All Forum Posts by: Jesse Thurston

Brett,

My team specialized in multi family buildings. Duplex's all the way to buildings with 100's of doors. I believe doing what this community likes to call as house hacking sounds like the best option for you to at least get yourself into it. We work on many deals at my company that involve people doing FHA loans to seller financing. Keep your options open and if you have a realtor they should be your source. If you don't have a realtor we're investor friendly and I would enjoy speaking with you sometime.

Find an agent that on BP or at a local meetup. You can also look up real estate companies in your area that focus in the type of properties you're looking to invest in. For example we specialize in multi family buildings and understand all the numbers that goes into a property. We don't do much if any single family and although we can do it. We're not experts in that area. Another tip. Find an agent that will answer your calls at almost at time in the day or call you back in a timely manner. The flip side to this tip is you will also need to respect the agents time and business. Good luck in your endeavors. 

Erick,

The beautiful thing about real estate investing in is you can really make it work in almost any region, but of course factors come into play. First starting out the hardest part is the financing in my opinion. My biggest struggle has been getting the money down for a property whether it's seller financing or traditional financing. I have been struggling to close on deals for myself so can understand how tough it can be first starting out. The biggest thing I can recommend is just running deal after deal to figure out how to calculate properties. This will help give you the confidence over time. Also listening to the podcasts, attending webinars, and interacting in the forums. Trying not to ramble on, but I think the biggest step anyone can take to really start to get into it is buying a duplex, triplex, or quadplex. The biggest advantage to these properties is banks still consider them residential homes and therefore you can use an FHA loan and have a much smaller down payment than normal. The only part of these loans is that you do have to live in the property for a year. This is something I wish I would have done years ago to help me start faster. I'm not going to tell you yes or no on needing a membership. I think everyone is different on needing a member and just use your best judgement. Good luck on your adventures.

The Twin cities market is thriving and although deals can be found they often have high price tags and a lot of exposure. I'm not the type of investor that can put in large down payments right now and although I try to find creative financing it just hasn't worked for me and the sellers. I'm wondering what places you are currently working that you have seen the results and what you did to make the deal work if it wasn't of the traditional method of 20% or more down. 

I'm not going to tell you what to do, but I can tell you what people I work with do and what I do. First off this can get tricky with lenders and insurance companies from time to time. So keep this in mind. I have two businesses and a rental unit. The rental unit is under xxx (address) LLC and my businesses I run under LLC's as well. These then all funnel up to my s corporation that I use to pay myself and pay for expenses. This can get really tricky and recommend getting a CPA to figure it out, but gives you an idea of what people do to keep themselves protected.

I believe a good place to start is finding your local meet ups or starting a meet up. This is a great place to network and find like minded people. I also know people that have found jobs going to these meet ups. If that doesn't interest you I would find any business that works in real estate (lenders, property management, brokers) and check if they have job openings or just give them a call. Good luck!

@Joshua Steven Ferrell HOLD! Take that crazy cash flow and find your next deal. Also you would avoid capital gains on this house assuming you’re married and it’s worth less than 500k so a 1031 wouldn’t be necessary. With that being said if you did do an exchange a good local agent should be able to help you identify properties

I believe the only reason you would sell is if you're done with real estate investing. I can't see the reason to take a capital gains tax hit and get out if you have had properties for that long. I think you have to look at it from two different scenarios. 

Are you done investing in real estate and ready to pay major taxes? SELL!

If not, time to consider doing a 1031 and using all that equity to your benefit and get more doors.

Love this post. More goes into real estate investing than people realize. Numbers can look good, but not always true. I have seen this happen to friends even after people have told them not to proceed. It's hard to be push people away from something they believe in though as you want them to be a successful real estate investor and the best way to learn is jumping into it.

I believe you can find deals that work in any market. Just have to determine the lowest cap rate you're willing to go. Small multi family is tough in the Twin cities market right now. The commercial 5+ you can still find plenty of value add and turn key properties that you can make the numbers work.