All Forum Posts by: Frankie Woods

I'm interested to see what has been the greatest lesson you have learned while actively pursuing your real estate investment goals. It doesn't matter if it was learned via a success or failure.

Mine has been that you make your money (i.e., control risks) when you buy. I still have trouble with this lesson, however, because I'm so excited to get units under my belt that I will sometimes accept a deal with only a little bit of meat on the bone as opposed to the recommended 20-30%.

Welcome to BP @Andy Wu ! You have found a wonderful resource.  I just started engaging in the community a month ago (after gourging information for about a year) and it has DRASTICALLY changed my perspective about real estate, making me much better at understanding 1) what I want out of R.E. and 2) how to get to my end goal.  I was kind of a lost ship, but now I've found my way!  I hope you have similar success!  Just be sure to stay engaged!

Welcome to BP @Josh Kabage !  Glad you found the site!  I found it through google as well, haha!

Great question and even better discussion!  This is awesome!

@Troy Fisher , point taken and I agree with your arguements :). 

To answer your other questions (albeit, not completely), you can have multiple VAs at one time, but there is a dollar limit (~417k last I checked). I currently have two: one in California and one in IL. You can get out of the time requirement (which I think is 1 year, but I'm not sure) if you are forced to move by the military. Most of the time, the VA doesn't care about the timing constraint, but I don't know if I'd take the risk. You could also refinance out of the VA into a conventional if necessary.

I'd rather keep it and find another great deal. You could find a MFR with equity (~20-30%), take out a HELOC on your current home for the downpayment, and then refinance to pull your money back out. That way, your essentially getting that house for free and you now have two sources of income! Rinse and repeat!

Welcome to the site @Tim Bishop .  Nice to see you progressing on your first deal.  It seems like you are learning a ton!  Awesome to see, and I wish you the best of luck!  Stay connected and keep us all updated on your prject. 

@Wilson Churchill Do you find it more difficult do fill your units with tile floors throughout?  It seems as if tenets would generally want carpet?

Thank you @Rick H. !  Exactly the info I was looking for.  I will take your advice and go down to the courthouse!

Does anyone have recommendations for finding probate deals in St. Louis?  I contacted the Circuit Clerk and got NO response.  I recall a couple podcasts mentioning using newspapers, but has anyone had success using other sources?  What has worked best for you?