All Forum Posts by: Michael Koncaba

Very true. Thanks! 

Thanks Darren.

So even though its a private lender, it changes nothing as compared to a conventional mortgage?

Heres a hypothetical,

If you offer to buy a FSBO with cash at a deep discount and they accept your offer, is there anything stopping you from turning around and selling at market?

Now heres my situation,

I may be able to raise cash through private lending to purchase a home in my hometown from an owner going the FSBO route. I would offer at best 110K for the home cash, which I would raise form my private source @12% interest. If the owner accepts, which is a huge if, I would turn around and sell the home at market, which is at least 150K here in this small market. In theory this makes me a nice little profit, even after paying all my borrowing costs and selling fees.

Is this realistic? I need someone to fill in any potential holes in my plan.

Thanks BP community!

@Jose V. I am also from Alvin! Nice to know I'm not alone. He is correct take in all you can from the education tab above, watch/listen to the biggerpockets podcasts, and search the forums. This site and community is tremendously helpful.

Thanks Gentlemen. While this deal didn't work out, I greatly appreciate the words of advice. @Fred Heller Thanks! When I do land my first property I will contact you about mgmt.

@Jake Wood Interesting article. I saw a news story about the top districts in Houston a couple years ago and it was Friendswood then Katy at the top. Either way a home in the 2nd best district sure isn't bad. 

I feel like this is a stupid question, but do new homes usually come with refrigerators? I'm looking for my first property and that might change my timing a bit.

Thanks for the help!

Michael Koncaba

I accidently posted on the wrong forum! Darn! 

Hey all. 

I'm currently in the process of analyzing my first rental property, and the numbers all look great so far. Only thing is, I'm a newbie and havent even purchased a home so I'm looking to fill in all the gaps and make sure I have every bit of information and experience I can learn from before I pull the trigger. Here are the details. 

The home is in friendswood, tx. A very hot area from a few miles from where I grew up. Best school district in at least Houston of not the state, high population growth, very close to NASA, a mall and its coming in well below market (at least according to my agent).

My questions are: 

1. How long does it take to set up insurance once I own the home, and how much does it cost? 

2. Has anyone used renters warehouse before to rent the property out? What was your experience? 

3. Are there any key questions I should ask the seller? 

(I know to ask about potential major repairs, operating expenses, income)

4. When will I be responsible for the taxes? I think I'll be billed after year end for my fraction of the year owned times the total tax, that corrrect? 

I appreciate any help greatly, and anything else I might be forgetting. 

Michael koncaba

Great advice brother! I am in the process of jumping in right now! excited about the future. God bless and good luck

I am a CPA and newbie investor born and raised in the Texas Gulf Coast area (between Houston and Galveston), mainly my hometown of Alvin. I have no experience in RE yet, but am very excited to learn everything possible and work toward finding my first deal. I am a numbers guy and would make a great partner for running numbers and exploring tax issues. My ultimate goal is to be able to quit my job and have pure financial freedom, so I am naturally drawn to buy and hold investing.