All Forum Posts by: Account Closed

@Jamal Wilson Thanks for the quick reply! Those are good things to consider. I am conflicted because my husband and I need to look for a home for ourselves. We don't have much capital so we were thinking about getting an FHA loan for the multifamily but in that case we would have to live in one of the units (not ideal for us). Our other option is to put 20% down and continue renting our current apartment. If we do that then I'm not sure when we would be able to get our own home, I guess it all depends on what kind of income the rental property will bring us. It's just all making my head spin, lol.

Did some research since posting on this thread and came across some things to consider. If you're missing capital, will you be taking out a FHA loan for this? If you do that you'll need to live in one of the units if you're looking at a multifamily property. There are some other things to consider like the upkeeping/maintenance involved in renting out to students. But maybe it won't be that bad of an issue, who knows.

My problem is I need a place to live for myself - so it's either get an FHA loan to invest in a multifamily where I have to live there (which I don't prefer) or put down 20% and not have anything left over for my own home. It's all making my head spin to be honest!

Hi all,

I'm new to REI and I am considering purchasing a multifamily property with an FHA loan. I am not sure what location I should be looking in, but there is a local university here. What would be a better investment, buying near a university or in a higher income family-based area? Would there be more upkeeping to do on a university property because these are college kids? Not really sure where to start looking so any advice/opinions would be helpful. Thanks in advance!

(Update: Just realized as I was re-reading this that with an FHA loan I would have to live in the property. I will have to consider that I would be living with college students in this case. Something to think about...)

I'm also in a similar situation, thinking about buying a multifamily property with a FHA loan. I believe it would be best to work with the current owner on having them get rid of a tenant before you buy. It can be hard to get a tenant to leave even if their lease ends.

I understand your concern, I was thinking the same thing when I first heard about all this investing and the credits you need. The thing with Dave Ramsey is he is educating the consumers; not the investors or business owners. Both sides have a different set of rules. When he is talking "debt" he is talking about people who make bad purchases on things they can't afford. There is good debt and there is bad debt. Good debt makes you more money, bad debt takes money from you. When he talks about using cash for everything, again he's talking to the consumers. He may say he doesn't have a debit card for his personal use, but you bet his business uses credit because you can't run a business without credit. Just a different set of rules. Dave Ramsey is actually all for real estate investing so if you do it right, I don't think he would be against you!

Hi all,

I just finished the 3-day Rich Dad workshop on real estate investing and I am eager to get started in this business. No, I did not sign up for their "Elite" training courses - I thought the $17k - $63k they were asking for could be better spent actually investing in real estate property (ha).

What I got out of the workshop was high motivation/inspiration and a wealth of information but not knowing where to even start. I'm overwhelmed to say the least. Before the workshop, my husband and I were pretty ignorant and getting ready to put a 20% down payment on a house to live in and take out a mortgage the traditional way. Now we are evaluating our options and thinking about using that down payment to buy a rental property instead. We were told a fourplex would be a good place to start. I have so many questions I don't even know where to begin but maybe I can start with these and someone can help us figure this out?

1. We were told we should start with the fourplex because we need four units to qualify as income (we live in Ohio). Is this true? A fellow workshopper rents out a single condo and said it counted as income for him so I wasn't sure which was true.

2. Do we really have to live in the fourplex if we get an FHA loan? For how long?

3. Where do we find a good deal on an off-market fourplex? If we shouldn't look on the MLS, where should we look? Any examples of pocket listing websites would be appreciated.

4. We eventually need to get a home for ourselves (we are currently in a small one-bedroom apartment and need more space.) How soon after getting a loan for the fourplex can we get another loan?

Sorry if any of the questions sound dumb - I really am a newbie in this! I do have more questions but they're a bit off-topic. I'll have to post a new thread. Thanks in advance for the help! :)

@Vick Galu Thank you very much! Do you know if it's common that I don't get paid the referral fee as promised? That's the only risk I can think of. Thanks in advance :)

Why didn't you have success with wholesale if you don't mind me asking? I'm just now getting into it.

Hi everyone,

I'm new here and recently learned about the wholesaling strategy. As someone with no experience, would it be best to start out as a bird dog? And if so, what areas do you start looking as a bird dog. FYI I live in Cincinnati.

Thanks,
Sue