All Forum Posts by: Timothy Ahn

@Matt Stricklen @Alexander Felice @David M.@Odie Ayaga Thanks guys, I was missing that benefit of hard money to being able to back super distressed properties, unlike FHA loans. @David M. also did not know the pmi never came off an FHA loan - thanks for the info!

@Chris Schadl Damn. Sorry it didn’t go great but thank you for sharing. A lot of great insight in the little things that I wouldn’t think about as a beginning investor.

@Kyle J. Makes sense. I guess I was just worried about tying up too much money since I am in the Socal area where a 3.5% dp on a typical $400,000 investment can still be $14,000. 

Hi Lakesha, 

Wow, pretty jealous that you got a mention from @Brandon Turner himself (who also needs to update that signature to Host)! Anyway, I am in a similar position and just thought I'd share what I've been up to. 

As well as listening to the podcasts and reading books, I've found it helpful to begin putting some of the lessons into practice in ways that are currently within my means: developing systems, studying contracts, analyzing deals with the BP calculators, researching markets, etc. 

Currently, I am researching potential markets that I want to invest in so that I have an idea of how much money I will need to get started. From my experience, I think agents appreciate when buyers show a little more skin in the game by getting pre-approved, or at least pre-financing. This led me to realize that I just did not have enough money to invest in the market with the vehicle that I had chosen (BRRR), which leaves me with the options to change my market, change the vehicle, save more money, or find a private lender.

Would love to hear about what directions you start to move! 

@Kyle J.Thanks Kyle, that makes a lot of sense. Would I be able to cash back refinance on the FHA loan to get my money back for other investments? Or should I expect to just leave that in?

Hi BP!

Beginner Real Estate agent/investor in SoCal interesting in BRRR'ing single fam/multi fam, but potentially house-hacking my first investment.

Have a question about the Refinance process. Would it be possible (or prudent) to buy a property with a hard money lender, and then refinance with an FHA loan? FHA loan sounds enticing due to low interest rates/down payment, but am also hoping for cash out refi in order to have equity for another deal. Let me know what you all think! Thanks!

Hey BiggerPockets community,

My name is Tim Ahn, currently a teacher in Los Angeles School district, but looking to earn my real estate license and becoming a successful real estate investor. 

Growing up, I never understood money as anything beyond a means to pay rent, eat out, and maybe even go on a nice vacation every once in a while. After college, however, I started teaching English in South Korea as a means to travel the world. While in the Philippines, I took a 3 hour Uber Ride to Kawasan Falls that changed my life. I talked with my Uber driver the whole way there, learning and asking as many questions as I could about finances and real estate. 

On the way home, he took me to a bookstore and I bought myself a copy of Rich Dad, Poor Dad by Robert Kiyosaki. Just like 99% of the people I hear about on the BiggerPockets Podcast,  Rich Dad, Poor Dad really did make me think hard; unfortunately, that was all I did for the next year. I thought about all the ways I could fail, and how impossible it seemed as a young adult with little equity. I read and read and read, but didn't act upon it. I literally became Poor Dad, and became a teacher as a safe way to live. 

As I began to teach, I constantly found myself telling my students to pursue their dreams, to take risks, and to find creative ways to succeed--and I felt like a hypocrite. I allowed fear to stop me from taking a chance on myself, to believe in my ability to battle diversity and overcome hardship. 

Today, I am proud to say that I finally took my first steps. I told my boss I would not be returning, I began taking online Real Estate classes, and just booked my flight/AirBnB for the BiggerPockets Conference. I am excited to join this community and share in each others' successes, while also learning from failures. I know the road will be long and hard, but I am looking forward to the challenge. Nice to meet you all!

Hello Bigger Pockets,

I recently listened to Episode 373 of the Bigger Podcast and have been inspired to take their advice to intern as the best way to learn and grow from more experienced mentors, while hopefully adding value to someone else's business. 

While I plan to research and look for a mentor, I wanted to know if there were some best practices for finding a mentor, how to approach a potential mentor, and what would be some key indicators of a good mentor? Also, what can I do to make myself more useful to my mentor in the mean time?