All Forum Posts by: Liam McGoldrick

@Chris Coleman thank you!

So it would be possible to use my equity after a year, assuming it is enough, with a HELOC to finance the down payment for another FHA loan?

I am graduating in May and have a job lined up in Madison Wisconsin. I am looking to get my feet wet in real estate as soon as possible as I have spent the last year listening to podcasts religiously and researching investment strategies. I would like to get a short term lease, save up over the summer and use a FHA loan to purchase a property (not sure if I will do single or multi family). I am looking for something where there is a possibility for value add, but nothing extreme because I am not experienced in renovation. Ultimately my short term goal is to eliminate rent payment from my expenses so it seems like multi family might be the way to go. I then hope after my year of owner occupancy is up to use HELOC and get a larger property and go from there.

Does this make sense? From what I understand, I can use my college years as work history for FHA loans so I would be able to qualify, assuming I have the down payment, this summer. Will it be possible to use HELOC after occupying this property for a year? Any input would be much appreciated!

I have recently began an interest in real estate investment. My career is in Electrical Engineering and Computer Science, so I am experienced developing software. I see a need for a modeling software for this type of investment. Excel is nice, but for more complicated schemes (creative financing ect.), it can become a mess very quickly. The complexity of analyzing these types of deals makes it much harder to brainstorm in terms of numbers. What I imagine is a solution to this. A modeling software that allows users to analyze deals, with building blocks used in common deals (mortgages ect.), but also the ability to define custom financing options or cash flow schemes. The ability to rapidly prototype novel deals will make the planning of an investment strategy much smoother. Is this something that others think would be a powerful tool? I have begun work on this and I am curious if there is any interest.

I am a student from Greenville NC, studying in Morgantown WV. I spend time in both areas and like to think I know both markets. I am studying electrical engineering entering my final year. I read Rich Dad Poor Dad and was hooked on the ideas presented in that book. I have been traveling on the road a lot this summer and began obsessively listening to the bigger pockets podcast. The whole idea of passive income really fits with my life goals and desire to build a rich family life.

I am interested in learning as much as I can about real estate before graduating, so that once I begin having a decent income I will have clear goals for it. To do this I am interested in completing a wholesale deal before the end of the year to learn something about the game. To me it seems like a low risk way to start while I still have little money and am focused on finishing out school strong. Are there any risks that I should be aware of? Any tips for finding buyers? Tips for finding properties? I am looking at the Greenville and Morgantown markets, which are both college towns. 

Thanks! I am super excited about getting into this world. 

@Tymika Jackson just curious how you acquired these properties? I am also in the area.

@Brad Bagley hello, I am also new and live in the Greenville area!