FAQ

Answers to popular questions

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Self-awareness and an understanding of your current situation both financially and personally.
Imagine these extremes:

  1. You have a W-2 job with an influx of disposable income to be able to leverage and invest in real estate
  2. You are a single mother working overtime and living paycheck to paycheck

I’m sure you can imagine that one’s current situation, future goals and reasons to invest in real estate may vary drastically.
Financially: Compile all of your financial documents and information to include all your debts, terms, interest rates and monthly payments. It’s important to understand your current financial obligations as it will dictate how you are able to finance your real estate investments
Personally: reflect on your current passions and stresses in life. When times are hard, what do you look forward to? Being reminded of this will help you manage you emotion and expectations as you experience the roller coaster ride of real estate investing!
Also, be sure to realize your risk tolerance.
Remember, you will never know everything! It’s beyond important to accept that but also realize you will be constantly learning and growing. You will make mistakes! It’s okay! It’s part of the game.

  1. Education
  2. Goal Setting
  3. Deal Analysis

The very first step to consider is Education. The continual growth of your mind will help you both manage the ups and downs as Real Estate Investors and also the ability to succeed in the Real Estate life cycle.

As you begin to learn, you’ll better understand the different niches and strategies associated with investing in Real Estate. From there, you establish the strategy you plan to follow and the concrete criteria to purchase.

Once established, it’s now time to analyze deal after deal until you find one that fits your criteria!

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Other sources: Books, Podcasts, local meetups

This depends on your goals and the amount of money, time and grind you are willing to dedicate to your Real Estate Investing Career. Beginners and newer investors are often confused about which strategy to use as there are many factors that may increase/decrease the barrier of entry.
Consider, this, your situation may differ wildly from another based on:

  1. Short Term Goals
  2. Long Term Goals
  3. Credit Score
  4. Family and Personal Life
  5. Personality
  6. Risk Tolerance
  7. Capital
  8. Employment
  9. Etc.

The above and other reasons may guide you to starting with one investment strategy and then transition to another. This is one of the main reasons I recommend working with an experienced Coach that will guide you through this conversation.

Disclaimer: Please connect with an Attorney and a CPA to find what is best for your situation.

NO! You do not need an LLC before investing in Real estate!

There are several different strategies to finance your first real estate deal. It depends both on the Investor and the property.
You may consider using Cash, or a Line of Credit (Personal or Home Equity for example). Otherwise, you may leverage the services of a private or hard money lender. Let’s not forget, there are different loan programs (like conventional) that large banking institutions or small banks/credit unions offer.
There are pros and cons to consider for each method and vary depending on the risk of the borrower and the project!

Is it possible? Yes!
Is it more difficult? Yes!
If you are willing to be flexible and educate yourself, then this will increase your chances of Real Estate Investing success with low credit.
I would like to ask – why do you have low credit? That answer is more revealing as to what needs to be done to ensure you’re following a conservative and safe path.
Changes made to habits now, will have unbelievable effects later.

While it is possible to invest in real estate with none of your own money, the money does come from somewhere.
This more than likely means you’re utilizing a lender. A lender will provide you money to invest in the deal if it is a great deal and you as the borrower are low risk.
While possible, the chances for a newer investor (no experience), to find a great deal and have no “skin in the game” (as lenders refer to the investors money involved in the deal), are lower.
it’s always safe to have access to funds for when something goes wrong.