All Forum Posts by: Sean Blanchard

Welcome Lily! You're definitely in the right place to learn about real estate and networking with people that can help you at any stage. All the best!

Sean

Thank you all so much for your responses! Those are good points about HML, I didn't even realize they want to be paid back in that sort of time frame. My strategy is but and hold, so maybe HML isn't quite what I'm looking for. Triston Murray those are some good ideas about loc for the down payment then mortgage the rest. I actually am paying a mortgage on the house I live in. I've only been there a little over 2 years, so I don't know how much credit I would have access to, but def worth looking into and worth checking with family. Also, if an entity can only have 10 traditional mortgages, and HML wants to be paid quickly, how do people finance properties after they hit that limit?

Hey BP,

I was wondering if anyone could tell me if this idea is realistic, or just hopes and dreams. To finance my first property, would it be possible to get a loan for the down payment, and finance the rest through either a mortgage or private lender? I was specifically thinking of either a signature loan or a loan through something like LendingClub.com, which is a peer to peer lending site. That would cover most, if not all of the down payment. Then, finance the rest of the deal through something like a hard money lender. Is that possible? Has anyone tried that strategy before?

This would be for my first deal, and I am in the New Orleans, LA area.

Any and all advice and insight on this is greatly appreciated!

Sean

Hey @Jerod Vinnett, always nice to see people from my area on here! What are you ideas on getting started and where do you want to invest?

Hey BP, I live in the New Orleans area, and I am trying to put the pieces together on a plan for my first deal. I have been reading and researching, and I can appreciate all the different investing strategies, and why they are beneficial. My question is, what are people having success with in the New Orleans area? It seems like a lot of areas are being rehabbed and flipped. I would ideally like to start in single family, or even duplexes for buy and hold cash flow. However, I do realize the price on these types of properties in good areas are going to be pricey. So, should I even try to look at single family in the area, or try in a neighboring area that may have less expensive properties of this kind? Is anyone having buy and hold success? And if so, how are the renters? I guess that's enough questions for one post haha. Any and all responses will be greatly appreciated!

It seems like a real estate investing course that teaches you a formula of some kind might be helpful. Some criticism I have heard about investing classes is that you could get most, if not all of the info for free elsewhere, with some perseverance. However, if you don't know what you are really looking for, how will you know when you find it, right? There is a lot of great info available on this site, and also very helpful people. The BP podcast is also probably the most informative real estate podcast out there. I know I have personally picked up a lot of good info from BP. Also, there is a podcast called Lifestyles Unlimited that has a lot of good info, and they also offer a course that walks you through from starting out, to moving into apartment complexes. I have not personally taken the course, but I think courses like it would be the step by step guide that you may be looking for. Also, you get a mentor with them. Like I said though, the info is probably all available for free on biggerpockets.com, and instead of a mentor, ask the community. Its all on what you want, but there are classes out there if you are tired of the guessing game. Hope this helped!

Welcome! I have gathered from the forums that Indiana has some good turnkey properties available, if that was an option you had in mind.

I would maybe suggest looking into a mortgage, and before agreeing to it, try a peer to peer lending entity to see if you could borrow what is needed as a down payment. Lendingclub.com comes to mind.

Hello, my name is Sean Blanchard and I currently live in Chalmette, Louisiana. I have lived in the New Orleans area all of my life, and proud to call it home!  I am brand new to real estate investing and I am trying to learn all that I can. Single family homes or apartments are basically what I am looking to invest in right now. I am a tankerman with a tow boat company, which requires me to be away most of the time, so I intend on relying heavily on property management. I am looking to invest in real estate for cash flow, and eventually be my primary source of income. I have been inspired greatly by Robert Kiyosaki and agree with a lot of his views on investing and money management. I came across BP by browsing through investing podcasts, and I am thrilled that this community exists! It has been a plethora of information and learn so much every time I stop by. I look forward to networking with like minded people.

Sean Blanchard