All Forum Posts by: Mark Gonzalez

Thanks Junior Soares. Thanks Franks Geiger I'll consider that approach as an option. Sean Ybarra, Yes I'm crazy. My credit was very high, and I went to some real-estate seminar where they encouraged us to use credit cards to build credit. They were more referring to cases where the numbers are better and you can flip fast and cash out refinance. I was eager to start in real-estate and I did it all wrong. Julia Green, the house was move-in ready and accepted by the bank. I let go of one tenant that was rented because their lease was up and they were a problem tenant. I went to redo the carpet when I ran into broken floor joist and other things. Should of been a quick repair, but I wanted to change the whole place around to get more rent and to make the value of the house go up. The electrical was all screwed up too. The breakers would keep popping. Some circuits were shared with apartments. My one bedroom that was separate was pretty much running on one circuit on knob and tube wiring. I pretty much r-wired the whole house being an Electrician. I Should of just left it, given the area that it was in and just slap make up on it until I saved enough to fix it all. I must live on the Property with an FHA Loan. I've thought of getting a roomate to rent my one bedroom, and Me just sleeping in my car, only going in for food or shower. I can sacrifice if I have too. Thanks Nathan Hui, I'll consider that. James Debenham, I've owend the house since May of 2018. My newly renovated apartment is rented out for $525 with utilities included. For the other two bedroom with the person moving out, it was rented for $475 and they paid utilities. I was going to jump up to $600 a month which is still low on market price. Not at once but in stages. But they ended up buying a house where the mortgage was cheaper. My one bedroom Apt. Is unique with wooden arched windows etc. I was going to rent for $500 a month, or use as an Airbnb to possibly serve some of the businesses or colleges in town. I live on an historic road with brick pavement. The utilities don't have to be included in the rent. I should of at least set it to something higher like $625 a month. So basically its an income of $1500+ a month. I pay my mortgage, insurance, taxes at $726 a month. That includes the extra that FHA requires you to pay. Other wise payments would be way less. Dennis M. Yes I'm a handy man. My first time renovating a place on my own. I was just a helper for other places. I didn't know all the short cuts or local places to save money. I brought in a contractor at one point when I was stuck and moving slow, to hurry the process along. I'm willing to sacrifice Live in My car again if that's what it takes. I talked with my old land lord and mentor, he said I screwed up bad and suggested that it will take too much time in my to regain my self and suggested bankruptcy route. I've always paid my bills way before they were due, I'm just at the point where I've depleted my reserve money and could start missing payments. I don't want to cave, I'm trying to look for financial savvy ideas to get out of this mess and as quick as possible. Thank you Jay Hinrichs for your input. I would like for someone to just buy the house from me at the price of all my debt with an agreement that I'd buy it back from them in three years once I've regained myself. I really don't know if that's possible. At that price they can still make a profit of $200 per door a total of $600 profit. I could rent and finish fixing the place.

Thanks for the replies everyone. I very much appropriate them!  I will be replying to each here shortly.

Shaun Weekes, I Owe 86,000 on the house. It was last appraised when I bought it for $90,000.  I dont know my area that well but Ive seen some houses go for $130 k int he area.  Being a newly renovated three family I imagine it being more.  I put about $30 k into it so far.

Thanks for the Replies.  Will Frazier, I'll ask the banks about the credit cards. They usually only give me around a thousand to start. Theresa Harris, yes I live in a one bedroom apartment which is the last to be fixed.  I just recently renovated one of the two bedrooms, and have it rented out, but I made the mistake of including utilities and getting less out to help someone get on their feet when its not helping my original plans.  They are locked into a year lease.  My other good faithful paying tenant is moving out and buying a house since it was cheaper.  Now that they are moving, I must replace some old carpet etc. to keep that place up to par to rent. When Ive already designated the money to finishing my one bed room that I'm living in.  I don't have enough for my one bedroom, with other emergencies that have come up.  Jerry Padilla, I'll look into to that, Thanks  I almost wish someone would buy it from me, the amount of all my debt and than let me buy it back when I have re-established myself.

Hi, I own a three family house through FHA. I bought the place at market price. Once I moved in I started renovating with credit cards and loans. My plan was to cash out refinance in the end and pay. Now I have to work two jobs to pay credit cards when the plan was to add it to the mortgage through refinance to pay less and receive a profit each month. I'm tired of burning two ends of the candle and need some direction to get out of this mess please. Just curious If its better to just sell and try to pay off credit cards with the sale avoiding bankruptcy , but the house isn't completely remolded, or if there is some way to get a loan to finish and sale or refinance. Is bankruptcy an okay option, to drop it and start over? I have a lot more to explain my situation, but I'm just reaching out and seeing if there was someone that could help me. Feel free to email me thanks bigger pockets family.

What If you live in an RV on the Property, and rent the house out. The RV can give you a place to store your belongings. I dont know If it would be an Isor In your current property, But your residence will at least be at that address.

Hi Cameron, I've been following Valuetainment along with Biggerpockets.  A 15 year old asked him how to start making money and he mentioned that he could start making money on Instagram. There are a lot of little things out there to make money using the web that doesn't take much of your time.  Biggest thing is to save money how ever you can.  Than you can take that money and start out with a small partnership deal with someone more experienced calling the shots.  Observe and take notes, and keep putting your returns into partnership deals, whether you do physical labor or invest money, until you have enough skill and money to go out on your own.  If you have to rent to go to college. Find someone to help you get a house that you can house hack to save money in college.

Big Daddy Kiyosaki would say.  " If you want fancy cars, just buy another asset that will pay for it."

I have heard a lot of Great responses.  Didnt have time to read through all.  Honestly What if you can think of your fancy cars as an asset?  I mean their are a lot of car enthusiast out there that would pay fortunes for certain kinds of modified cars.  If you like cars and want to feel less guilty, find cars that will be worth more later, and find them cheap.   I guess the point is find the things you can indulge in that will make you happy and in end make you feel less guilty because they aren't chosen carelessly, but profitably. Big Daddy kiyosaki would also say " I wont go into a deal unless I knew a way to get out of it if I had to"

With that. Buy something that you like that you know will be of value to someone else if you need the money back asap.

Good to know Dawn Brenengen, Thank you!

I was referring to no money down. Thanks!