All Forum Posts by: Michael O.

@Tariq Hakeem, welcome to BP, I would first advise you to try and improve your credit and overall financial health before getting into investing and also if Denver is too hot a market, you might want to invest long distance in a market with lower prices ( although you would first of all need to assemble a trustworthy team). Also I would advise you to look for a mentor in your area or join a local Real estate investors association to meet like minded people to network with.

@Nathan Hann, welcome to BP and congrats on educating yourself and putting yourself in the position to be actively looking for your first deal. Please let us know how it goes and hope you find a great cash flowing deal. Best of luck.

@Benjamin Parker, I would say it`s normal to have nerves after all you are spending money and hoping you are not getting into a bad deal. Relax and focus on the task at hand. You already have the ball rolling so I guess that you need to hope that you bought well (equity in the deal) and having a very capable boots on the ground is the most critical factor if the whole thing is going to work.

1. I don`t think you need to occupy the property to qualify for a conventional loan but I may be wrong. Frankly at this stage this is information you should know so you don`t get surprised.

2. I would advise if you could to be on ground to be there and shepherd the process along. Remember in real estate investing if you do the heavy lifting upfront, you can afford to rest easier later. It also depends on your boots on the ground team and how trustworthy and capable your agent is.

3. I don`t  have any insight about needing a lawyer but you may need to ask your agent about that and also ask them to inform you about the process and tell you all the steps and processes involved like needing a lawyer and what not.

4. The only tip I would give you is to relax and take a deep breath, consult more people ( which you are doing right here on BP) and keep running the numbers.

I hope it works out and am rooting for you. Best of luck

@Jeremiah Russell, Welcome to BP, try and network and connect with people, go through the forums and the podcasts and improve your knowledge base and hopefully you will get your first deal when you are ready. All the best

I agree with @Riley Schaefer in that having reserves is extremely important and is the lifeblood of real estate investing and investing in general. Also remember the golden rule of investing is not to lose the capital you invest and then let your capital make a return for you.

@Jonathan Burgos, welcome to BP. I am a fellow newbie so take my advice with that in mind. I think a small multi family that you can house hack while living for free might be your best bet and also getting your personal finances in tip top shape are key. Also I would say learn as much as you can, watch as many podcasts, utilize the forums and network like crazy. I`m sure you will be fine. 

@Maurice Daniels, welcome to Bigger Pockets. I would advise you to go through as many podcasts as possible, the forums and network with people on the site. Its a wonderful resource and lots of like minded people. Educate yourself continuously and best of luck.

You`re welcome Finn, you might also want to check out Oaklawn (28206,28216) and you may also want to try out Gastonia which is on the outskirts and is somewhere that I feel has great appreciation upside.

Its a short drive from the airport and the Amazon distribution center, way cheaper than Charlotte proper and I think if you can get in early on properties the upside is pretty high

@Finn Cardiff, welcome to BP, its a great resource with lots of great people and networking opportunities. My advice is to go through the forums and podcasts, there are loads of gems there. I currently live in Boston but lived in Charlotte for over 6 years and it has changed a lot, prices used to be cheaper for great quality but its getting harder to find great deals. I would suggest that you find a great agent that can help you find a great deal. With regards to the areas and zip codes i would recommend  Ballantyne in South Charlotte (28277), its a great area with the some of the best public schools in the city (Ardrey Kell high school) and a lot of people I know move to that area just so their kids can go to that school. Another area where I think you should definitely look into is University City and North Charlotte (28262, 28213) where the University of North Carolina Charlotte is located and also where the new light rail ends. It is a rapidly growing part of town with lots of students and grad students always looking to rent. I guess you`ve already checked out Matthews and Pineville ( they are good areas) and you might want to check Mint Hill which is very close to Matthews as I feel its a bit quiet compared to Charlotte but I feel has more space for appreciation. I would recommend once again that you get a top notch agent or wholesaler who can help you get a great deal and run the numbers yourself and make sure they make sense. I think its a very good market with a lot of upside and with the average home in great condition. Please let me know if you have other questions. Best of luck

@Jesse L Flick, welcome to BP, happy to have you here. Its a great resource and I would advise you to check out the podcasts and the forums. Great nuggets of info abound everywhere