All Forum Posts by: Joe S.

@Joe S. Yup it is a company car. Just make sure you follow all the rules. Then a few years down the road you buy it as your personal chariot cheap. Again make sure you follow all the rules and don't try to screw with the IRS. Your accountant can tell you all about it. Enjoy your new ride!

Has anyone ever bought a house and sold it financed with no money down?

For example, buying a property for $50000 all cash and immediately listing it to any buyer for no money down and at a 30 year 10% Int rate payment term.

This means that the buyer would be responsible for any damage to the house and, if the legal part is put in place correctly, the property would go back to your possession if the buyer defaults on their payments.

@Bob Willis not closed yet, but disclosures show $2333 origination costs ($238 points, $1500 origination fee, $595 processing)

$725 appraisal, $9 flood cert, $66 tax service

$1125 for closing protection letter, endorsement fee, title insurance, settlement

$95 recording

$391 prepaids

$961 initial escrow

Total closing costs $5705

Hello,

My wife and I have decided that real estate investing is the route we are going to pursue. After reading many books, and listening to countless podcasts and YouTube videos, we have decided that this is what we want to do! We analyze deals daily and we are ready for our first buy. Our only issue is money. We hate asking for a hand, but we both come from lower than middle-class families that are probably not even aware of what a savings account is. We would like to use a hard money lender, but with the current crisis it seems that they have stringent requirements at the moment. Is there anyone that would like to invest with us? We are wanting to buy, rehab, refinance, and hold multi-family properties. After we have refinanced the home into into a mortgage, you would get your money back with interest. At that point, we could invest in more deals together, if that is so desired. I apologize if this is the wrong forum or if this question is out of line, but we are all in and would like to start our success story.

@Mary Mitchell

Great post and I wholeheartedly agree.

A lot of talk on here is about huge multifamily deals of 100+ units and raising funds and doing syndications. That is good for some people, but that is not the only way to build wealth.

There are a lot of smaller investors out there (myself included) who have built wealth using smaller multifamily properties and without syndicating. To me syndicating is less about real estate investing and more about raising capital, and fund management.

@Joe S. One thing I will add is....Be picky with your partnerships. They are like marriage -- easy to get into and hard to get out of. Find a GP who you can trust and can deliver.