All Forum Posts by: John Sherron

Hey Biggerpockets family. Quick question!

If I were to wholesale a property but I do not have any buyers set up, what can I do to keep the property for as long as possible till I can locate a buyer?

Here's the specs of the house of interest:
Bed: 3
Bth: 1
Garage: 2
1150sqft
Tenant ready
Sales price: $42k
Appraised: $110k

Thanks in advance y'all!😉🖒

Okay, it sounds like its no way around it but to hold off and start building more capital. 

I think I will wait and focus on my 1st property being a owner-occupy, and live in it myself to build on the equity and possibly use some of that plus my own capital to help get my first rental property. 

That was my original plan and it sounds like the most logical one.

Thanks alot for the advice, it helps tons on my decision making!

William Walker, if any major money situations would take place i do have $6000 in credit available, I also have two close friends that are renovators by trade. I am not going to break my lease, so this is the plan: First off, I'm not in a desperate hurry so, I want to find a great deal in my criteria. If im not able to find that... then plan b is to wait a few months before my lease ends and just find a owner-occupy property and move into it myself and start paying into the equity for a year to either refi or use a equity line of credit to finance my first rental. 

Plus, one big concern I have is the recession we are currently in, what effects it will have on the real estate market. Its clear the bubble is growing on the real estate market yet again.

William, that was a great post man! Lol.

I've got about 75% of that list either accomplished or in progress of being accomplished. 

I will check out those podcast and see what they have to offer. Im sure its some good stuff! 

Thanks alot, and as for the tacos i eat way to many already! 

If i could substitute the amount of tacos I've eating for properties I would be a multi-millionaire real estate investor right now. Ha!

See Jay, thats what i want is a duplex or multiunit dwelling but here in Houston, TX, thats quite a challenge I'm noticing. The only ones I've been able to find are in rougher neighbors or one side is owned by another person. Neither are exactly what i'm looking for. So, I may have to settle for a single family push come to shove.

Great info family and thanks a ton!

Since I've already been preapproved, what if I purchased an owner-occupancy to start out since i will be needed a home in the next 6-8 months. I could build the equity up over the next yr and refi or look into a equity line of credit to help fund my first rental property. 

Does this sound realistic? 

Are their any pros and cons I should consider with going this route?

I agree Cameron! 

The other business is my fiance being a full time realtor. The cost to get her up and running have been somewhat underestimated to say the least. So until she is up and running fully (making money) we are basically down to just my income and all cost are on me. I do not suspect this lasting long as some of the start up cost are tapering off. 

Cameron, what do you suggest is a good startup amount to have available to start out with buy and holds? 

My goal is to purchase my first property by the beginning of spring or summer depending. And purchase my second to move into 4-6 months later. Basically, purchase one property every 6-8 months are so.

I plan to practice real estate full time along side of my full time job. The goal is to be able resign from job within a 5 year period having around 5-8 properties.

I appeciate your comment, Cameron! Thanks!

Thanks for your reply Mindy. 

You know whats crazy is I just got a couple of his older books (Total Money Makeover and Financial Peace Revised) so i will definitely check them out most certainly now.

I've really been working on my credit over the past year and i'm proud to say I've bumped it up over 100 points in a year! My score is now around the mid 600's, and i was recently preapproved for a $100K loan through a mortgage lender. 

We started a business and it has really stretched us thin until we get out of the red. I really feel like waiting a few more months may serve me wise but i admit i am so ready to get started. I've almost read every real estate book known to man (currently reading Millionaire Real Estate Investor), so I feel like i just need to take action now.

I will definitely look into that link you added and thanks again Mindy!

😉🖒

Great advice Aaron! I thank you. 

I will definitely listen to that podcast and see what they have to say. 

To be real Aaron, my expenses will not drop for at least another 3-6 months and I started a few gigs on fiverr selling real estate leads, so hopefully that helps increase my income some. 

Until then I will keep reading and definitely will look into joining a few of our local groups. I have attended some meetings at a few here in the past. So, i may reach out to those groups to join.

Thanks again Aaron, that was some great help family!

Hey yall, I'm trying to go about this investing thing the best way possible in my situation and could use some expert advice from my biggerpockets family.

I'm looking to get into the landlord game again. Its been over 10 years since i have owned rental properties and I'm giving it another go. 

The difference with this time is i actually want to gain longterm success and be able to maintain a livelihood for my family and I  through my investing. Meaning basically, quit my job forever!

Here is where i currently am:

-I live in Houston, Texas, been here now 6 years.

-I'm a local truck driver so i know the city pretty well.

-My fiance is a new realtor with Keller Williams, so thats a huge bonus. 

-My credit score ranges from poor to fair (around the mid to low 600's).

-Im bringing in a decent amount of money with my job but also have alot going out in expenses at the moment.

-I currently live in a apartment which i would like to make my last but my lease doesnt end til Oct. 2017.

-I have already been preapproved for a mortgage as of recently.

-I have very little down payment money available (around $1500 maybe).

-Have about $6000 available in credit cards.

-Currently live paycheck to paycheck.

My question for the more experienced investors is this:

What would be the best way to get started investing in rental properties in my current situation?

Risk is my biggest concern which i know will always be there but to go about this in the safest way is my top priority. 

I am open to any suggestions y'all may have. I feel somewhat nervous due to my past failures in real estate also due to my current financial situation. Also, with our economy starting to go through changes that indicate a bubble again, it also gives me concerns to whether I should get started now or to wait.

I know if i start off on the right foot, the left will follow suite. I just want to set up my business right! Even if I need to practice a bit more patience and wait awhile longer.

Biggerpockets family, I need your help, I feel very torn on the direction I should go! 

Thanks everyone in advance!

John