All Forum Posts by: Joe Sniadowski

Im very new to real estate and trying my best to learn and seek advice.  From what im gathering and have through life in general is that everything is a business and everyone is looking out for whats in THEIR best interest when it comes to money.  So when it comes to banks, is it wise to ever go to them with questions or advice or are they simply going to tell me whats best for them and not me?  Will they tell me whatever i can manage to do but profits them the most or are they a reliable source to discuss my money management?  

Thank you both for your input!  I knew there wouldnt be much money to be made on this property.  I just wasnt sure if it was a property worth investing more into or just selling once renters lease are up.  Huge help guys, thank you

So i’m very much a noob to real estate.  I literally just started in the past week reading up on it.  In that short time ive listened to about 15-20 bigger pocket podcasts all day while at work and reading as much as possible when not working.  Its my new addiction.

Anyway my question may seem extremely stupid or unrealistic but its worth asking.  My wife bought a condo right before the real estate crash in 2008.  Prices were high.  She put no money down on it and as of now (10 years later) has only paid off the interest but is just now chopping away at the mortgage with a rental.   She purchased the condo at 180k.  Her monthly mortgage is 1200 but pays 150 in condo fees.  When her and I got engaged 3 years ago, I purchased a new house (in my name) for us to start a family in.  At the time the condo value decreased to about 160k and we decided at the time if we could just rent it out to cover the mortgage and fees, we could make some equity and sell it later even though we werent making cash flow on it.  We had a reliable renter already lined up so didnt have to worry about the search or vacancy. Fast forward a couple years to now.  The economy is turning around and we are in a better financial place as well as a returning market.  We also already have tenants so arent rushing anyone in to avoid vacancy.

My, admittedly, ignorant question is, can i purchase her condo, which is in her (maiden) name, myself?  In MY theory, I buy the house from her and am able to put a downpayment on it.  I can restart the 30 year mortgage but with lower monthly costs, thus making our current rental bring in more cashflow without raising our current tenants cost.  Also my wife would be getting the money in equity so it stays in our pocket and we dont “lose” on the purchase end.  And we can use the money she “gains”  from the sell to maybe put back into condo itself to eliminate some interest (or for other purchases, expenses, etc.).  Or is this something the bank would see and out the kanish on it.

Does any of that make sense or seem plausible or is that the pipedream of an inexperienced noob?

Thabks for any help!

Thank you James.  I was hoping I wouldnt have to put down quite as much but we all have to start somewhere.  Thanks for the help!  Good luck to you

Hi everyone, 

First, I want to say i was really excited when i found this site and it really lit a fire under my butt.  Im 33 years old, married, and have 3 kids.  Ive been an electrician for 10 years so have plenty of construction experience.  I flipped my first house in Delaware when i was 26.  Bought a very out of date home for $230k and virtually ripped the house apart and remodeled everything.  Sanded and restained all hardwoods, gutted small powder room, remodeled bathroom (besides shower), and ripped out kitchen vinyl flooring with leftover hardwood that i had from my brothers house, redid countertops, and of course a new coat of paint in every room including ceilings.  All in all i spent less than 6 grand in repairs and turned my 235k house into 280k in 2.5 years with minimal money and without the intent of flipping.  I planned on living there a long time and just did the repairs that i did for my own benefit and was going to redo everything again down the line when i had more money and wasnt doing everything all at once.  I ended up selling the house when i got engaged and bought a home in Pennsylvania with my now wife.   So i have the experience you could say and a decade of construction as my career, which obviously comes in handy in this business.

Anyways, im looking to start buying and flipping and/or renting.  Now,  my problem is i need to support my family so i cant just quit my job and throw caution to the wind, or sell my house and buy a cheap one to move into while i repair it, as i did my first house.  So being on a tighter budget this time around with less time to put ALL my life into flipping a house (at least for now) for a quick sale,  i figure my best bet is to start through a rental.  I figure if i find a good deal that doesnt require too much time or money in repairs and find a suitable renter, its more cashflow to give me that little boost to get started before i can make some waves.

So my question or advice that im seeking is, when i do find the deal(s) that i like, do you think it would be more beneficial for my situation to buy at 3.5% down and buy more houses that way in order to get the ball rolling or put down 20% on one house?  

Thanks for taking the time to read this and any input is greatly appreciated!