All Forum Posts by: Nathan Faucett

@Shabreya Bangura I have gone to several Lunch and Learn meetings with the Triad REIA, but I haven't taken the plunge into actually purchasing a membership because the paid meetings don't really fit my schedule AND I haven't needed the discounts that are available as a part of the membership quite yet. I'm waiting until I really need to :)

I will also be a first generation investor in my family, but it's exciting to think about how we will be changing our family's lives throughout this process. One day your son or daughter and my son or daughter may be in a better financial place than we ever were because they saw real estate from a young age and the power that it has to bring financial peace and freedom.

When you say your first deal, what type of deal are you looking to complete by March? Or in other words, what real estate investing strategy are you trying to execute?

We will definitely have to connect! I'll follow up :)

@Danielle Gillespie - That sounds exciting! I actually have a renovation going on in my basement right now that we are going to use as a short term rental house hack. Not exactly a condo at the beach, but maybe it will help me pay off my mortgage :)

I would also love to stay informed if you find any deals that don't meet your criteria. I'm always interested in new opportunities and Wilmington is just a few hours down the road.

@Shabreya Bangura Welcome to BiggerPockets. It sounds like you and I have a few things in common. My wife and I also have a 18 month old and are interested in financial freedom as a way to spend more time with our son and less time working.

What are your goals on BiggerPockets? Are you looking to learn more about wholesaling? What about your goals for 2020? Are you trying to get 1 property under contract and sold?

I'm always looking for opportunities to connect with people in the Triad (I'm in Greensboro) and love connecting with wholesalers because I'm interested in BRRRR opportunities. Let me know if you want to connect!

@Jordan Pratt

Another idea is if you have the cash in hand, maybe could combine the strategies.

Buy a mobile home cash.

Improve the property at whatever pace you desire.

Bring in roommates and pay yourself back over time.

Either keep the property if it’s cash flowing or If you want to sell, do seller financing when you are ready to move on to the next property.

There are a million options in real estate and you can mix and match to make something fit your goals and situation.

@Jordan Pratt

My recommendation would be to crush one thing at a time.

I have a nasty habit (and my wife can attest to this) of getting so excited about so many things and trying to do all of them at once. I think you might be in the same boat, which is probably a sign of being an overachiever.

Focus on getting a house hack going (that’s what I’m currently doing) because theoretically that should be an appreciating property where you can gain equity.

Then learn about and move on to new properties and strategies! This will help you focus on what’s in front of you and if you really want to use other peoples money, maybe you can do that on your next deal.

@Jordan Pratt I'm curious as to why you would consider doing that? Does your current financial situation not allow you to purchase a home on your own? 

I was able to secure a 3% down payment loan in my current home and was able to get the sellers to pay the Private Mortgage Insurance out front.

What are your thoughts?

Welcome @Danielle Gillespie! Great to have some other NC based people represented. I'm in Greensboro myself, but lived in Wilmington for 2.5 years before moving for work.

What are your goals on BiggerPockets? Are you hoping to grow your real estate broker business? Are you hoping to continue to flip homes? Are you doing that in Wilmington as well or another market?

I'm always looking to connect with others and hear about what they have going on!

@Joe Splitrock - Finally, a valuable trending topic for new and inexperienced investors (like me) to read. Thank you for starting it. I think that this helps understand where the pitfalls of Real Estate Investing are and how to avoid them. It also prompts a few questions:

@David Dachtera - What comes first, (major) education or my first few properties? Obviously, I don't watch one episode of Fixer Upper and decide I'm going to flip houses or listen to one BiggerPockets episode and decide that I'm going to get a syndication going, but it begs the question; Should I be getting a professional education before I buy my first property, or should I get my feet wet with a few properties and then say "Hey, this is something I'm serious about it, so I better get some serious education"? Formal education is not stressed by those most visible in the BiggerPockets culture.

@Russell Brazil - What contributed most to you learning how to think 4 Dimensionally instead of 2 Dimensionally? Was it something that you were familiar with before you started your real estate investing career? Was it a resource that helped you understand the concept? Did you figure it out after your 1st, 10th, or 100th deal?

I guess all my questions could all be summed up by this: Should a new and inexperienced investor who has done some self-education just get started and they will understand what they need to know along the way, or should they be doing major, profession preparation before taking steps into the real estate world?

Thanks in advance for your responses!

@Peter Faulkner

It's a good reminder that not everything is going to be sunshine and daisies in real estate investing. This is a business with it's own unique challenges and difficulties, but seems to be ultimately rewarding, as you mentioned in your last post.

Glad to hear that you expect to come out on top!

@Account Closed

Do you have any properties in the Triad? I am newer investor in the area and I'm currently in the process of finishing my basement renovation so that I can use that as a Short Term Rental House Hack and intend on completing 2 BRRRR deals in 2020.

@Samuel Albert

I think a real estate club would be awesome and I would definitely be interested in joining formal and informal meetings whenever my schedule allowed!

When and where is this happening?