All Forum Posts by: Daniel Tanasa

Hello Joe, 

I am on the same page with you. Is easy to do a JV with somebody you don't know very good for a quick in and out wholesale or flip, but is a whole new ballgame to do a long term partnership. If you're just getting to know this person, I will probably try to structure it as a debt partner instead of equity partner.

After you do a few deals together and you get along well and you feel like your long term goals area aligning, you can consider holding some long term properties together. 

Good luck!

Hey Ryan, 

Welcome to Bigger Pockets!

Looking forward meeting you and maybe work together in some capacity! 

Hello Adam, 

Welcome to the Bigger Pockets. 

If you are comfortable doing it, I think househacking is a great way to get your feet wet. And repeat that process every year until your wife tells you enough with the moving.

If you think that is not for you, you can look into buying something the conventional way off the MLS with 20% dow to get started. If you're like most people starting out, you probably don't have an unlimited amount of cash to keep putting 20% down. So after you got your first one and you're more confident that you understand how things are working, you can look into doing the BRRRR method so you can buy 2 or 3 a year instead of 1.

When you get comfortable with the process, increase the speed to 1 house a quarter, 4 houses a year with the BRRRR method, and in 10 year you'll have a really solid portfolio.

Feel free to reach out if you have any questions and I will be happy to point you in the right direction. 

Good luck! 

Hello Pedro, 

Welcome to Bigger Pocket and congrats for taking your first steps in your investing journey. 

As an attorney, I think you may want to focus more on the long term benefits of buy and hold, since I assume you're not in a rash to quickly replace your attorney income with flips. If you have the money to put 15 to 20% down on a deal from the MLS, that is definitely an option to get your feet wet and comfortable with the concepts. After your first one if you feel like you want to be a bit more active you can look into the BRRRR method. This is a great method to scale faster and leave less money in the deal.

I hope this helps. Feel free to reach out if you have any questions and I will be happy to point you in the right direction. 

I work with a lot of wholesalers too if you need any recommendation. 

Good luck!

Great stuff. Thanks for sharing this! 

Hello Juan, 

Congrats on making a good progress in a pretty short time. Unfortunately a lot of developers have to deal with the same delays working with the city. 

I hope they come out soon. 

Good luck! 

Hello Leyha, 

I bought multiple properties with galvanized piping before. I usually don't change it unless is actually making me problems, but on all my houses with galvanized piping I am planning to have to update within next 5 years or so, so I budget accordingly. 

If the pipes are exposed in the attic, I would try to inspect them as much as possible to find out if you see a lot of rust on the outside also. If you do see a lot of rust on the outside, most likely you're better off to just replace them from the get go as they will keep leaking and will keep giving you problems. Also, if you see a lot of patching that was done to the pipes and on the celling,  is probably a sign that you need to change it. 

If the exterior of the pipes looks pretty good, you may get away with just cleaning the aerators for all the faucets and that will fix the pressure issue for a while. But that will be to just prolongate the life-spam of your pipes for a few years. 

In my opinion this is not a deal breaker, just make sure you account for it and get a price reduction. For reference, for a 1 tory 1500sqft 3/2 house was about 5k to update the pipes to PEX. 

I hope this helps. Let us know if you end up buying it and how it goes. 

Good luck!

Hello Krisin, 

You just write the offer as being cash and let the seller know that you may assign the deal to somebody else. Just make sure you lock it up at a price where you're confident you're able to find a buyer or if not you can buy it yourself. Especially if is a pre-foreclousure situation, you want to make sure you don't tell the seller you can buy it and a few days before auction you realize you can't assign it. 

As far as proof of funds, I would just not bring it up, since you're planning to assign it, but if they asked about it, you can bring a pre approval form a private money or hard money lender. 

Good luck! 

Welcome to Bigger Pockets Kristin, 

It's never too late to start. Good luck! 

Hello Farnaz, 

Champions Real Estate School has a good online or in person program. 

Good luck!