All Forum Posts by: Stephanie Sicard

@Ronan Donnelly I totally agree . Thank you for the great advice !

@Manny Cirino Thank you Manny . That’s actually why I wrote the post . I felt like instead of telling me I shouldn’t buy a multi family as a first investment , he could’ve discussed other options or found a way to make it work as I have seen many realtors do for their clients .

@Jorge Perez Thank you for the advice Jorge ! Will definitely get with my lender and see what my options are .

@Charles Seaman thank you for the advice Charles . I definitely think I should work on my reserves.

I'm getting ready to buy my first rental property within the next 2-3 months . I have 13k saved up and I intend to use an FHA loan.

The multi family properties in my area are about 300,000+ for a 2/1 duplex . I found a realtor and he advised that it would not be safe to get a multi family just yet . He said having only 13k would be spreading myself too thin because things could break right after I buy and it could be difficult if both stoves broke for example .

He advised that I should start off with a condo that was 115,000 in a 55+ community , which I could rent for 1600 and get a feel of land -lording . If something broke , it would not be as expensive versus if something broke in both units of a duplex . He thinks I should get a few properties under my built before I buy a multi family .

My original dream and strategy was to get a multi family as my first investment . But I also am aware that if a strategy can’t work for the moment , another strategy can . I feel a little unsure on what step to take . What do you guys think ?

Thanks for all the advice in advance .

@Charles Seaman I’m actually trying to get an fha loan , so definitely in my area. I’m just not sure if it could become an issue because he is so far away.

I am in the midst of buying my first rental property and I am searching for an investor friendly realtor . I was contacted by a realtor who also has investments and who seems pretty knowledgeable . The only issue is that he lives 5 hours away , in Jacksonville, Florida. Do you guys think this is a good move or should I look for a realtor who is closer to my area ?

Hi everyone, 

Yesterday, I had the pleasure of meeting a real estate investor from New York and we were able to discuss some of his real estate strategies. He told me that he gets a list of property owners who are delinquent on their taxes and whose properties are going to be placed in the auction. He contacts these owners prior to the auction date, and pays for their taxes and gives them an additional amount as an incentive. He told me that he has been using this strategy for 20 years and has been very successful. 

What are your thoughts on this strategy and have any of you actually used it and been successful? 

@Keleisha Carter Thanks for the encouraging advice. I actually have read quite a few real estate books like The Book on Rental Property Investing and The book on estimating rehab costs. I also sign up for the weekly webinars but I have not listened to too many podcasts, so thanks for bringing that to my attention! I hope to get great at analyzing deals as well. As you said, I hope one day I can see if a property is a good deal or not by just seeing the numbers without having to do a deep analysis of every property I see. I wish you the best as you start your real estate journey!

@Dylan H. Thanks Dylan , great advice !