All Forum Posts by: Frank Avallone II

Hey @Rukiya Bluford! Nice to have you hear and I am excited to hear your interest in investing in yourself and your community. I am a real estate investor and mortgage lender. I would love to answer any questions you might have!

 Great point @Ross Harter with the 1031 option.

@Orville Joseph I sent a connection request. Feel free to reach out to me. I'd love to help you out with this!

Hi @Summer Brandimarte, I may have an option for you! I'll add you now and we can discuss another potential financing option. 

Hey @Ross Harter, I know this is not the ideal answer but I do believe this does come down to what you prefer. 

Aside from that I would look at a few factors to evaluate this.

First, do you have an idea what the current market would allow you to rent the house out for? Try doing the math to see if you would cash flow(have excess money left over from rent after paying the mortgage and your other expenses from the house) on the property with the market value rent.

You mentioned needing to do the roof and gutters in a few years. You can also factor this into a 5 year scenario for the property once doing the math from the previous scenario. Find out what the monthly cash flow is and then from there I think it will be easier to make a decision on either cashing out by selling or keeping it as your first rental.

If you think the income it can potentially produce is worth it then it may make sense to keep it as an investment property. If it doesn't you can always sell it and try to find something more suited for being an investment property. 

Hope this helps!

Hi @Kiernan Weese , 

@Nicholas Misch makes a great point. I would check out the leases that Bigger Pockets has to offer. If you wanted to take it a step further you could always have a local attorney review it or provide a template for you. Maybe try the attorney that assisted you on the deal. 

Another option is to see if your realtor can send you one. That's initially how I got my lease template when first getting started. 

Hi @Orlando Goodon , I'm sorry no one has given you a reply to this question yet. Are you still curious about this? Has this been resolved? If not I'd love to try to help answer your questions!

@Jamie Fowler, happy to hear you are eager to begin your real estate investing journey! If you have any questions at all, I would love to help! 

Hey @Jason G Goepper, happy to hear you are eager to get into real estate investing! I'd love to help you with some of these questions and bring some clarity to the correct order of operations! I literally had the same exact issue when I first started. I'll add you now and maybe we can jump on a call when you are free! 

Ideally you would want to start with a lender, luckily I am a lender. Even if I can't service the state that you live in I would be more than happy to help.

The reason I suggest starting with a lender is because a lender can ultimately determine how much buying power you have. Once you have that figured out you can then work with in that range to determine your own budget. From there you can start to build a road map for the investment financially much better. The next thing to do would be to find a realtor in the area you are searching. I always recommend finding a realtor that at the very least has worked with other investors on purchasing properties that are investments. Ideally them having some personal real estate investing experience themselves would be even better. 

Next, in most cases either the lender or the realtor would be able to recommend a trusted attorney. You don't necessarily need an attorney prior to finding a property but I think it is a good idea to speak with one to set the stage ahead of time. 

Once you have your pre-approval from the lender you can then give your realtor an idea of what you are looking for.

Then when you find a property your lender will be ready to go, your realtor will help make the offer and then those two along with the attorney will get the deal started. One of the 3 professionals mentioned prior can also recommend an inspector and title company for the transaction.  

I hope this helped! Again, I'd love to explain more via phone call!


 

Hey @Orville Joseph, how long ago was the issue? Have you tried getting pre-approved before or are you hesitating because of this issue you are mentioning.