All Forum Posts by: Mauricio Salom

Quick question when buying a home if the seller agrees to pay closing cost ($10k) and fix some major issues plumbing, termite etc ($5k) is he doing the buyer a favor? I disagree with a friend and I'm just curious as to what other people think.

3 bedroom 1 bath single family residence. Attached addition that can be used as a bedroom/family room. Plus approximatly 800sqft of detached living space. Recent upgrades throughout, Corner lot with plenty of storage space and RV parking. 

Than you 

@Thom MacFarlane good to know.

@Tim G. Thanks that makes sense I spoke to an agent about the whole scenario and he told me I've been watching too many BP podcasts lol. He said it does not really work in the real world so I guess he is somewhat right and looks at it more from the real estate agent prospective and not so much the buyer side. 

I have read on wholesaling but everyone seems to have different opinions on it. Most of what I have read is pretty much me (the wholesaler) dealing directly with a homeowner that is motivate to sell. My question is if a property is listed on the MLS with an agent is it possible for me to place an offer before i have financing lined up? The property seems like a good deal and I am genuinely interested in purchasing it but if for some reason I cannot find financing can i assign the contract to someone else for a profit?

Hello @Isabella Phillips

 I am actually in the same boat as you i bought in Chula Vista almost two years ago. My original plan was to remodel my home and use it as a rental but seeing how much equity i have gained in such a short period of time I have changed my mind. If i move and rent out my house i will break even but i fell like that is too risky, what if renters don't pay, you have to repair something etc. I have decided to sell and invest out of state where i can get multiple units. I feel like the more doors the lower the risk. A few others agreed with me on a similar post so Im not saying either is right or wrong but thats just what i have decided to do.

Congradultion on your flip. When you say you used hard money did they fund they entire purchase price and rehab cost or just one of the two?

I bought my first deal at the beginning of 2017 a SFR in San Diego CA. For the past year and a half i have been living in the home and doing most of the work myself and the house is pretty much done New kitchen, two full bath remodels, new paint inside out etc. Now im not quite sure what to do. The numbers don't really make sense as a rental i think i got something like negative $100 of cashflow after plugging all my numbers in the BP caculator. Lately i have been leaning more towards selling and taking my profits and investing in a few tri-plexes or four plexes in a market that cashflows alot better. Most people have told me not to sell but then again most of them have no experience investing in real estate so i figured id try to get the opinions of seasoned investors. The only down side to selling that i can see is I would have to rent for a the time being but I think in the long run its not that big of a deal. Please let me know what you guys think should i sell?

Thank you very much @Julia Shevchenko. Wholesaling is at the top of my list I actually had some "I buy homes" "1000 reward" business cards made. I understand the process and everything but i know there will be several bumps along the way that will seems like a huge deal to me as a rookie but will be a breeze to seasoned investors. I will definitely look into those REI clubs.

Hello all

I am writing this post in search of some guidance. I have read a bunch of books watched hours of podcast and everything was going so well. I bought my first property in Chula Vista CA. Jan 2017. I purchased the house with the intent of doing the BRRR strategy. Everything was going as planned until a few months ago. Through no fault of my own my hours were drastically cut at work. Luckily i read Set for Life by Scott Trench and i stared saving money and house hacking so Im not late on any payments or in debt, but now that i have my house remodeled I can not refinance because of the lack income. I now have alot of free time but not much money coming in. I am a commercial driver and could easily go find another job driving but thats not what i want. I recently attended a three day rich dad poor dad seminar and while it was very informative at the end of it i was not ready to go $25k in debt for a mentor. I guess what Im looking for is someone that invest full time that would be willing to point me in the right direction. I am willing to help out in any way possible on my end in exchange. thanks in advance.