All Forum Posts by: Patrick Hermans

@James Smith your first investment is definitely an overwhelming experience. My advice would be to focus on just the major numbers. Getting caught up in the very minor facets of analyzing a deal will kill the chances of you making a purchase. Work hard to avoid paralysis by analysis 

@Alex Maas Go sit down with the city zoning officer. They might be willing to talk to you about the easiest way to do it. 

@Riz Ahmad No, its expected

Its not an investment book, but it will help you connect and network much better and that leads to anything. How to win friends and influence people 

Unless you have walk through and inspected hundreds and hundreds of homes, hire an inspector. They could save you thousands. @Account Closed

You could schedule post on facebook and boost them so they get good exposure @Sal Sanshez

Try a seller financing deal. If they own it outright, seller financing is a great options for both sides of the transaction. @Robert T.

@Nimit A. So the 1031  "like kind" exchange is only differing the taxes so at some point down the road youll have to pay them. Also, you can only take advantage of the 1031 if the property your buying is a similar property type (rental). The theory of the 1031 is that it gives you the chance to cashout and reinvest in a larger property without getting hit with taxes on the cashout. Another option you have is to take advantage of the 500K tax free capital gains, if the property has been your primary property for at least 2 of the last 5 years. Because your equity went up over 500K, I would look to do a 1031. But the clock is always ticking when you start that process. 

@Octavius Henderson FHA loans are a great option. Its the gold standard of low money down investing choices.

@Greg Lindor In that case, I would be comfortable with jumping in on the flip as long as their numbers and the ARV makes sense. Good Luck!