New Member Introduction

9 Replies

Hi,

I live in Buchanan (Westchester County, NY), and am a recent graduate of Manhattan College working in NYC as an engineer.

These past few months I have been absorbing as much RE knowledge as possible through books, podcasts, BP, and even began taking my 75-hour NY Sales Agent pre-licensing course.

I am looking to jumpstart my REI career in 2020 with fix/flips, with an ultimate goal of livable passive income through rental properties.

If you think you could use me somehow or we could work together, please reach out to me!

Best,

Dan

Thanks @Martin Vehlow ! I have considered house hacking for when I am ready to move out but am currently living with my parents trying to save as much money as possible. Student loans are not making it easy to grow my savings, so I am looking into fix/flips or maybe wholesaling just to grow some capital. Thoughts?

I'm not familiar with your market, but look into the legality of wholesaling. Here in IL the law changed recently that all wholesalers have to be a licensed agent. Do you have financing lined up for the flips already?

@Daniel Forero Pineda

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

@Martin Vehlow I will definitely look more into the wholesaling laws in NYS. For my first flip I would like to do a partnership with an investor and focus on just the rehabilitation. I know finding an investor to partner with might be more difficult if I don’t have a track record but I would like to avoid using a hard money lender being that I am a beginner and don’t want to take on too much risk initially.

@Daniel Forero Pineda one of the awesome benefits of being an agent is that you can roll your commissions into your purchase. For example, if I made 2.5 percent for being my own buyers agent, and I used an FHA 3.5 percent loan program, or a 3 percent conventional, I now only have to come up with a small amount of money! Plus, that commission never hits my bank account so I don't have to pay taxes on it...

Originally posted by @Chace Fraser :

@Daniel Forero Pineda one of the awesome benefits of being an agent is that you can roll your commissions into your purchase. For example, if I made 2.5 percent for being my own buyers agent, and I used an FHA 3.5 percent loan program, or a 3 percent conventional, I now only have to come up with a small amount of money! Plus, that commission never hits my bank account so I don't have to pay taxes on it...

House-hacking is a great way to get into real estate. Especially if you are an agent as your commission can pay for a portion of the cash required to close. Your post was great until the last sentence. Something to consider omitting in future posts.
Agents may be required to pay a tax on a commission even if it does not hit the bank account.

Originally posted by @Basit Siddiqi :
Originally posted by @Chace Fraser:

@Daniel Forero Pineda one of the awesome benefits of being an agent is that you can roll your commissions into your purchase. For example, if I made 2.5 percent for being my own buyers agent, and I used an FHA 3.5 percent loan program, or a 3 percent conventional, I now only have to come up with a small amount of money! Plus, that commission never hits my bank account so I don't have to pay taxes on it...

House-hacking is a great way to get into real estate. Especially if you are an agent as your commission can pay for a portion of the cash required to close. Your post was great until the last sentence. Something to consider omitting in future posts.
Agents may be required to pay a tax on a commission even if it does not hit the bank account.

 Great to know... Thanks for the heads up!

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