All Forum Posts by: Pablo Garcia

you can also look into the NACA purchase program you can get a home with No down payment, no closing cost, and no fees

They will make you jump through hoops for this but the end result is well worth it 

@Pablo Garcia  - Welcome to BP. Congrats on your engagement. As a long time resident of New York, owning real estate can be very daunting in today's marketplace.

You are in the embryonic stage of your RE investment career, young and have the time, so saving is healthy and rewarding as well. You have demonstrated your ability to save, coupled with the fact that your credit is excellent....You are on your way to achieving your RE investment goal.

But, you might want to look outside of NY as well, so that you are not turned off completely from getting involved with RE investment because of the NY high priced market.

Frankly, I myself have invested out of state because of this very reason. However, this doesn't mean you have to leave the best place on earth, New York, to realize your dream.

Good luck and best wishes!

@Pablo Garcia

Congrats on the start!  That's a BIG step.  When I'm asked the question, "what was your greatest obstacle to success in investment real estate", I often give them the same answer time after time.

It's what I call... THE START. 

Think about it.  Finding your first opportunity, analyzing your first deal, finding your first source of funds (financing) and of course closing on your first property.  You should be proud of yourself. Now it's time to take action...and start the process toward your real estate success.

My career began in 2002, along with my twin brother @Chris Edwards, and it has taken a blend of relentless effort, reading, studying, asking questions, seeking mentors, late nights...and plenty of good old fashioned hard work and much much more -- that's been the key. I encourage you to dig into and take advantage of the many resources here on BP.  

One more point regarding your question about "saving (and needing) cash" to begin your real estate career.  Those early years I mentioned, they consisted of time spent seeking conventional financing as well as any landlord who may consider 'seller financing' to two brothers still wet behind the ears. We were fortunate to find both. As a new investor, I encourage you to make a small investment in your career and grab a resource I wish existed when I began my real estate journey. The latest book by @Brandon Turner, 

The Book on Investing in Real Estate with No (and Low) Money Down, is an excellent guide on the subject of "Owner Financing" related topics.  I picked up a copy earlier this year and read it cover to cover.

Hope this helps. Don't hesitate to reach out with questions.

All the best-

KE

Thank you, I downloaded brandons book awhile ago just haven't read it yet

@Pablo Garcia

Great specificity on the timing of your goal. Excellent job on your credit score and your starting to save as well.

Don't shortchange your 401k at work too quickly. Although it may not be part of your short-term goals, I talk to people all day long who have significant previous employer 401k balances who are very happy to be able to self-direct these funds into real estate and other alternative assets. Welcome to BP!

Welcome to BP Pablo

What market are you in?

I see you mentioned you work 9 to 5 do you have a 401(k) or 403B that you can pull some cash from. That's how I got started I am also a new investor.

If you do I would invest in a multi family home. It's easier to get money for a multi family home.

How's your credit?

Call a mortgage broker to see what you need to get your first multi family

The multi family home will help you live free and get some cash flow so that it can save more money