All Forum Posts by: James P.

@John Leavelle I've started looking at the numbers and told the family member that we'd have to wait on going any further. I appreciate the advice. I can really use all the advice everyone can give.

@Natalie Kolodij thanks. you are right!

@Christopher Blanco  I appreciate the wisdom and will take heed.

@Christopher Blanco ok I'll wait on the LLC idea. thanks that takes a lot off my mind.

@Natalie Kolodij "An Accurate Idea" I have a rough idea and it seems sound enough to plan on buying the house. How much it'd cost to repair the house? I honestly don't know. I'd have to look into remodeling homes because the house is half tenant friendly (its a duplex and she is basically house hacking as of now). I would potentially try to get as much as I could from the 203k loan and rebuild as I house hack myself.

I have a family member that has a property and she owes $80,000 on the house. I asked her if she'd sell it to me basically and she replied yes. I've heard that creating a LLC is not the first step, but still important. I am thinking I begin a LLC and pull a fha gift equity loan from a lender to buy the house. I was hoping that through this loan I'd be able to get a 203k loan to follow suit, so I can force appreciation. I would then refinance and pull the equity to pay off the fha gift equity loan and hopefully the 203k loan and whatever is left purchase another property!

Does this sound a little right or even possible?

I will be coming from New Haven, CT

@Jon M. I am really interested in seeing how you analyze a property. But the more you do your thorough analysis the faster it should become. I've seen multiple locations listed above like New Haven, Hamden, Wallingford, and Meriden. Try choosing one or two and only analyze the deals from that location(s) so you're not looking at too many deals from different areas. 

@Jake Hottenrott thanks. I'll be sure to do so.

Hey, @Jack D. I can't tell you any good property managers, but from what I've learned you can hire a property manager at any amount of real estate owned.

Is there a section on the site, where I can learn about doing my taxes the smart way? Or getting help to them the smart way (becoming self employed to claim write-offs)? 

I kind of sort of have a self-owned business (YouTube - Brought a lof equipment to start it up), and just learned I could get some if not all my money back by claiming write-offs.

@Jon M. The 2% rule shouldn't stop you from going further! Its just a rule of thumb. If you see a property that fits your criteria or your goals for real estate do a full analysis. Another note is the listing price is like the sticker price of a vehicle at a car dealership. Just because the sticker price states $4,000 doesn't mean the car is worth that much. You can go in with a low offer or high offer. From what I've learned about real estate. A house could be 100,000, but I can offer 65,000 because I feel 65,000 will turn a profit. I can either get the deal or not. If I don't I just go to the next property and place another 65,000 deal until someone accepts my offer.