All Forum Posts by: Loren Davy

The paid mentorships work very well for some individuals and not so good for others. This is a great place to start your REI education. There are many niches to real estate investing (REI). You can not be a master in all the niches, so use Bigger Pockets (BP) to help narrow down what niche you want to start in. Once you determine your goals, use BP to help you figure out the best way to reach your goals.

Ask the flipper for details about what was repaired and replaced, how much fire/water damage was there. The fact that this was not disclosed up front would cause me to ask a lot more questions. A layer of paint can cover up a lot for smoke and water damage that will cause you problems down the road. Be very cautious.

There are traditional lenders that will do long term loans for buy and hold investors. Search your small local lenders first, 5 branches or less. Also ask your REIA club for recommendations for investor friendly lenders.

Before you get a short term loan, HML or Private, you should already have an idea which long term lender you will use, if needed; so you know what their requirements are for a loan.

Finding a hard money lender to lend on amounts below 50K is tough, but 18% is high.

Richard,

I am a commercial mortgage broker. I have lenders for buy and hold and hard money lenders. What kind of REI are you looking at?

Is college worth the cost and the time? Depends why your going to college. Do you want a degree to help you get a "job" or do you want to learn things that will help you in your career of choice and in life? College is about more then the diploma. As stated above its great for networking with future professionals. It's also about learning a thought process of how to attack problems. Even if you don't want/need a degree take courses to learn the material; accounting, marketing, management, real estate, etc. These courses will help you as your real estate empire grows. Best of luck in your adventure.

@ You can buy a 1-4 unit property with FHA financing with 3% down if you owner occupy. You must live in the property for a year after you purchase it. Most traditional banks will allow you to have up to four conventional loans. it will take awhile to build up equity, but you will be moving in the right direction. Make sure you have enough reserves to cover your vacancies and maintenance. Best of luck in your investing adventure.

I would check with multiple banks, what are the fees. I would also check out their online banking to see who has the most options and is it user friendly. I recently open an account with a local bank and their online banking is horrible.

You can find BP members by clicking "Network" then find members" and search by your zip code. Post a topic here asking for investors in your area. You can also search for Real Estate Investment Clubs in your area. There is lots of help out there to help you get educated, keep asking questions.

Thank you for your service. If you have any questions about financing that are not answered here, feel free to contact me.

Good luck.