All Forum Posts by: Nick Shri

FHA loan, House hack and BRRRR a small MF, 2-4 unit. Buy a property that is decent enough for you to live in one-half or one room, rent out other areas, use that to generate income. Rehab the other areas/units, charge higher rents, force appreciation, refinance all within 12-18 months of purchase and you will be on roll to repeat for your next purchase!

Goodluck!!

0 Votes

Houston, Texas

Quote from @Kay M.:

Hi!

Has anyone begun their RE investment journey with a HELOC? How did this look for you when you first started? how far into RE investing are you now?
thanks!

I used my HELOC to put down-payment towards my investment property. I ended up buying a TK so was not able to take advantage of forcing the appreciation. I am now in the market for 2nd property and hoping to BRRRR a bit in order to force some appreciation and pull some money back out. What you do with your HELOC is very important!

1 Vote

Quote from @Jonathan Chang:

Hello everyone! Do you have any recommendations for resources that provide very detailed, practical, how-to guides? There are many resources out there that are just fluff, motivational speeches, and just feel-good rhetoric. Sure, the most important aspect of real estate is to do it, but I need more substantial guidance. My goal is to invest in multiple properties and rent them out to make passive income. I appreciate BP and there are great resources on here already, but I also like to hear from others and gain their insight. Thank you for your time!

P.S. I would consider myself somewhat new to the game. I have one property in Texas and just bought some land in Missouri to build a house on.

How much time have you spent on the forums here? I find 95% of the material informative in BP forums. And as you mentioned in your post - to do it, take action. What exactly are you looking for? You mentioned you want to invest in multiple properties and rent them. Here is a list of my questions - what type of properties, where, how big, long term/short term, self manage or remote?

Since you consider yourself new to the game, here is my advice -
-understand how investment works
-understand investment strategies - cash, leverage, syndication, partnerships and so on
-understand property type - turnkey, off-market, on-market and so on
-identify how much you wish to / can (realistic) invest?
-identify the location
-identify the type of properties (narrow down your scope)
-understand borrowing
-understand relationships with agents, wholesalers
this list can be generic and very long, but as you keep narrowing down your choices, the fluff will self evaporate

Watch some videos here on BP about how to buy your first rental property, listen to podcasts, interact with other investors...good luck to you on your journey!

3 Votes

Germantown, Maryland

I couldn't find much about lead safe compliance program in Cleveland on the forums. Existing investment property owners - have you all gone through identifying and certifying with the city regarding lead in your properties? if you haven't, do you plan to? what is the status of City taking actions against owners or property managers? Any insights would be great..

2 Votes

Cleveland, Ohio

Quote from @Saurabh Patel:

Hi everyone, wanted to reach out as a new investor looking for advice on what markets (cities) anyone investing in here. I am interested in investing in multi-unit properties like 2-8 units. The main questions I have are:

1. How do I find what areas are good for multi-unit property investment? Is there any website to provide some kind of data? Does anyone have recommendations on the list of areas?
2. Are there government-friendly areas where we can leverage some investment benefits?
3. What are the excellent cities/towns in the USA for RE investment?

Look up top 10 cities in Redfin, Zillow, CNBC etc.

Look up landlord friendly states, TN, TX, OH, etc.

Set a goal, do you want appreciation? Do you want CF?

What is your budget? (Adjust your goal if need be)

How will you manage? How active/passive do you want to be?

Understand difference between 2-4 and 5+ MFs

DM me if you want to talk more about getting started, I can give you some ideas.

Goodluck..

1 Vote

Quote from @Samuel Hailai:

Hi all, I am new to rental business, have been listening BiggerPockets podcasts and read "Rental Property Investing" book, I am trying to start rental business, and I am looking property in multiple cities so far I tried on DC area, Dallas TX and Charlotte NC , I couldn't find property greater than 1% CC ROI, but they say it should be > 10%. I wonder where do they find property that give you >10%, from what I see mortgage payment is almost same us the rental price in most of areas if not less. I used bigger-pockets Rental Property Calculator to calculate the values, am I missing something.

The 3 locations in your post are some of the hottest in the country. High entry point, DC area doesn't CF positive if you put 20% down, neither does Dallas. Look at mid-western markets for positive CF.

1 Vote

First, Run from this so called mentor. Second, have you not spent time on bp forums to learn about acquiring cash flowing properties? Spend some time in the forums, chat with investors, agents, lenders and you will be able to put the pieces together.

Goodluck with your investment journey.

0 Votes

Quote from @Rick Albert:

@Paul Riley so you are saying be a hard money lender until you make enough to use the cash to buy long term investments?

HML can also pave a way for you to venture into some deals, you will learn innovative ways to acquire properties from borrowers. You risk money but you learn a ton and of course you get your money back or you get the property and the learnings, as long a you are in first position your risk will be low.

0 Votes

Quote from @Chris Seveney:

I agree 100% with what Taylor said - you will not have as stupid pricing as in some SFR because of uneducated buyers.

Also, in commercial non residential you are dealing with other entities and typically have longer lease periods, if you have a major tenant like a walgreens, CVS or law firm, it reduces risk significantly

Not uneducated buyers, they are driven by different emotion than investors. There are very few Primary buyers that purchase with an investor mindset.

Regarding your comment on major tenant - it could go other way as well, I have seen a beautiful corner property in Fairfax that has stayed empty more than occupied, first Walgreens then Rite Aid and now empty, for a very long time. If you a multi-purpose commercial property then I agree with you Chris - one major customer attractor mixed with small businesses as tenants!

Where in NOVA you located and what type of investments are you involved in?

0 Votes

Mt. Pleasant, South Carolina

Quote from @Jake Gaudet:

Looking to get some advice from the BP community. I'm currently looking to find a DP in the Cleveland area that I will live in / house hack for the next two years (possibly longer) . I recently signed a 2 year contract to play professional hockey in the area but as a Canadian I think it gives me some drawbacks and I'm curious if anyone out there has any prior experience.

I have a SSN, as well as a fresh credit score (6mo of credit history and will be 9mo by end of September). I'll make roughly $70k each of the next two seasons and I have just under $10k saved up.

I've done some (although I still feel very limited with my knowledge) research about FHA loans and ideally would be able to use some of the grants that seem to be available for down payment assistance. Has anyone been in a similar situation before? Curious if there is anything I need to be aware of since I am in the US on a visa. I lived and played in the US last year (filed my taxes in Cleveland). However my P1 visa expires at the end of August and I receive a new one for the following season, will this affect my ability to get pre-approved etc?

Would appreciate any advice and happy to chat, thanks in advance.

Jake, you may be able to find something in less desirable parts of CLE with 10K down-payment. Most suburbs have nice SFHs, MFHs starting around $100K. If you are OK to house-hack you may want to consider a fixer-upper MFH that you can buy under $100k, fix it up and then force appreciation and also increased rents. My $0.02

Goodluck and keep us posted on your journey..

0 Votes

Cleveland, Ohio

All Forum Posts by: Nick Shri

Nick Shri has started 31 posts and replied 215 times.

Post: Real estate investment

Post: Using HELOC to start RE Investing

Post: Real estate resources that isn't fluff

Post: Lead Safe compliance

Post: What are the great areas for a multi unit property investment?

Post: Couldn't find property with CC ROI over 1%

Post: Real Estate Mentor has me suspicious

Post: Have $200K HELOC: What would you do?

Post: Benefits of Commercial Real Estate? Need input

Post: Househacking in Cleveland - Canadian on a P1 Visa?