All Forum Posts by: Shannon Garces

Thanks, Christian!

Hello Westchester County, NY investors-

I am looking for a mentor who is interested in exchanging expertise...

Who I am:

-Full time College Counselor for high school students- looking to get into real estate investing to (one day soon) be financially free

-Wife of a medical student- we will be relocating based on his residency match next year.  Before I leave the area, I am looking to learn some basics (other than what I am learning on the podcast and from books) so that I can have a little real-life experience prior to purchasing our first property.

-mother of two small children- my schedule is not the most flexible (being full-time working mother of two with husband in medical school) but I have carved out some time over this summer that would lend itself to my real estate endeavors

Who you are:

-experienced real estate investor (rentals, flips, etc.)

-have done at least 7-10 deals

-currently working on at least 2 projects 

-possibly interested in utilizing my college counseling expertise for your high school age daughter or son in exchange for your REI expertise

-someone who is genuinely interested in helping a newbie learn the ropes

-a good person

Looking forward to hearing from you! Thanks in advance!

Shannon

Originally posted by @Romeo Abenoja:

Hi @Shannon Garces. As you can see by recent posts here, there are many investors in the area always looking for deals (myself included).  So in your situation, I say become the wholesaler. It will teach you how to get good at finding deals, help build your capital, and expand your network. Through the wholesaling process, you'll learn how to write contracts, estimate repairs, and analyze deals.  This form of real estate really doesn't take much up front cash and is really about marketing/doing the leg work to get deals.  There are many different approaches for getting leads but start with your friends and family.  It's as simple as asking them if they know anybody who is thinking of selling their homes or investment property.  FYI, while most wholesalers are indeed looking for cash buyers, remember in real estate everything is negotiable.

Other than that, you can also start looking into fha 203k type of investments. This type of loan only requires a small down payment and lets you take advantage of discounted properties that need some work. Garfield, Lodi, Saddle Brook, and Hackensack are areas that have abundant multi-families properties that are in lower price ranges. There is one on the market right now in Hackensack listed for $185,000. With 3.5% down (~$6,500), the mortgage should be right about $1500/mo before PMI. I don't know what your criteria is for holding a property but this one may fit your house hacking plan.

Also you can always look for a mentor. They can fast track your learning curve and it really helps to have someone to call when you are unsure about something.  Although some mentors may charge a fee, for the right person/situation it is definitely not a bad idea.

Hope some of this helps! Best of luck on your new venture! Please feel free to reach out if you have any more questions.

 Hi Romeo:  I am so sorry that I just saw this message.  Thank you for providing some useful suggestions and insight.  I have definitely been thinking about reaching out for a mentor.  Though I think I have to wait until the summer when I am off from work and have more free time available.

Also, I have thought about wholesaling but am honestly scared about that process.  I think I would want to watch someone do it first.

Anyway, thanks a lot for your time.

Shannon

Originally posted by @Nick Lee:

Just keep going. Have you thought of investing out of your area if it's to expensive ?

 Hi Nick:  thanks a lot for responding. I have looked out of area. Trying to understand what I am capable of being that I am a newbie. Thinking of pursuing a position as a property manager to get my foot in the door. Just afraid I would miss my students too much. 

I really appreciate your response. 

Shannon

Hi BP friends: I am writing because I am so curious how I can get started in investing in my current position. I'll tell you a little about myself... I'm a public school guidance counselor and my husband is in med school. We have two kids and a good amount of cc debt in his name ( as a result of low paying jobs while we were getting our Masters degrees). I have $3,000-$5,000 to get started and excellent credit and minimal cc debt in my name. I've been on BP for about a month now, I listen to the podcasts for about 3 hours a day (my commute is far) as well as audio books on investing. I'm itching to get started and trying to believe that I don't need to be rich to make money, but I'm having a super hard time figuring out my entrance strategy. I also live in NJ very close to the city and know that my first property has got to be close and realistic. I'm thinking that the thing that makes the most sense is a multi family house hacking situation, but the only multis that I can afford need tons of work that I have no money for. Have tried to get a 203k but not having tons of luck. My biggest fear is getting the place and then not having any money for an unforeseen problem. I should mention, I am not at all looking to get rich fast. My husband and I would like to really pursue this as a lifestyle but the only thing I feel like I can do right now is educate myself without putting anything into action. I have looked at houses just to get experience with hopes that something about my financial situation will change for the better, but I am starting to feel like I am wasting my real estate agent's time. Any words of wisdom? It's greatly appreciated!!! Shannon

Originally posted by @Romeo Abenoja:

If anyone still needs help, I'm in Bergen County and am willing to answer any questions.

Hi Romeo: Bergen county here as well. Looking for my best option in getting started. I have a very small amount of cash and excellent credit and just about a month of Real Estate knowledge as I have been listening to BP podcasts and investing books for hours a day. I have a small salary as a public school guidance counselor but I'm looking to use the little cash I have to turn it into more cash. Any ideas of how to get started in the Bergen/Essex or neighboring markets/counties? I am looking to start through house hacking since I am so low on cash but I have yet to find a MFR with cash flow potential. I know wholesalers typically look for cash buyers so I'm not sure about that right now. Any suggestions/guidance you are willing to offer?

Thank you everyone! I really appreciate the encouragement!

Originally posted by @Kevin Hill:

Originally posted by @Shannon Garces:

Hi Paige:

Welcome! I'm new too! I still have to fix up my profile! I'm planning to buy and hold as well as flip in North Jersey. What part of Jersey are you in? We should connect. I'm trying to acquire property and would love to work with a wholesaler. Though I need to finance with 203k loan. I would pay finding fee if it cannot happen the traditional wholesaling way.

Happy Labor Day!!

 Hi Shannon, just keep in mind with a 203k loan, you have to occupy the property. Might work with a small multi-family with you living in one of the units.

 Hi Kevin!  Thanks a lot!  Yes I plan on occupying while renovating. Possibly holding for cash flow instead of flipping. Will decide after renovations. 

Maybe you can answer this question: I'm finding that properties that are listed are under contract the next day. Do people put in offers on these properties prior to seeing them? How do they estimate Reno costs and ARV so quickly?

Hi Paige: Welcome! I'm new too! I still have to fix up my profile! I'm planning to buy and hold as well as flip in North Jersey. What part of Jersey are you in? We should connect. I'm trying to acquire property and would love to work with a wholesaler. Though I need to finance with 203k loan. I would pay finding fee if it cannot happen the traditional wholesaling way. Happy Labor Day!!

Hi BPers: I am a first time buyer looking to acquire my first property (multi-family) with a 203k to flip. I need your help with two things: 1. I have noticed that all of the newly listed "flip able" properties go under contract within a day of being listed. How are people bidding on these so fast? How do I speed up the process? Do these people even see the properties before putting in an offer? 2. How do I know the ARV and renovation costs on a place so quickly? I thought I needed a contractor to walk me through in order to get those numbers. Please help! I'm so ready to buy my first place! Thank you BP community!