All Forum Posts by: David Zheng

Hey guys have a quick question about selling a refinanced building

*not the exact numbers at all*

Lets say I buy a property for 100k (20% down), put 50k (cash) into it. now Im "150k"  in or 70k of my own cash in.

the thing appraises for 400k by my bank and I do a cashout refinance at 75% LTV

so now Ive pulled 220k  from the cashout refinance (300-80 I still owe) and I buy some other buildings with that 220k. now I owe 300k on the building and have 100k "equity" in it.

Finally lets say I sell this building for 380k. and basically  come out with 80k.

now for tax purposes, did I technically make money or lose money? since I basically bought it for 150k and in the end sold it for 380k does that mean I made 230k?

or does it mean I made  a LOSS since it's under the 400k I refinanced it for.

thanks!

Loving the discussions. learning a lot here :)

with the final 20 cities released for amazon's new HQ

how many investors do you think are hoarding cash to buy up as much as possible when we know?

also....if anyone is an insider. HIT ME UP  lol

I dig your work spirit and your eagerness to create your own future. mad respect because while a lot of people want to start a side business, few have and you already have the guts to do real estate.

So here's my advice. Don't quit your job. especially when you are starting its good to have a solid W-2 to fall back on in times of capital stress and lenders want to see that. save save save. the most important aspect is buying that first property to catapult you into the REI world. sure you can wholesale or get a license to sell RE, but honestly I think the market is pretty saturated with these positions.

Use google and forums like this. Its free, its fast, and you can look for almost anything. while attending meetings and having a mentor is nice, if you are smart you'll find your own way without having to pay or listen to things you already know. either way, good luck on your journey!

first off, good job writing everything down.

"the palest ink is better than the best memory"

I personally organize my life in excel and keep it all on my main computer. once a quarter I'll email the most important things to myself so I have a copy of it in the cloud and back it up on a couple externals.

In terms of daily planning and events. I really think you should put it in your phone. your phone is something you have with you at all times. a notebook maybe not so much.

I use google calendar because it links with my email, alexa, and alarms for any meetings, showings etc.

I just use a notepad app for anything I want to get done asap. I also keep it as a wallpaper so I can just swipe to it from main apps. if I have to open it from a small widget I might forget. since I hate procrastinating my note doesn't get long but it is never empty.

pmd. please send info to [email protected]

If you asked me this when I first graduated, I probably would have said spend a couple months traveling before work started. get a nice place and go out 3 times a week to make friends.

Right now, I would say save it up and focus on starting your new job/life. keep part of it as a reserve fund for personal needs. as most have said, you can use it to house hack but I would take some time getting settled into your career before you take on too much at once

messaged. please send info to [email protected]

Hi,

May I also get info please

[email protected]

Thanks

What exactly came up. That's very important. If he straight up lied on income, felonies, etc. you probably have a case.

if its some abstract reason, you could easily get sued for discrimination.