All Forum Posts by: Edward Barreto

@Clarissa Grissette 

It's no problem at all. I work in Tampa so I've been around the area and I have a pretty unique last name haha! 

Hey Clarissa, 

I couldn't agree with you more on all aspects. I am also a law enforcement officer in the area and the stresses of the job are draining. I am also looking for financial freedom because I know the feeling of living paycheck to paycheck and I've come from a family doing the same. 

It is safe to say you have come to the right place. I definitely enjoy the energy here as it is very motivating. It's also kept me going striving for my goals. I wish you the best of luck with all your endeavors and from one law enforcement officer to another, I'm always here for support if needed. 

@Dwayne Byrd

Thank you I appreciate how welcoming everyone has been so far. I definitely appreciate this resource being out here as I've learned more here than I have just researching. 

Thanks for the info, it definitely makes sense when you spell everything out. Luckily we will be putting the house in my name when they move out so hopefully there won't be any sticky issues but understand how something could happen. 

I definitely have a lot to consider. It definitely helped. 

First off, Thanks everyone for the support. I'm hoping this is the start of something great that I would be passionate about. 

@Ray Burrola, That is almost exactly the same situation I'm in now, I've thought of the renting option as again I have a career now but I work for 4 days and I'm off 4 days. So I have some idle time on my hands. My first question for you would be how exactly did you study real estate? I personally have been looking at Zillow for estimates around my area but again I'm not looking to sell for another year or 2. Second question would be by buy and hold do you mean purchasing a property and keeping it until the price goes up by the appreciating area or forcing the appreciation on said project? Sorry for the questions, but it seems lately like I have many. I definitely see it as a head start and I'm trying to make the most of it in a smart way. I've thought of renting but of course there's some risk with the tenant moving in, if they'll take care of the property how you would. 

@Yoli Mira, Those are a lot of questions but I don't see the why? Some of it I can answer. I've never been pre-approved for a home loan so I'm told I'm still able to get a first time home owner discount when I do. I have excellent credit and provable income. Not on the title and I did keep their existing loans, basically I'm paying their mortgage with no changes. Similar homes in our area are 180k-200k starting w/o renovations and around 240k-280k with renovations. Last home sold approximately 2 weeks ago at about 245k with minor renovations. By minor I mean the kitchen was not updated, bathrooms or bedrooms, purely sold on some minor cosmetics. So I bare to ask how is this going to help me? Again I'm not sure how the buying and selling goes, seeing as the house is not paid off it's not like I'll receive the full let's say 200k. It is still a foreign concept to me, obviously I know most people put about 10 to 20% down on their first homes. So do I get paid over time or does it the mortgage company cover the rest and set up a payment plan with the new owner. Again I have so many questions and I continue to do some research when I have the time. 

@James Yang, Thanks for the info! I'll definitely keep that in mind, but that sounds exactly what I wanted to do without the use of technical terms. But I'm hoping to use some of that money again to own a small business or find a foreclosure to fix up and flip. It's a sellers market right now, especially here in Florida, I just have to look in the right places and I'm sure there's some deals around. Ultimately though I'd love to find a home of my own so I don't continue the perpetuating cycle of buying and selling properties that I stay in. 

@Mandira Feldvebel, Thanks for the advice.

@Dave Carpenter, Thanks, yeah I understand there's going to be some work on my part and I am not opposed to doing it or continue doing it the more properties I would own. I'll definitely do some homework on rental properties. I can see it's as you said, a car wash is great passively until something doesn't work and it can happen with anything. 

Best regards,
Edward

I agree as well Mayi, hoping to learn something being here. 

Hey everyone in the BP community, 

First and foremost I want to start by saying I have zero experience in real estate or any form of business ventures. I do however have an increasingly growing interest in it. Finally being pushed by a friend to pursue this interest and even started reading various books such as Rich Dad Poor Dad, that put the nail on the coffin, to start acting on it.  A door opened for more me recently that could lead me in this path and I decided to take it.

So that door ended up being owning my parents house as they downsize and move out. Ultimately the home is in an appreciating area but is also in need of some renovations that I plan on doing the bulk of myself. Hoping to push a profit on the house when I do sell it. There is no real risk on my part so far.

Ultimately I'd like to know how to get started on this venture after the house is sold, where should I focus my investments and how. I'm looking for financial freedom in at the minimum of 5 years and obviously grow from there. What exactly should I be looking at owning? I've had some thoughts on owning Car Washes, Storage Units, or anything that doesn't require too much maintenance or man power. But again I have no real experience in this so I'm bouncing ideas to myself. 

Any advice is welcome.

Thanks,

Edward