All Forum Posts by: Craig Wilcox

First of all, great plan of buying a income producing property as your first home.  Not only will you be able to get a great interest rate and low down payment (as a first time buyer) but if you buy it right you can live cheaper than renting.

As far as finding a mortgage broker, most banks or credit unions have mortgage brokers on staff you just have to ask to talk to one.  I would suggest you try the bank you currently do business with first.  If that doesn't work a simple google search should turn up a few in your area. I personally prefer to work with local banks or credit unions instead of the big franchise banks.  

I see you are in Scranton PA so I included it in this post as maybe it will alert some other investors in your area to recommend someone to you.

Good luck and remember that it is the loan officers job to find a good mortgage for you so if you do not like the service you are getting, try another.

Marcus,

I am no marketing genius or even a marketing rookie but I would think that you want to disconnect the seller from thinking of the property as their "home" and just a "house" instead.

Just my .02 and maybe isn't worth that much.  

I retired the 98 Forester last year with 270k.   I bought it in 2007 with 115k and it never failed to get me home.  I hauled just about everything in it like lumber, tools, appliances, snow shovels, a trampoline, kids, etc.

I traded it for a slightly used Prius which saves me quite a bit of cash on my 60 mile commute to my W-2 (until I longer need it).

@Riker Blank,

Looks like you can make a lot of friends out there in PA.  Get as much advice as possible on good locations.  

I lived in Phoenixville for a few years and learned how difficult class C/D properties can be to manage when I bought a row house in Reading.  It was good cash flow until they stopped paying and wouldn't leave or answer the door and the eviction process was extremely slow.

I wish I would have had this resource back then.  Good luck!

@Orion Walker

Awesome and thanks for sharing!

I just found this question and thought I might resurrect it a bit.

• Toilet plunger.  We learned our lesson.
• Toilet paper.  It is always nice to have some when you move in.
• Furnace filters (the basic ones).  We replace them on a schedule as I only had one tenant ever replace it on their own but have them on site.
• Ice melt and a shovel.  In case the tenant wants to take care of it before we get to it and so it is on site when needed.
• Info and guidelines.  Information like contact numbers for utility companies, the location of water shutoffs and circuit breakers if needed, garbage collection day and location, as well as guidelines for cleanliness and respect of neighbors.

Welcome @Brandon S.

I agree completely with @Larry Fried.  If you purchase a 2-4 family as owner occupied you should be able to live for less than renting or possible free.  It is a lot easier to do this before kids come along.  Also, it will set you up for further investing in the future with the experience you get on your own home.

Here is a good place to start. http://www.biggerpockets.com/real-estate-investing

There are several posts regarding book recomendations as well.  http://www.biggerpockets.com/search?utf8=%E2%9C%93...

Craig

Welcome @Laurent SPIRA,

This is a great place to start. http://www.biggerpockets.com/real-estate-investing

Hi Katie,

I am fairly new to BP as well and it will be a while before I get through all the information I want to read.

I am in Loves Park, IL and just recently received my IL Broker license and my wife received her IL Leasing Agent license so we are familiar with the process.  The Broker license requires 90 hours of pre-license training (15 of which need to be interactive classroom).

There are local classes in Rockford that you can attend in person or you can take online or self study courses for the first 75 hours.  To start in your search of education, the link below is a list of the Illinois Department of Financial & Professional Regulation approved real estate schools.  http://www.idfpr.com/RealEstate/Education/RESCH110...

Once you take the pre-license education, you will need to pass an exam administered by AMP, and then apply to the IDFPR for your license.  It may sound like a lot but if you take it in steps it is not bad and you can spread out the costs if you like.  When you have your license, you will need to find a Sponsoring Broker (this will be covered in the education).  You can choose any Managing Broker as your Sponsor that fits your needs from a big franchise or a small local office.  We chose to go with a small office because of the niche market they serve, the similar core values, and the direct mentoring we receive.  Others may prefer a large company with a broader market and formal training.  

Feel free to PM for more specifics if you like.  We would be happy to help.  As I said, we just went through this so it is fresh in my head.  My wife and I got our licenses to help people with their real estate goals so helping you get your license fits our mission.

Craig