All Forum Posts by: Mordchai Lunger

@Robert Skawinski

Which city is this I know in my area some cities are now limiting Airbnb and short term rentals. You also may need to get a business license for that check the laws. I know people who got large fines around 20k because they were not aware of the restrictions.

@Jason Chambliss

With a rental property as long as the rent will cover the mortgage you can get another loan. Usually the bank would want about 15-25% down make sure to reach out to some investor friendly lenders I can introduce you to some if you need. Can also try your local banks/credit unions every market is different sometimes those can be very helpful.

Thanks @Jay Hinrichs i will take in under consideration i will be doing research i might just go find some investers you will do the same thing 50/50 they put up the funds with nothing out of pocket for me i have to look around. 

And yes Dawn the $7,400 is paid up front for the training information they provide he said it was a home study course.

This is a mentorship program offered with a study course at the BREIA club. So i don't believe they are going to steal my deals or scam me (i could be wrong). 

The club is very large and has been around for 20+ years. From what i understand the mentor does not help me find the property, they teach me how to find the property. When i find the deal i bring it to them and they determine if it makes sense. If the deal makes sense they will fund it 100% including any repair costs. When we sell the property they get there funds back and we spilt the commission 50/50. I only had about a 20 minute phone call with him today, i will be getting in touch with him again after the holidays and find out more information. 

Thanks for that Rick i think it might be worth pursuing. For the simple fact that if he is putting his money in it means he is going to research the deal as well and make sure it makes sense. He is also going to help me close that deal because he want his 50% profit.  If i try this on my own without a experienced investor i could lose more than $7,400 on a deal. 

Those are my thoughts 

However people are still telling me not to put down the initial $7,400

I have been doing lots of research on this site, and i have seen many people recommend going to your local REI club. So you can connect with other investors, so i contacted my local club which is BREIA. They offer a mentor program i was curious if this was what many of you recommended i start with. I spoke with one of the mentors and he was explaining the program they supply 100% of the funding and the mentor goes through every step with me. All of this sounded great to me but of course there is a catch first we split the profit 50/50 which i am fine with but they also charge a fee of $7,400 to get started with this program. Is this common for a mentor to charge such a high starting fee. Im always hearing not spend money on these guru or programs they just want your money. Do you think this is the same thing it is a lot of money but it will also make things so much easier for me.

Is this worth it or should i save my money, has anyone gone through this same experience, with a mentor or REI club has it worked out ?

Thanks Curt good to know it has helped you any tips on getting started becoming an agent.

I came across this older thread on BP http://www.biggerpockets.com/forums/92/topics/1224...

The posts seem mixed, not sure what to make of that, more information would be appreciated.   

I am new to investing and was contemplating getting my license to help me find deals, comps and other property information. 

Are there any wholesalers who have gotten a license to make it easier to find more deals is that recommended. I am in Miami FL does anyone know of a good place to get my license and a broker to get started under. any advice on this subject would be appreciated.