job), I'm in a market (Atlanta) that is growing in value very rapidly, so I believe its somewhat safe to say I shouldn't anticipate losing money (although I recognize a market crash can happen anywhere), did I mention ridiculously good location? (literally 3-5 minute walk from the newly developed falcons stadium). I am thinking I could stay with my girlfriend and rent this property out via airBNB a couple weekends during the football season. I'm not sure on proper pricing but I'm guessing I could probably manage to cover my mortgage a couple months out of the year. I also think this would be a GREAT property to rent out once I move on to my next home, which leads me to my concerns....

Here are my concerns: I want to build wealth, am I removing the opportunity to invest in something by already owning? Will I find it hard to purchase a 2nd, 3rd, 4th, 5th property (or first "income" property more specifically)? Obviously being young I do not have a huge nest egg saved up for 20% down-payments on multi-unit homes. So I am wondering, will I have the opportunity to buy again for another low down payment? Will a bank give me another big loan in 2 years for my next property? 

I want to begin a road to passive income, however I also want to have a nice place for myself. My rental lease is up at the end of august, I'm prequalified and prepared to buy, I feel like now is as good of a time as any. I just don't want to make a mistakenly self-indulgent purchase and remove some long term financial flexibility for myself in the future. 

Basically, I want the home, and nothing about it seems like a "bad" investment. However I am curious, how many of you have had success in real estate investing, while having little savings and ALREADY owning a mortgage? A lot of advice I see around the internet in regards to investing is "make the right deals happen" (in terms of ROI, LTV, etc...) well unfortunately a lot of "deals" cost a considerable amount of money up-front. Thoughts?

Ok guys,

Below is a house I am ever so slightly considering working on. This may sound absolutely retarded so feel free to weigh-in however you "experts" deem necessary. Heres the deal, this house is in a nice up-and-coming part of town for a good price. If I went ahead and did this deal, I would actually want to live here myself. I'm thinking perhaps I could get a huge house for a steal. This is a 4,500 sq footer. It is rough, beat up, down right nasty..... basically I want to know, can I do EVERYTHING I would need done on this house for <75k... I am no expert in rehabbing and would need to outsource many aspects.

Here's a list of all the things I can think of from the top of my head:

1 Front Porch Complete rebuild

2 Top Porch

3 Siding around entire house

4 Paint around entire house (exterior) I'll do interior myself

5 Electrical Work

6 The back structure that appears to be "stuck onto" the house I would want knocked down and a garage added in the back.

7 Surely a handful of interior walls knocked down (it appears to me the house may have been set-up as a duplex previously

8 Probably dry-wall work in nearly every room

9 I could actually probably repair the hardwood floors and lay tiles myself

10 I also could do most bathroom renovations myself and kitchen renovations 

11 I'm going to make the assumption this house needs roofing, electrical and plumbing work, which I know can have a lot of variance but perhaps someone can provide me with a range?

12 Also going to assume that I may need new windows

Not too sure what else but please do add to the list...

Basically when it comes down to it, I have a budget of 75k after purchasing the house, can all of this get done for under 75 or is it a lost cause? Let me know opinions, also this is in Atlanta, Ga. in case anyone is a contractor or wants to recommend one.