All Forum Posts by: Nick Pierce

Hey, I'm looking to purchase a Duplex next year and am considering whether I should use a standard FHA loan or the 203K FHA loan.

My goal is to live in one unit while renting out the other to pay for all the expenses, that way I am living for free. After a year of owning the property, I will move out and rent out my unit for additional cash flow.

Being that I am going to be 18 next year, my parents are going to be using their credit while I am supplying the down payment, which is why I am utilizing low money down loans.

I just finished reading Investing with No and Low Money Down by Brandon Turner, and while the 203K sounds like a great idea for a small cosmetic rehabs, I just want to get in contact with people who have done something similar and have advice on the topic.

@Barry Pekin

Great to hear, thanks!

I have a friend from North Carolina who has a little wholesaling business, I want to do a similar thing but I have some questions regarding Minnesota specifically. Around how much money are in earnest fees in MN, and are there any other large fees that come along with wholesaling here? I’m worried I may not have enough money to get started in wholesaling, I would love to hear your thoughts, thanks!

@Dan Sheeks

I just finished reading your article, great stuff! I talked to a banker with my mom a couple months ago on what I could do at 16 to build credit, and they made it seem doubtful that much could be done. Your article gives me lots of hope though, as it shows there are ways I can start making progress.

@Chinmay J. Thanks a ton for the input. I’m also trying to network with investors in my area right now to see if I can land any sort of jobs, as your spot on for it being a good opportunity to learn the basics!

@Lucas Taylor I like that idea of having my parents do the contract part as they are more likely to be eligible for that sort of thing, I’ll also make sure to find a lawyer I can get in contact with, Thanks!

Here's my idea. I legally cannot qualify for any sort of loan (I’m only 16), but I CAN help Investors find good deals right? So lets say I set up a lead generation system to find distressed properties, analyzed them, then sent them over to an investor in turn for a finders fee (1% of the values property, so if the home sold for 100,000, the finders fee would be 1,000) That way I could build relationships with investors, build up money to start investing myself, and get my feet wet in the RE world.

Again, I could be completely wrong as I still have lots to learn, but I'm eager to start making things happen and I would love to hear your thoughts!

PS - If you know any Real Estate Agents or Brokers who understand how Finders fees/Commissions work, I would love to talk to them to find out more, or work for them any way possible, Thanks!

@Karl B. Awesome advice, thanks a ton!

Hey everyone, I’m 16, don’t have much money, and cant get qualified for a loan. However, I still have lots to learn about RE, and I was wondering if any of you had anything you wish you discovered at 16, whether it be a certain book, real estate strategy, investor group, or just good advice? Thanks!