All Forum Posts by: Sheldon Alex

Hi Jack,

That's good that you're getting a feel on how to crunch numbers for properties. The MLS, due to high competition and normally high asking prices, wouldn't be the best option to find deals.

There's multiple ways you can source these deals. Besides finding a good investor friendly real estate agent, if you're strapped for cash, then door knocking is a cost effective way to land some off-market opportunities. But if you have a little money to invest, then skip-tracing and contacting property owners is another method. 

And aside from being creative when investing, whether it's through house hacking or converting a property into a group-home, also check the zoning of these properties. This can give you the opportunity to possibly add more units within an existing property or even build additional units in the future. 

Hope this helps. Reach out if you need any help! 

Sheldon Alex

Sarah,

It's great that you have made the decision to get into real estate investing. It's scary but can be very exciting, given that you're working towards taking control of your financial future. 

The Bay Area can be a challenging area to find deals. But having the right mindset, the right team, and the willingness to be consistent in finding the right opportunities, then it can be done. So if, for instance, you wanted to pursue the Oakland market, then target specific neighborhoods and utilize an investor friendly real estate agent to find you deals. 

You can also find your own opportunities by driving for dollars and cold calling property owners of the houses you find. 

Great thing about this business is even if you don't have the money to invest in deals yourself, there's other investors and lenders out there with money who need a place to put their capital for a sizable return. My partners and I are connected with several lenders who want to deploy funds into deals. 

I'm more than happy to chat with you more if you need any help. DM me and let's connect! 

Sheldon Alex

That's great you're starting out in real estate early! To answer your questions:

- Save up any money you can, but start learning how to use other people's money to buy real estate. Not only that, partner with experienced investors who can partner with you on these deals
- Usually it's a personal preference on which market to choose. It's best to start in your own backyard, but if your immediate area has less than 400,000 residents, then consider going to a virtual market
- Connect with as many agents, contractors, property managers, attorneys, and title companies as you can. Start now as you work on finding real estate opportunities
- When would you like to start purchasing your own real estate? 
- Mortgage/rent ratio is pretty subjective. Me for instance, I would like rental properties to cash flow around $300 a month after all expenses. Everyone is different though
- I heard Louisville KY is a great place to buy rental properties, especially for people starting out. But make sure to do more research, connect with local agents that know the market, connect with investors who own rental properties in that market, and then decide if that's going to be your main stomping ground. 

Hope this helps! 

Welcome to Bigger Pockets! You definitely came to the right place to connect with like-minded individuals who are well versed in the space. We're happy to see your real estate journey unfold! Let me know how I can be of help!