All Forum Posts by: Jose Garcia

i would be interested. 

I'm interested.  Please send me details at [email protected]

Hi All,

My wife and I are building our personal property which should be closing by the end of February beginning of March.  Currently we are running a direct mail campaign to wholesale what we put under contract.  However we would really like to get a deal under our belts for buy and hold.  We are concern with doing anything that will affect getting our own mortgage since we had to put down 5% of total purchase price for construction.  Are there any ways to purchase properties without it affecting our own mortgage?  Thanks,

Jose

Thanks Everybody.  Happy to be a part of such an awesome group.

Hi Bigger Pockets Family.  My name is Jose R. Garcia. My wife and I recently embarked on this exciting adventure called Real Estate Investing.  We are still newborns at this and we are still working on deciding what our focus will be and what areas to start our direct mail campaign.  We are looking to network with those of you from the DMV area, especially those in the northern Montgomery County and southern Frederick areas.  Thank you.

Thank you Tamara.  We are meeting with a CPA today to discuss all the tax implications for every option but we are leaning towards not buying and renting for a while and with the money for the down payment either:

- buying a rental property or two

- buying one rental and looking for a fixer upper with a 203k loan

Our main concern now are schools for our daughter because she only has one year left before going to kindergarten so we have to be in the are of the school she will be attend by early next year.

We definitely need to make the decision that our priority will be our Real Estate business and not our W2 jobs and take the option that provides us the most flexibility and make the best of it for our daughter.  Thank you

Leland Barrow thank you so much for your response.  It definitely helps us a great deal.  In terms of our goals as investors long term is definitely buy and holds to build enough passive income to work because we want to not because we have to and to have the freedom to travel and do the things that most people think they can only do when they are older.  I would like to start buying rentals now, my wife is more interested in flipping first.  We do make decent w2 income.  Right now between interest and property taxes we were reducing our taxable income by around 20k.  We both are putting 10% of our income towards retirement and using the FSA for Health and Dependent and we are still owing money on taxes.  I have a part time personal finances business that helps us with taxes but I want to transition out of that and just do Real Estate.

I think you hit the nail on the head when you mentioned math vs emotion.  The idea of the house was to give our 3 year old stability and have our house to just focus on the business from then on but in reality the house would give us less leverage and freedom.  The house is obviously the emotional decision vs renting and buying 1 or 2 rentals would be probably the one that really puts us towards our goals and dreams.  

This particular house is on an area that's booming and we thought that for the price that we are getting it it was a good deal long term but it will take our money instead of providing us with income.

Thank you.

My wife and I are just starting out as Real Estate Investors and are looking for our first deal.  Trying to get creative with our financing we ended up selling our house.  However thinking that we should get settled first we have a new home under contract to purchase.  It hasn't been built yet.  Since we haven't paid the full deposit on it now we are considering walking out of the deal and using the profit of our townhome sale to buy some rental properties out of state.  We are concerned that, since we are both w2 employees not buying a property will kill us on taxes and that the rental properties won't be enough to offset that.  Should we buy our home so that we don't have to worry about it or rent ourselves so that we can use the money to buy 1 or 2 rental properties probably in Texas or Memphis.  What do you guys think?  Thank you very much.