All Forum Posts by: Jennifer Jo McCallon

This article makes no sense. What is your take?

https://www.ktvu.com/news/flam...

I'm not sure if this was addressed, but are you working with an agent? That is where I would start. And a great lender- someone who really wants to see you succeed- not just an agent, but a partner who will help you figure it out. You can buy with 3.5% down, 3% conventional. Find something ugly, something that has been on market for every so slightly too long. 

Like many of the posters above, I started by buying when I could barely afford it. We were so leveraged. Looking back- with kids and one income it was so so so risky, but we did it and it worked out. 

To be clear, by "Do the right thing" I mean, if they tried to cover up known damage and didn't disclose it, they should give back the earnest money. Any broker worth his salt knows the #1 rule of real estate is DISCLOSE. Sounded to me like they covered up termite damage or similar, but I have no way of knowing.  If they knew of damage, it would be in a transfer disclosure statement or seller property questionnaire. Now if they didn't know, that is a whole other things, and they may pretend to not know, but actually know, and that is where the "do the right thing." comes in. 

I am curious about wholesaling, buying tax default properties, county courthouse auctions and "off market deals". I work with many first time buyers and meet potential clients at open houses who have a lot of ideas about buying real estate and I'm on a fact finding mission to dispel myths about investing. I have always bought the regular way- with an agent (or representing myself in the state in which I am licensed), on market properties and fair negotiations. 

My question is: What are the biggest myths amongst novice investors? What is the best way to succeed in real estate without a ton of capital for someone who doesn't own anything yet in a high COL area (like San Francisco's East Bay)?

Depends on the contract. First of all, I highly recommend everyone who buys or sells real estate take a serious contracts class and get some legal education. I have been taking law school classes p/t on the side and it has helped me understand things so much better. 

Second, I'd say ask to cancel and ask for your earnest money back. Some sellers will do the right thing rather than jump through legal hoops, start there. Say as little as possible beyond noting that there is undisclosed damage and you would like to cancel the contract. Finally, review the contract carefully for an out- there is probably one in there- but nobody here can really answer without seeing the terms of the contract specifically.  Good luck to you.

I wouldn't take the whole $100k, rather more like $35k, and buy a lil vacation cottage. Airbnb to cover the mortgage, and save some time for family.

1. Great year as an agent, building a better business with a solid web presence including BP.

2. Happy marriage, comfortable home, happy kids. 

3. Building out my rentals and buying my first airbnb (1 month stays @Russian River!)

4. Successful year at law school, and the ability to go to law school, pay for law school etc. 

5. Having a circle of encouraging and successful people around me

Come check out this gorgeous, huge 2700 square foot 5 bedroom, 3 bath house in Oakland near Golf Links Road. We will have door prizes, wine and cheese gift bags and other holiday give-aways to get you in the winter bright spirit as we kick off holiday season 2021. No obligation, just come by and say hello! https://www.realtor.com/reales...

I would love to know what you learn. Seems like there would be a way to pull equity out of some resources to pay off and considerate the others with the amount of equity you have, and take that liquidated cash and put it into this new investment... but is there an easier or standard way to consolidate all of it? What are your current interest rates? Can you do better? 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $19,500
Cash invested: 19,500

Two rowhouses in Braddock, PA

We are slowly upgrading these properties.