All Forum Posts by: Trent Ellingford

@Christian Moreno I won't give you a recommendation as far as what career to pursue, but on the REI investment side educate yourself as much as possible. I purchased my first property in my early 20's and learned by trial and error. Looking back I wish I had taken it more serious sooner and been humble enough to admit that there was a lot I didn't know. You're already ahead of me because you're here asking questions. Continue to ask. Read different publications as suggested, watch videos, and if possible find someone who is actively doing the business that is willing to let you ask questions and maybe even shadow. Build your credit, save and lastly don't be afraid to pull the trigger. Education is important, but eventually you have to just start.

@Adam Flaugher really good question. Seller financing can be great for multiple reasons, and everything is negotiable. I typically ask for 5 yrs at 5% interest, interest only payments with a balloon at the end. Try to negotiate a small down and as mentioned above ask for deferred payments for 6-12 months.

@Alicia C. welcome! Continue to take advantage of all the Free information and don't hesitate to ask questions as you take next steps.

Congratulations on getting started! To echo what several have a stated, there are multiple variables that go into whether or not a $50K home is a good deal. I understand wanting to "Get your feet wet", and a lower price point probably seems less intimidating but just because it's cheap doesn't mean it's good. How much needs to be put into it for repairs? What is your ARV? What's fair market rent? What is your exit? Do you plan on using lending (Which may be difficult to secure if Rehab costs are significant on a low PP home) or cash? It may be that you could use the same amount of cash but with hard money buy a higher PP home that actually has less risk and a bigger upside. Don't misunderstand me, I just tied up a property in Tucson for $21,500, so I'm not discouraging you from staying away from small price points, but just suggesting that don't use that as your determining factor in picking an investment property.