All Forum Posts by: James Z.

Many thanks Jesse, this gives me confidence I won't run into too much of a wall once I start to actually attempt to buy something. I really appreciate you running those numbers.

I think my options may be somewhat limited given how high prices are in DC; but my assets are fairly liquid, and it sounds like if I have trouble I can just pour them in a bank account and that will open up my options a bit more.

Hi all - I'm just getting started in real estate investing. I have not yet attempted to buy my first property. I understand mortgage basics, but the most real-world experience I have with loaned resources is my car loan. I suppose I would like to give some basics of my situation, and see if any of you seasoned veterans are willing to give me a general sense of what I might be able to do with it.

I'll be investing in Washington, DC. Properties here are expensive...most 1-bedroom units that I have looked at (that aren't entirely dilapidated) are running between $200-300k. I have about $200k or so in assets that I intend on pouring into real estate investing. However, my primary concern is that my income from my day job is very meager....around $40k/year. I have decent credit, but it's only from paying off credit cards (no debt) and my car loan on time - and I'm not sure if the source of my credit is considered more than the score itself.

If I go to my community bank with a well-drawn out business plan and proof of my considerable assets, will I be able to get a mortgage on a property in the range described above, 200-300k, if I am able to put down the 20%? Or is the tiny number on my bi-weekly paycheck going to kill my chances?

Also, I should say that I'm not set on 1-bedroom condos, they are just what I'm most familiar with. If you have examples of other things that could be done with that money, I'm all (wet) ears.

Thanks all. It sounds like finding a local real estate group would be the next logical step.

And thanks @J. Martin for the primer on some of the site functions.

Looking forward to delving a bit deeper into the site - thus far I have really only checked out the forums and beginners guide.

Hi all, my name is James. My start in real estate investing is complicated, but I will try to keep it succinct.

I'm a young professional, and I've done very well in my field. Unfortunately, I've also come to the realization that I detest the career path I chose and that it will not be able provide me with the financial comfort or stability to live my life or provide for my family how I would like to.

This lead me to partner up with my father, a construction executive with some innate knowledge about real estate, on a real estate investing venture. I was in more of an assistant role: checking out properties, filtering out the ones that didn't match our plan, and advising him on the city proper, since his experience was more in the suburbs. It went well, he bought two properties, one of which I invested most of my money in.

We began to see great returns on them. I decided to shift my direction in life toward this - to really study it - and he offered to teach me everything he knew and eventually make me an equal partner, in hopes I could make a life more worth living and escape this horrible career of mine within the next few years. Less than a week after this conversation, my father died unexpectedly at a young age, completely healthy.

That was about four months ago. Aside from the personal grief of losing my father and best friend, I have also lost most of my money in this venture that was ruined by circumstance.

I refuse to let the idea die with him though. If I quit at this he'd be pissed that he couldn't buy me a beer and abscond me for my lack of tenacity.

So now I need to figure out how to gain the knowledge he had.

Chasing this, I have joined bigger pockets, read the beginner's guide, bought several books, and in the process of reading them have nearly filled a notebook with notes. I need more than theoretical knowledge though. So I am looking for some sort of mentor/guide. I am willing to do anything that I can do to be of use. Whether it's checking out properties, researching things, doing odd-jobs related to the business...anything that I can do to make myself half as useful to the benevolent knowledge-giver as they would be to me. If you have any interest in an arrangement, please contact me here and we can talk further.

So much for being succinct.

Other than looking for a mentor and some general guidance regarding finances, I am also interested in any resources that are DC specific, including people.

My ultimate goal is to make solid investments as soon as I am able, starting as small as I have to. I plan on starting with single family homes or duplex/trip/quad, buying and holding until the market is perfect for selling.

Thanks guys, apologies again for the length. You're a trooper if you made it through all that.