All Forum Posts by: Taylor Hudgins

Of course! Starting with your FHA loan to snag a 4plex is a great idea!

To start, you find a few of your local lenders to see what you can get approved for.  That will help you narrow down your deal search because you'll be able to quickly figure out what numbers work for you and which numbers don't.

Then you'll be able to have a clearer idea of a starting price point when you begin chatting with wholesalers or real estate agents in your market.

Hi Linda -

So exciting that you are starting your investing journey!  Some of the best places to find mentors are in your local networking events.  Try going to BiggerPockets > Network > Events and type in your zip code or even meetup.com.  You'll see lots of folks that are meeting up in your area who will be able to help you in your first steps.  

My local meetups completely changed my experience so far because I've been able to meet tons of great folks.

Congrats again on starting your new adventure!

Hi Dakota - 

That is a great plan! We actually plan on house hacking a duplex with the VA Loan soon too (great minds totally think alike). As for your rate of return and running numbers, it'll ultimately depend on the market you're investing in. Every market is going to be a little different so always feel free to play around in the BiggerPockets Calculators under "Tools". These will help you have a better idea of the numbers while you practice running deals.

Once you join the Air Force, you can start with a lender who will be able to provide a better idea of what kind of price point you can work with under the VA Loan. You'll be able to focus in there much more to help you on your path to your first duplex.

Hi Navin -

We purchased our property in our personal name to help get us up and going with a conventional loan. The lender we were working with didn't lend out to businesses BUT if you have the ability to snag a loan in an LLC name, then you should definitely do it.

LLC's will protect you against liability if anything were to happen. Definitely go that route if you can.

Expect to be outbid - multiple times.  It is the name of the game in a hot market. When we were finding our property, we couldn't afford much so we had to essentially compete with a lot of local cash buyers.

A few things we did was include a pre-approved letter from our lender with the offer, include a higher Ernest Money Deposit (which goes to your closing costs anyway), offered their asking price (with a few fixes at a later point), and we moved QUICKLY.  It's hard for a seller to say no if you're the first offer he receives at full asking price.

Hope this helps!  Take this as a learning curve and keep your eyes on the next deal coming your way.

Hi Aaron,

My fiance and I just purchased my first investment rental here in Portsmouth, VA and we are so excited for the neighborhood we chose! I can definitely recommend two great investor-specialty real estate agents who could help you get up and going in the Hampton Roads area. They helped me not only find a great deal, but also help me throughout my millions of newbie investing questions. I can also send you their info via direct message if that would help.

PS - Congrats on the first steps to buying your first home!

First, welcome to the world of Real Estate Investing!  It is so excited and you're going to do great; especially starting young!  I would definitely suggest multifamily if you can.  One transaction with more opportunities than just one singe family home.

I would definitely try to get my hands on some great books like "How to Invest in Real Estate" or "The Book on Real Estate Investing" which will provide you with a great real estate knowledge foundation as you launch your investing career.  They'll help you gain some insight and also help you figure out a strategy that works best for you as well as your goals.

Hi Aaron,

I met my real estate agent by attending a few local real estate meetups in the area.  There are usually a few real estate agents that attend these events that typically also have their own investments.  Even if you don't specifically meet a real estate agent, you'll meet tons of other investors who will be able to recommend the agents they use.

If meetups aren't your thing, you can also find an investing-specific agent here on BiggerPockets by going to Network > Real Estate Agent then filtering down to your area.

Of course!! Congrats on moving into the next step of the process.

Congratulations on your first rental property!!!  It is such a huge step!

We actually had the same situation.  Our inspector found termite damage in our crawl space during the contingency period.  We asked the seller to pay for the treatment (along with a few other issues) by a licensed termite team and required receipts before closing.

I would definitely continue to move forward with the deal, especially since there were no active termites.