All Forum Posts by: Patrick I.

@Patrick Staker Which option are you the most comfortable with? That is, in my opinion the route you should take

@Seth Clines You should start with the option that you feel the more confortable with.

May not be the answer you expected, but unless you are confident and have plenty of basic knowledge on what you are doing, you may get burned bad. Good Luck

@Juan Alvarez Different companies and States have more than 1 way to find out: where is your mail going? what address did you list on your tax return...

@Eric Finn Congratulation and Good Luck

@Account Closed Welcome. These are some answers based on my experience

1. If you are a first-time home buyer and the intention is to use it as Rental Property, would banks be reluctant to lend money? My understanding is that they typically like owner-occupy housing.

This may not matter, as long as you have the funds for the down payment. I bought a rental house and it is being rented while I still live in my apartment building.

2. I've read that typically seller's are responsible for paying RE Agent's commission. Is this something that is typical and everyone is in understanding or ask to ensure this is the case?

This is typical in most US, but check with the real estate agent that is representing you in your state.

3. Title Transfer and other regulatory paperwork - are these typically taken care of by the agent during the transaction, and are there ways to verify the title has been transferred to the correct party?

Before closing on the property, a title agency will do all the leg work to make sure there is no issue when the ownership is transferred to you. You should also have some type of title assurance that protects you in case the title company missed something

4. Rental Contract - are these usually reviewed by RE lawyers or download a copy from BP/other trusted websites?

Rental laws are specific to each state so downloaded a copy and using it outright may not be advisable. Learns about your state and city laws regarding renting and you can find a basic form online that you can modify and have a lawyer review.

5. Do I supply the offer letter or is this something agents prepare? If I want to add inspection clause etc., do I communicate with them?

Your agent will do this for you. If you have not talked to an agent yet I would suggest you do so. How? Just go to an open house nearby and start chatting with the realtor and ask all the questions you have.

6. At which point should I have the house inspected? Before the offer or after? (I understand that the answer is depends on the situation such as popularity of the house, etc).

I don't think (in my experience) that you can inspect a house before making an offer (unless it is an auction). Offer first in most cases, then inspection

Good Luck

@Ervin Jerome Moss Jr. Hello and Welcome to BP. There is a lot that can be said so I am going to try to remain short.

Knowledge: The first thing to do is learn as much as you can to be comfortable to pull the trigger when the time comes. You can use google to search different topics related to real estate investing and learn something every single day. Look for Brandon Turner's books (2 books) on finding and managing rental properties. Read articles about tax implications of investing in real estate. Go to open houses in your area to see what is available in the market and what to look for. You may come across a realtor that you connect with. Read and keep on reading.

Congratulation on your upcoming wedding. One word of advice: take the time to discuss with your partner about the reasons why you want to investing in real estate in the future. You and your partner need to understand what is going to take (money, effort, financial sacrifices, stress) and need to agree to support each other on that journey together when time comes. It may be too early, but if you are planning to spend the rest of life together, the planning starts now.

In terms of finances: Get the job first. Then I strongly advise to pay off most of your debt if at all possible or have them under good control. If you have student debt and/or medical bills, you may not be able to take them down entirely before you start. But try to take down as much as you can so that your level of monthly debt payment is predictable and does not consume all your income.

Good Luck

@Michael Wyatt

Hello and welcome to BP. Two words for you: Keep Learning. By this, I mean:

1. Go to open house for properties that are for sale in your area and get to know two things: a. what to look for in houses in general (which systems run in the house and which one can cost more in maintenance than another.... b. get to know realtors. Depending on how you connect with each, share your goal and see how each responds. Out of those that you will meet there is a chance that you will click with one of them.

2. Meet with more than 1 mortgage broker if you have not done so. The goal here is to understand from their side of the story all the dots and the T's that you need to cross when it is time to purchase your first property. You will also learn about the different types and loan programs available to you

3. Understand tax and management implications of real estate investing. This is by far my favorite part. For this I recommend reading a lot of articles or books. Look for Brandon Turner's 2 books on finding and managing property. In terms of tax book, you can get the Nolo's Every Landlord Tax Deduction book

4. keep Learning every single topic related to your goal: I spent almost a year reading articles every day to help me understand more about investing in real estate so that my fear can be dissipated when it is time to act.

I do not recommend major rehabbing for beginners.

Good Luck

@Robert George In addition to @Tiago Alencar comments, go to open houses, meet with lenders to learn about qualification for mortgages and the different types of mortgages... Good Luck

@Jermaine Bibb Hello and welcome to BP. I will focus on what you can do while you save the money for your first property. It can be summarized in two words: Keep Learning. By this, I mean:

1. Go to open house for properties that are for sale in your area and get to know two things: a. what to look for in houses in general (which systems run in the house and which one can cost more in maintenance than another.... b. get to know realtors. Depending on how you connect with each, share your goal and see how each responds. Out of those that you will meet there is a chance that you will click with one of them.

2. Meet with more than 1 mortgage broker if you have not done so. The goal here is to understand from their side of the story all the dots and the T's that you need to cross when it is time to purchase your first property. You will also learn about the different types and loan programs available to you

3. Understand tax and management implications of real estate investing. This is by far my favorite part. For this I recommend reading a lot of articles or books. Look for Brandon Turner's 2 books on finding and managing property. In terms of tax book, you can get the Nolo's Every Landlord Tax Deduction book

4. keep Learning every single topic related to your goal: I spent almost a year reading articles every day to help me understand more about investing in real estate so that my fear can be dissipated when it is time to act.

Good Luck

I just started and can't wait to be where you are at right now. Great success story @Skylar Dejesus. Keep it up!!