All Forum Posts by: Rizwan Alam

Thank you @Margo Roberts and @Roy N.

@Anthony Gayden

I like the way you think man I really do. You know I respect everyone's opinion and advice, this is why I ask questions. But everyone always likes to tell others about the hard way, or the risks involved, and I know I'm the young one and others are wise. But fortunately you always have to make your own decision, this is why I make the most in my family and I'm only 22. But I'm not saying this as bragging, I'm just saying I wish sometimes people would provide a more encouraging guide with real possible answers.

Thing is I worked hard to save up what I have. As always I look to make a safe investment, so I was looking to make small cash properties, because I never knew there were loans available even for Multi family. Well I knew there were loans available but didn't know it was as easy as some of the other BiggerPockets threads tell it to be. Based on that I asked for a. List of the names of the loans possible for my situation and for Multi family so I could do my research.

Anyway I'll see what I've got to do. Both options are good for now. Thanks!

@Albert Bui

Does 70K Down and 6K monthly income sweaten the deal on a property that is 600K?

If not then I think first I need to purchase smaller rental properties to hain experience and build a portfolio.

@Robert Leonard are you suggesting that I'm reaching? And it's the wrong road for my situation?

And thanks for the recommendations I'll definitely check them out.

When I was 18 (Now 22) I found the site Loopnet, and living in California I was shocked at the kind of deals that are available around the country. I never before imagined that something like this would even be possible but really liked what I saw and I told myself I got to add this as high as I can to my dream list.

Today I still don't have a lot of cash but I've got access to 50K which soon could be 70. Primarily I was now looking at purchasing small cheap wholesale rental properties and hold them, because I thought a big loan would be impossible until I found BIGGERPOCKETS.

Now I want to know what kind of financing options are there for Multi-Family given my situation and the down I have. It's cause I'm confused some people say it's the same as getting an expensive house and some say it's more business oriented so you have limited options. Cause I know one thing I can walk into the bank tomorrow and get a 500K house here in Cali. But is it that easy to get the same 500K for a Multi family.

Please give me options.

Thank you BP!

-Rizzy

@Jeff Riber yes I believe it's in 32208 zip.

As far as other advice, thanks guys but still I've got some questions.

Due diligence of a property from across the country can be done in following ways:

Inspection: Okay

Title Insurance: This is before or after?

Verify Tenant: How?

Trust or not to trust the real estate agency selling it to me.

Also guys I appreciate the help on this one property but I'm asking these questions to get an overall general understanding. And for those of you who don't know Jax well there are a lot of nice well conditioned rehab under 5K and ARV higher then their listed price of 15-25K. This includes the sample property we are discussing.

Thanks so far guys!

@Maxwell Lee the reason I was thinking of visiting and buying, cause that's the only way I thought real estate deals were possible. I mean I know it can be done online as well, but I was just thinking how can I trust the pictures are new, and how can I trust tenant is real, all the other small things of buying from online. But coming here to BiggerPockets and seeing how many of you do dealings online is giving me confidence.

As far as this ugly property, yeah your right it might not be the best investment after all, but that $450 per month intrigues me.

Thank you!

-Rizzy

My name is Rizzy and I recently found BiggerPockets and have quickly fallen in love with it. I have always invested all my life but never in real estate. I want to buy wholesale properties, hold and rent them out.

I live in California but the primary state I want to invest for wholesale properties is Jacksonville, FL. This year has been good to me and I don't want to waste the earned money and want to purchase multiple rental properties in range if 15-25K

I was about to purchase a duplex at a very good price of just 20K in Jax, but me being a first time buyer I wanted to actually physically go there and buy it. In that process someone else purchased it :(

I'm looking at a very small property that is on sale for only 12.5K . This is not a really good property, it's ugly in fact but they claim that it has a tenant for 10 years paying $450 a month. Should I blindly go ahead and invest in it, this time without even visiting there?

Thank you so much for taking the time to read and considering responding.

-Rizzy