All Forum Posts by: Shawn Parsh

Joshua,

  I do not have any experience with assisted living facilities, however, I had a BN CDR a while back that was making a ton on them. He had several large homes that he rented rooms out to elderly tenants who needed assistance. He would then hire nurses to work at each of the homes. Some of his places had 4 or 5 bedrooms and he was collecting a few thousand a month per room. 

As far as military I'm currently in my 38th year in the Army Reserve. I have about 8 years active duty from deployments. I've done a wide range of real estate investing over the last 25 years, but currently I'm at the tail end of a fix and flip. I'm supposed to close on the next house next week and it will likely be a fix and flip as well. Hamp Lee III congrats on your fast approaching retirement. I won't be far behind you. My current plan is to retire in 2028, but I could leave sooner. 

 Chris I appreciate your input and assessment.

Jeremy you make some great observations. There are a lot of people that are living well above their means. Our government does the same thing.

Well said John.

Nathan,

Congratulations, as Alecia said the first one is typically the hardest. I have spent the majority of my investing career buying distressed properties, rehabbing them, and then renting them out for positive cash flow. I would suggest that you focus on building your team. The more properties you do the easier it will likely be to get contractors to show up faster. Let people know what you do so they can help you find the next deal. 

Taylor,

You are on the right track by asking questions now and starting to learn as much as you can. Vitaliy, gave you solid advice and did a good job of explaining some of the key issues. I would encourage you to learn the market you plan to invest in now and to continue to learn about the different methods of investing. I would also recommend that you do not narrow your investment options. I have been investing in real estate for well over twenty years and can tell you there are a lot of ways to make money in real estate. 

Your best route might be to buy a 2 to 4 unit property that you can live in and rent out the additional apartments. You could also buy a single family property that you can either fix and flip or house hack. Vitaliy provided some great points about the pros and cons of single family verse multi-unit investing. What I will add is that you may have a harder time finding private money partners willing to fund your investment deals when you are 18 and have no experience. 

Private investors want to invest in deals they believe will be profitable. Part of that reassurance comes from bringing some experience to the table and a proven track record of investing successfully. Ask yourself would you invest your money with an 18 year old new investor with no experience buying, or managing investment real estate? 

My advice would be to follow up with Vitaliy and pick his brain as much as he will allow. I would also focus on smaller deals, single family to 4 unit starting out, so you can establish some experience. I would keep detailed records of my deals to include photos that I could use later when I am approaching a potential funding partner. I'm not trying to discourage you from investing, I think it is a great idea. I just want you to go into your investing as prepared as possible. 

Adrian,

  You are off to a good start by asking those who have gone before you. I would consume as much information about real estate investing as I could through books, podcast, and others like here on BP. There are many ways to invest in real estate so you will have to find what you enjoy. 

One route may be for you to find a lease option property that needs cosmetic repairs. In your situation maybe you could find one close to WashU that you could live in and rent the extra rooms out to other college students. Work on the property with your cash flow and money from your part time job to increase the value. Then when you have built some equity in the property and established enough credit buy it for the agreed upon price. 

I would also look into real estate investing clubs in your area and start attending their meetings. Most real estate investors are more than willing to help new investors. You can learn a lot about investing in real estate without paying for classes or professional mentor programs. Let me know if I can be of any help. 

Thanks for your input V.G Jason.

 Great point Linda. You made a decision and acted when others did not and now you are "lucky" to have what you have. Congratulations. 

Javier,

  Congratulations on working toward your first investment property. In my mind the more challenges you face while trying to invest the better off you will be in the long run. Challenges like interest rates and cash shortages require you to be more creative. The better you get at solving both your challenges and others the more deals you will be able to do in the future and the more money you will make. 

I'm not a fan of taking a loan against a personal residence to invest in property, but if done right it can get you started. How much equity do you have in your own house...you don't need to answer, but could you sell your home and buy another property that is cosmetically distressed that you could fix up while you lived there? Could you rent your current home out and buy another property? 

I personally like the fix and flip option if you need the cash. I'm at the tail end of one now and close on the next one at the end of the month. Just make sure you buy the property right, which is why I  like distressed properties, and have a good CPA that can advise you along the way.