All Forum Posts by: Naftali Tolibas

I agree with @Jim D. and @Matt K.

Ethics.

Hey Jenny, 

Welcome to BP! And congrats on taking action! 

IMO, you should use that money and leverage it out. Here are a possible option: 

Use the BRRRR strategy, buy value add Multi-Family, Rehab them, Refinance out, and Repeat. This strategy has been used over and over again, and has put many people on an exponential growth towards financial freedom. Because you have so much capital, you could do multiple projects at once and acquire many units.

I'd start off with a small project, learn the ropes, and get opinions from local investors. But, once you get the hang of things, the sky's the limit from there. Goodluck! 

I second @Anthony Dooley. If you think you can rent it and only net $100 before reserves, you're one pipe break away from a nightmare. Don't put yourself at risk, and play it safe.

Hello @Samuel Rauch! Welcome! 

You are definitely heading the right way, and getting involved in BP is a great step in the right direction. 

Here are a few things to get you started: 

1) Educate yourself. Forums, Podcasts, books, Youtube. Eat sleep breathe Real Estate. Get to know the lingo. Get to know your market, whats the median price, what's considered a 'deal'? What's the rents like? etc.

2) Network. Find others around you here on BP. Take them out to lunch, coffee. Pick their brains, their successes and their failures

3) Take Action: Save capital, evaluate deals. And once you've saved enough, find a deal and get it. Ask yourself how you can get the deal done, plan and execute.

If you need an Agent, @Patrick Allen knows a lot about the market and should be able to help you. I'm also in town, and will send you a PM so we can talk shop!  

Welcome to BP @Garrett Pickering!

I can only speak for Tucson, as that's the only market I've been studying, and there are deals out there, they are just difficult to find. By that, I mean, you're not going to find them on the MLS, and even if you do, they're snatched up with multiple bids same-day. I'm pretty sure it's the same in Phoenix too. In my opinion, you don't necessarily need a license to start, there are positives to having one, but if you're getting your license to learn more about finding deals and listings, you can do that on your own (search the tarmls) and it shouldn't be an obstacle to reach your goals.

You're definitely heading down the right path, and here's a few things to get you started:

1) Educate yourself. Forums, Podcasts, books, Youtube. Eat sleep breathe Real Estate. Get to know the lingo. Get to know your (target) market, whats the median price, what's considered a 'deal'? What's the rents like? etc.

2) Network. Find others around you here on BP. Take them out to lunch, coffee. Pick their brains, their successes and their failures. If you wanna go fast, go alone, but if you wanna go far, go with a team. Hint: We want to go far. 

3) Take Action: Save capital, evaluate deals. And once you've saved enough, find a deal and get it. Ask yourself how you can get the deal done, plan and execute. 

Good luck, and let me know if I can provide value! 

Hello, Welcome to BP.

Here are a few ways to start:

1) Educate yourself. Forums, Podcasts, books, Youtube. Eat sleep breathe Real Estate. Get to know the lingo. Get to know your market, whats the median price, what's considered a 'deal'? What's the rents like? etc.

2) Network. Find others around you here on BP. Take them out to lunch, coffee. Pick their brains, their successes and their failures

3) Take Action: Save capital, evaluate deals. And once you've saved enough, find a deal and get it. Ask yourself how you can get the deal done, plan and execute. 

I second that, I'd develop relationships in the area so that you'd have 'boots on the ground'. Develop a list of contractors that you'd need in case of repairs. 

@Vincent Treola Jr.,

Have you been able to split the metering? 

Welcome to BP! You've come to a great place to network. I'd start by 'connecting' (like a friend request) with others by looking up key words in your target market. I'd also set up key word alerts for your target market so that you can chime in whenever in comes up. The key word alert setup should be under the bell icon on the top right corner. 

Happy investing!

Hello! Congrats on taking action, its a huge first step to a great journey. 

If you're going to owner occupy, then an FHA loan with 3.5% sounds like it'll do the trick. The problem would be trying to cover closing costs, having a verifiable W-2 income so that you can qualify, and your bank might want reserves in place (around 3 months worth of mortgage) which would go well above the 4% put all together. If you are military, then the VA might work, however I don't have much information on that. Hope this helps!