All Forum Posts by: Phillip Gonzales

@Scott Blevins

 okay thank you

@Jerry Padilla

 awesome responses ! I sent you a PM 

@Joel Owens

 you are very right! 

@Joe Fairless

 thank you I appreciate that! 

Hello fellow BP investors! I first want to say that I love this website and what is has done for me in the 7 months I been on. 

So my plan is simple for investing

I want (5) 4 plex multifamily and 5 SFR residents in the next 5 years. I have been doing research but feel that I will do my first deal as a FHA loan and take advantage of the low down payment options, but I am a licensed Realtor so everything after this I will do a 10% conventional loan since I get 3% in commissions that will go to my down payment and closing costs.

My price range is 150k to 200k per Multifamily and SFR and do 15 year loans with goals to pay everything off within 10 years. So I figure 1.5 million to 2 million + appreciation by the time I am 37 so that is my ten year plan. I as well have been slowing growing my RE sales business and set to close on 2.5 million this year while holding a FT job as an insurance sales professional. My overall plan is to quit my insurance job by 31 or 32 and go into FT RE sales. I have met many RE agents who are doing 18 million a year and 500k in commissions plan would to be at the caliber by 37 and than by everything cash and get into commercial! :) any insight or encouragement would help :)

Yep I can understand, but after showing my wife the #s she jumped on board I asked her can you imagine if we sacrifice a few years we can retire from our jobs by 32 both of us and pursue other businesses so she then said LETS DO THIS! 

@Amanda Keller I will for sure! 

So I need everyone's input please please and please :) 

I am going to do my first deal this fall and I am trying to do everything in my power to get as much information before pulling the trigger. I am planning to live in multi-family home. My goal is a 4 plex live in 1 rent the other 3. my price range is around 250k I plan on doing an FHA loan and was told that dp + closing costs would be around 10k. I am a licensed Realtor and was plan on using my commission as part of the dp costs. I am looking for something with existing tenants, but had a couple questions

1. While living in the home do you use a PM company or do everything yourself?

2. Can I keep tell existing tenants I am just renting or do I need to inform I am the landlord.

3. Would you focus on cap rates or cash flow. 

4.  Would you sacrifice more $$ for better area and in my eyes better quality tenants 

Please and advice from anyone is great I been doing many readings for sometime, but I am ready to do this :) 

@Sam Masiello

 yes you are right sir

@Matt R. Yes that was the podcast I was referring to. I have been looking at just cashflow vs appreciation, but you make points that I never thought of before. I am still gathering as much info as I can, but must say these 4 points make it a bit more clear! 

You are very right I assume appreciation will happen either way, but cash flow is king @Joe Villeneuve