All Forum Posts by: Account Closed

Hello Neil,

Have you seen this video by any chance?

Hope it helps!

So, you will flip the house?

I would think about it that 6% is worth your time. If it's going to take, let's say 3 months, is the net profit worth those 3 months of your time? Or would you prefer looking out for a better deal and have a better ROI on the same 3 months?

Ultimately, if you think the house isn't worth those extra 10k don't buy it. Other deals will come for sure or maybe the same house will go down in price later on.

Remember, you make money when you buy.

Hello Jermaine,

If you're just starting I would recommend the BiggerPocket's Ultimate Beginners Guide: https://www.biggerpockets.com/real-estate-investin...

But if you want to be more specific about what type of deal you'r planning of doing maybe I can suggest another book.

Hope it helps.

Hello Omar,

I don't know much about wholesaling but there's a BP podcast show with an experienced wholesaler called Sharon Vornholt where she talks about her process. And I think she's even here in the BP community. 

Check it out: https://www.biggerpockets.com/renewsblog/2013/04/0...

Cheers!

@Brent Coombs, thank you!

Cheers

@Brent Coombs

That's common credit here in Portugal nowadays. There's a regulating tax called Euribor which determines the interest for inter-bank loans in the European Union; and this tax has been really low for quite some time, manly because of the financial crisis of 2008. This tax changes every day and the mortgage interest can actually change accordingly every year, which can make a 200€ monthly loan become a 300€ monthly loan. Don't know if you have something like that in the U.S...

Do you think I should sell this house and try to get my next deal with a better price-to-rent ratio instead of financing this one? I've considered this because here the market is inflated and in a year or two it might not be anymore and then I might not get the same profit from the sale if I want to sell it.

I think maybe you could talk to some of the bigger investors here on BP and see if anyone might be interested in investing your money.

I don't know anything about Note Funds but 12% COC sounds good if it's low (or no) risk.

@Brent Coombs Hello Brent!

So yes, the house had a significant appreciation, because of my rehab and also because of the market itself became more expensive over the last two years. I can probably sell it for 120K today; so I have extra equity on the property as well as the 6.05 % COC. Another thing is, in January, when my tenants leave, I'm going to do a little improving on the house and I can probably go from 5520€ to 6720€ (net profit per year) by bumping up the rent 100 €/month.

From the credit simulations I've done the mortgage will not cost that much. Worst case scenario I can get a 3% interest rate at 40 years. I already talked with three banks about this. So it will cost less then 4k per year.

But I definitely agree with you. I do need to find better deals! I didn't know what I was doing very well when I bought this property but I've been reading a lot and I will do all the math and find a better deal for the next one.

Thanks for the advice. Really appreciate it!

Hello Power,

Welcome back!

I'm new to the forums and I already found it really helpful, so I definitely recommend you keep coming back. ; )

Wow! Those numbers are off the chart. It was probably a great deal even with the rehabbing so congrats on it!

Don't let your guard down because of it. :P