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Looking to connect with a Real Estate Investing Mentor

Veteran

Brian Quinones Austell, GA

My name is Brian Quinones, I am a marine corps combat veteran seeking mentorship in real estate. I have been pre approved for 220,000 and have been looking for properties to invest in. I have been reading several books on real estate but sill don't feel fully confident in my own ability. I'm looking for someone to guide me in the in and outs of evaluating, marketing and managing properties. I would like to start with single family homes, then grow over time to apartment communities and commercial property.

16 April 2017 4 replies Mentoring

Answers

Advisor

Stephen Disney Tampa, FL

Hi Brian -

I invest in real estate as a "side business" and currently own 9 properties in Florida. I would be happy to talk to you about strategy and advice.

Off hand, I would suggest starting out you only work on properties nearby your primary residence. Until you get more comfortable with rehab team and the process as a whole. All of mine are within 10 miles of my primary. Just easier to manage, in my opinion. When I started I purchased very distressed properties in low income areas, ($50,000 - $80,000 homes). I would recommend starting low, if you are approved for 220 does not mean you should invest the full $220,000.

If you have any specific questions, let me know. Happy to help!

Stephen

28 May 2017 Helpful answer

Advisor

Lance Seymour Danville, CA

Semper Fi Corporal. I own several properties across the U.S. including one in Georgia. I also have a CA real estate broker license.

Real estate investing can be profitable but also has a lot of pitfalls, some of which you can't always control such as the economy. For a new investor it's important to analyze cash-flow and make sure you have the financial wherewithal to cover vacancies, repairs, etc. In the beginning I would not borrow money to invest since it is often hard to make enough in rental income to cover the loan and other costs. Unless you live close to the rental I would suggest utilizing a professional management company. They are usually adept at finding tenants, collecting rents, and evicting if needed. Also remember that you are competing with other professional investors with much more experience.

Beware of the numerous seminars and offers of quick profits from real estate. If I were you, I'd spend the money you have available on a personal residence. It will provide the living quarters you need as well as any appreciation you would normally get from a rental. You will learn about owning a home and can branch out from there.

I don't want to discourage you but I also don't want you to lose your money. Some good hands-on experience would be beneficial before moving going forward. You might be able to find a company with experience in assisting investors in locating and managing a rental.

Take your time and good luck.

Advisor

Jeremy Serwer Woodstock, CT

Hello Brian,

While currently in Retail Real Estate (commercial -- shopping centers, etc), I've owned residential income properties and have a number of years' background in real estate. I'm a licensed real estate broker.

I'd be more than pleased to speak with you and hopefully be able to answer some questions. If you're willing, please let me know where to call and when, and I'll dial you up for a conversation.

Also can communicate via e-mail (jeremy@theserwercompany.com), and/or this ACP website.

Good luck, and always know that your service to our country is very appreciated!

Jeremy

Advisor

John Green Cary, NC

Hi Brian - your pre-approval likely is restricted to your using the purchase as your primary residence. Therefore, you would not be able to use the bank's money as an investment in a rental.

Going further, what value do you bring to the proposition that professional management companies do not ? In other words, you are looking to get into a business in competition with some of the best and most time-tested real estate firms.

Third, how much money have you saved personally to do this ? You need to be the leader in money put towards this venture, and not rely on borrowing money from a bank. Interest rates have no where to go but up. If you are dependent on those rates being low, now is not the time to be heavily leveraged against debt.

Best wishes.
JG

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