All Forum Posts by: Maurice Webb

New investor here... What is the best way to determine how much my primary residence is worth? We paid $379,000 back in 2018 for it. Now, Zillow is projecting that it is worth $561,500. That's a difference of $182,500. I know zillow isn't the best in terms of these projections. Is there any way I can find this out without using the MLS?

Hello everyone!

So this post is going to be wide-ranging and somewhat detailed. I am super new to the real estate game and I'm trying to absorb all the information I come across. My interest is to buy and hold residential real estate, with a preference for multi-family properties. I am still deep in the research phase and trying to develop strategies, moving forward. At the same time, I want to dive in and not get caught in the cycle of "paralysis by analysis". I was thinking that turnkey real estate investing might be a good way to get my feet wet. I'm also interested in learning the pros and cons of turnkey real estate, so I can be as informed as possible moving forward. 

I have plans on creating LLC's for each of my properties for protection and I'd like to diversify my portfolio as I gather more information on different approaches. Additionally, I'm interested in learning about different methods of funding available to me, as a real estate investor. So please feel free toss a few suggestions my way on those as well, if it's not too much to ask. I really appreciate everyone in this community. I've only spoken to a few people here, but everyone generally has been a real asset to helping me build my knowledge base. Let's talk soon! Thanks!

Absolutely, Tara. I suspect that I'll be reaching out soon.

Okay, that makes sense! So I was mixing Private Money Lender and Hard Money Lender, gotcha! I'll look into purchasing Brandon's book as well, thank you.

Hello everyone! I hope you all are doing well!

Full disclosure, I am completely new to Real Estate Investing and when I say "completely new", I mean asking the most basic questions that may seem like a no-brainer for most others that have been in the game for six months or more. I live by the creed of "ask the 'dumb' question now so I won't make a 'dumber' mistake later." So here goes...

My wife and I were just plotting our path forward as we continue to research various aspects of REI. I read quite a bit about Hard Money and Private Money Lenders, as well as the pro's and con's of using them. To be completely honest, I wasn't sure if going that route would be in our best interest right now as beginners in this industry. So as a 'safer' bet, we decided that using FHA loans with a 30 year-fixed would be our best option since we intend to buy and hold. Mid-conversation, I had a strange idea.

I was explaining the benefits of a Private Money Lender (or Hard Money Lender) when it hit me. I wonder if I can use a Private Money Lender to secure the down payment on several properties and use an FHA loan to finance them? So here's how it played out in my head.

1) Get a loan from a Hard Money Lender for $120k.

2) Find five properties for $100k or less.

3) Use $100k of the $120k loan to make the down payments and keep the other $20k in reserve to cover closing costs and any minor repairs needed for the properties. 

4) Get the properties rented out and within six months to a year, refinance the properties to pay off the original lender.

Now, on paper, this idea sounded really good and I assumed it would be feasible. But as my wife likes to remind me, "assumptions are the mother of all goof ups." She also doubted if it would be possible to get one FHA loan (even a jumbo loan) to refinance all five properties at once. Much less getting multiple FHA loans on each property, individually, at the same time. That could mean we'd run the risk of not being able to obtain the funds necessary to repay the original lender. So back to square one...

So what you do you think? Are we on the right track? Or are we simply overlooking something? Your input is greatly appreciated. Thank you in advance!

Is there a board that discusses the different types of real estate investing?

@Kenneth McKeown awesome! The market seems to be in a good place right now. I've seen rates increase a little but not too bad. Hopefully our paths cross out here in our travels.

Hello Everyone,

My name is Maurice and I am completely new to investment properties. I'm originally from Colorado, but am now living in Texas. South Dallas to be more specific. I have always felt like I need to be in business for myself, but wasn't sure of what my calling was (until recently). I am still deep in the research phase of real estate investment and would love some guidance on what path to take. I have an entrepreneurial mind and am not afraid to fail. I can't take a chance at greatness if I don't throw my hat in the ring, right? 

Ideally, I would like to aim for long term wealth and passive income. So for this method, I have chosen the route of rental properties. Along with gathering information online, I've also been watching a ton of videos on youtube and that is how I stumbled across BiggerPockets. I came across a lot of videos by Brandon Turner and most of what he said made sense, so I figured I'd do more research about BiggerPockets which ultimately led me to join the site. 

I am very nervous about stepping out into real estate investing, but I'm also driven by the desire to succeed. There's so much information out there and honestly my head is swimming. I know exactly what I want and I know exactly when I want it. I'm just not sure of the step by step process to obtain it. Any suggestions and help will be appreciated. God gave us two ears, two eyes and one mouth for a reason, so I will definitely be watching and listening twice as much as I talk. I hope this gave everyone a decent amount of information about me. If not, feel free to ask. Hope to hear for you soon! 

-Maurice