All Forum Posts by: Nicolas Ake

Okay thank you!

Hello,

I am currently working about 65 hours a week and feeling a bit burnt out.  On top of that I still haven't done my first deal and being the only household income, not saving enough to build up reserves and holding costs to make the first deal a smart move. 

I was considering becoming a real estate agent. I believe if I hustled as much as I do at my current job, I could earn more and start investing sooner. 

As far as I know the cons are-

- wholesaling is not so much an option due to not being ethical/ best interest of client? ( or are agents the only ones who can technically legally wholesale? Seems to be a grey zone.)

- having to disclose you're an agent?

-maybe losing the benefit of having an agent as another set of eyes/ experience?

Hello,

I am looking to receive a home from a family member. I believe it would be considered buying subject to/assuming their mortgage. There is about $40,000 left on the mortage. There's about $40,000 in equity but the ARV is $95-110,000.

Can you refinance the home after receiving it? The interest rate is currently close to 7%? Also, do I have the right/ ability to take out a HELOC or cash out refi after repairing to acess the equity for further investment?

Thanks

Hello, 

I am looking to receive a home from a family member. I believe it would be considered buying subject to/assuming their mortgage. There is about $40,000 left on the mortage. There's about $40,000 in equity but the ARV is $95-110,000.

Can you refinance the home after receiving it? The interest rate is currently close to 7%? Also, do I have the right/ ability to take out a HELOC or cash out refi after repairing to acess the equity for further investment?

Thanks

When using hard money, is it possible to get a pre-approval letter for x amount? 

Or not, since the loans is based on each individual property and not so much my personal finances.

Thanks!

Thank you Jaysen! 

Hello everyone,

How in depth is an appraisal before attempting to refinance? Is it possible for it to appraise for about the same you purchased it for even after putting in $10-$20k? I am looking at houses that vary in value with similar square footage and beds and baths by $30k-$40k on the same street. I know they say dont have the nicest house on the street but in my neighborhood there are some people who have put significant effort into improving their homes and those look like they are the higher valued homes. As long as it's not the nicest house in the neighborhood you should be okay, correct?

Thank you!

Wow great advice. I'm still surprised at how helpful and thorough everyone is here on BP.

Thank you!

Would you even consider buying a apartment building built in the 1920s? If the inspection isn't too bad and the deal made sense would you go through with it? 

The building is almost 100 years old!

Thank you

Richest man in Babylon is often recommended on the podcast as well! I enjoyed it so much I read it pretty much in one sitting.

biggerpockets.com/books