All Forum Posts by: Nicholas Weckstein

Jeffrey Russo I have not explored that option. I don’t know why I haven’t exactly. Not sure I believe in It but I should do some research and gather intel on that. It could be a viable option Thank you !

John Leavelle great advice ! Yes I learned that exit strategy is arguably the most important part of investing in real estate. I will start calling around to banks and see what their cash out terms are. I have roughly 35k in equity in It as It sits. I did do some work to It and am remodeling an apartment so maybe that will have some value add. I will post this question into the PML category’s but maybe you can answer this. When I was 20 I took a 25k personal “passbook loan” to build my credit. I do recall seeing something that said I can not use the funds to acquire real estate. I was approved last month for a 15k unsecured loan from my bank. Can I use that towards a property ?

John Leavelle great advice ! I’ve thought about something along those lines. My only hang up is that I don’t like to play on what if’s. For example. Let’s say I use PMLs to purchase a rental property and when I arrive to the refinance stage I run into issues. That’s what scares me. But I guess ultimately I’m aware of the necessary financial requirements to get a loan so It shouldn’t be a problem as long as I handle my finances correctly. That’s a great idea. Now to find ways to get PML. I’ll make a list of possible options. Maybe I can use some of my moms loan, my money, personal loans, credit cards and what not. Just going to take careful planning to not get in over my head. Many thanks !

Amy Beth everyone keeps saying that about the IRA. Are the penalties really that severe ? Your right. I could probably swing another 20 hours a week with a part time job that may help me to obtain a loan if it’s a set hourly rate. I suppose I will start looking. Thank you ! Jeez I wish their were more hours in the day. Or that I could only sleep 2 hours a night

Juanita Superhott I do I do !! I don’t want to run into income tax issues. What I mean is the time issue. Due to my income not being consistent every day. Lenders want to see a certain amount of time to pass so they can look back and come up with an average. I’m just trying to see if I can get around waiting. I’ve got a fire burning under me lol. I need to acquire more lol

Robert Soto thank you ! You as well. Thank you as well for your kind words. I struggled young. Grew up fast and had no choice but to pull It together. Funny because everyone I know tells me almost exactly what you just said. To be patient, to not be so tough on myself, to stop and smell the roses. It’s difficult to do when you have this vision and dream for the life style you want. If I stop to congratulate myself for my accomplishments now It would be too soon. While all my friends party and drink and spend money....I’ll work. When all my friends are getting married and having kids. I’ll work. When all my friends are realizing they need to get It together. I’ll be managing my portfolio, have no 9-5, and have the time and freedoms to be able to live how I please. Thank you again !!

Thomas S. I did actually explore that option when I left the manager position. To be frank with you it’s not that easy. As a waiter at an upper scale restaurant I pull in between 750-1000 in CASH every week. To match that level of income as a salaried or hourly worker, I’d need to gross around 1100-1400 weekly. That’s between 57-72k a year. Jobs like that don’t just pop up because you want them. I work 30 hours a week and take home what many take home using their college degree. Of which I do not have, nor have any desire to get. It’s hard to get away from this industry. I get that having even a 15$ an hour job would be more beneficial to acquiring a loan than what I’m doing. But at the same time I need to be able to save and pay all my bills. What I’m doing now allows me to do that. Once I have money saved then I may just find a decent hourly wage job to get me a loan.

Joel Owens id love to ! But way above my price range. Restaurants also suffer from the highest failure rates of almost any business. Capital needed to just start up can be in the 6 figure range. Not to mention that you need to be able to survive your first 3-5 years before your likely to see a real income. I would love to open a restaurant one day, but more as a hobby when I’m doing well in real estate. I was lucky to become the GM of a full scale restaurant bar and catering hall at a young age through hard work and a bit of smooth talk lol.

Juanita Superhott I do plan on house hacking when I move to the area in 8 months. But still don’t know if I’ll qualify for a loan at that point. My credit is amazing. My income is the part that is tricky due to majority of my money is in tips. It’s a lot of tips also but as far as banks are concerned they can only accept the hourly wage of 7.50. That won’t get me to far

Juanita Superhott well I hear you on that. I’ve been a land lord 1 full year now an wow have I learned a lot. The hands on knowledge I gained this yeah is immeasurable in ROI. The triplex I have, I paid to much for. As an eager pre approved 21 year old who’d been dreaming this dream for 4 years. I found a property with good cash flow, and was exited and payed to much. It was listed at 130k I bought for 120k and It appraised at 120k. HUGE lesson learned. I should have bought more in the ball park of 100k. But it’s still decent. It’s 3 units - 3 and 2, 2 and 1...and 1 and 1. Coin opp laundry on site. 8 car parking lot attached at rear of property. And a 3rd floor walk up attic with a private entrance. Gross rent comes in at 1800$ and tenants pay everything all I pay is sewer and Piti. I have a tenant who I lowered rent by 50$ and cuts the lawn and handles snow. It’s good I just should have more. Ive see so many ways to do It and for some reason I can’t put together another deal. I’ve walked properties that are great buys. But I can’t buy them. Just stuck for the time being I think