All Forum Posts by: Chinmay J.

When I read the title, my immediate reaction was... "What the hell is he talking about.. Expos moved to DC 11 yrs ago...:"..LOL

It would be kinda silly to go and pay thousands of dollars to some real estate guru when all the help you need is available right here at you fingertips, and most of it is free.  That being said, I would advise you to make a very small investment and buy @J Scott's book on flipping. Its something like $29.99 or so. He is a master flipper extraordinaire.

Actually that's true in any industry. When you reach the upper echelon of earning, companies want your heart and soul. No such thing at 8-5 for those who want to be successful in life. I used to have friend who is my age but very high up in his career. The guy would always be working. Even on vacation, he would take his laptop. 

I am sure if you were able to be successful in car industry, you know what it takes to succeed.  At least in real estate it will be labor of love. Like the old saying goes.. "Choose a job you love, and you will never work a day in your life"... Good luck.

@Sean Brown  - Have you looked at sites like bizbuysell.com or bizquest.com . They often have listings for businesses that are for sale.

@Gaston Barua  - If moving out of the Los Angeles area is an option for you, then you could see yourself achieving your dreams faster. Dollar goes a long way in other parts of the country compared to California, and especially the LA area. 

Just a thought !!

Lot of good advice in the thread. Didn't read each and every response, so sorry if I am being repetitive.

@David Hildebrandt - I don't want t piss on your party but before hitting the send button on your resignation, did you consider perhaps finding a different job that was less emotionally draining? Maybe you would have to take a paycut, but going from $100K to $0. can't be easy on your lifestyle. Also, just so you know.. Banks love W2 income. They like that steady paycheck. Even if you go to HML he is likely to see you much more favorably when you have a steady W2 job as opposed to if you don't.

I am glad you have a great wife at home, and wish you nothing but success.

You can still make the 1% or even 2% rule work by investing in 2-4 unit MF units. Who said you have to invest in SFH !.

@Michael H. - That's crazy expensive. Perhaps you are going for a very very high end GC or someone is taking you for a ride.

You should absolutely do it. Also ask them to throw a Cadillac in the mix.  Definitely can't hurt. Whatchu gotta lose? Let us know how it goes.. 

@Virginia Jones - Couldn't tell you without looking at detailed CD.  It could be that some of the services you are using are expensive, based on Title company you used. Not all title companies are equal. I have worked with quite a few of them and there are some which are more expensive than others.  Also keep in mind, that sometimes lender does throw lender credit for closing costs. If you didn't get any lender credit because you paid cash or for some other reason, you could be seeing sticker price of the closing costs. 

@Virginia Jones - Ask your Title Company to provide you with CD (Closing Disclosure) or HUD1, which ever they are using.  That will show you itemized breakdown of each cost associated with the closing. As a side note percentage will be a little bit skewed as the property you are buying is so cheap, and some of these costs are pretty much fixed costs regardless of the price of the property.