All Forum Posts by: Michael Simolke

@Benigno Cunanan You are correct. Look for a 1% that needs some work and bring the rent up.

@Johnny Lau Be VERY careful when buying something with a tenant already living there. Most of the time the current landlord is trying to dump that property because the tenant doesn’t pay and the landlord doesn’t want confrontation or have to go through the eviction process. ALSO, a 24k most likely will not appreciate in value or be able to raise the rent on, depending on location. Hope that helps!

Sir, what is the actual address of this property? Thank you

Thanks everyone for the replies! 

@Alan Chambers forget the friend, find a partner that knows more than you do about flipping/real estate. Leverage their experience and knowledge and save your friendship. Real estate will throw some stress on you when you least expect it and even if you can handle it, your friend may not handle it the same as you. Hope this helps!

@Jeremiah Gaviña join the national guard reserves part time, get a va loan with 0 down payment, then house hack your way into real estate.

@Rachel Degennaro do the 30 and if you really want to pay it down in 15, just make extra payments.. the interest you save between a 15 and a 30 isn’t that much. The 30 allows you do have more cashflow in case you get into a sticky situation with your finances. 30 is always a better choice!

@Brandon Ribeiro not sure if it’s bee covered yet. But as an investor, you don’t want to buy something fully rehabbed. Always look to add value to a property that’s where the true equity is built in this market. There aren’t many good deals around so you have to “make” your own deals by finding something distressed and making it pretty again. Hope this helps and best of luck to you brother!

Hey guys and gals. I’m 24 just started investing in RE a year ago. I have 4 properties. 1 is break even 1 has $300 cash flow 1 has $500 cash flow 1 is going through eviction I have about $330,000 in debt. And $18k in cash reserves. Am I over leveraged? What steps should I take now considering the current market conditions.. thanks everybody!

Looking for any seller financed deals in North Carolina or surrounding states. Anyone have any good ideas on where to look?