All Forum Posts by: Rafael Norat

Much appreciated for the feedback guys. I know there are many angles here, but coming from an engineering background, there is slot of catchup work I'm doing here. That's where I think a lot of people really jump to investing as there eduction platform without truly knowing what they are investing, which is what I realized I lacked when taking the course. Not saying the knowledge can't be learned elsewhere, but I'm at least getting it thru the course. I also feel having the option to list or refer to a realtor a transaction which may not have enough equity to serve as a wholesale transaction is beneficial as well. I don't see the disclosing part as an issue legally or by impression. There are always ways to frame a transaction legally to accomplish your goals. And if there isn't then you shouldn't be there. All in all, the course has forced me to really learn the product..

Hey everyone. I know this topic has probably been debated 1000 times, but did want to provide my feedback as I'm currently taking the Real Estate Salesman course.

I’ve always listened to the pros and cons of getting your real estate license as an investors, and have come to the resounding conclusion of YES!!

I should be taking my test in about 3 weeks or so. The first couple of weeks of class... VERY tedious and boring for my senses. However, once we got into the meat of things so to speak…, lots of great information on the different types of mortgages, contracts, roles as lenders, realtors, qualifications for easements, occupations, ..

The whole course actually opened my eyes more as an investor than I thought it would. It helped provide a valuable foundation to UNDERSTANDING YOUR PRODUCT, which I think gets overlooked a lot of times in the pursuit of making money as quickly as possible.

So, I highly recommend it to anyone looking to become a real estate professional, or someone just serious in acquiring a good amount of properties. My initial intent was merely for the MLS access. But, the course has proven to be a valuable educational tool and far more than I expected.

Good luck!

Hey Ryan,

I'd say the cash-out depends on what type of returns you can get with your money. I cash-out $20k from my primary to build $200k in business credit which makes me 10%+ cash flow returns on purchased rentals. So, in my case, it makes sense to leverage. I would say just look into your game plan.

Whether to keep it as a rental or not would depends if its a cash-flowing asset. If its only breaking even, that may be shaky grounds to cash out if your intention isn't to stay there.

Hope that helps.

Rafael

Hey Nicholas,

try to treat it like a big business from the start. That way you develop all good practices that will help you in the end. If your friends qualify and meet tenant criteria, then maybe you consider. But definitely separate friendship from business.

Hope that helps!

Great question Crystal!

I have my personal as a multi under my own name, as I didn't plan it as a business at the time. Ever since, I own all my rentals under LLCs.

I think a lot of it is personal preference. Either way, you're trying to protect yourself. Some people buy in their own name and use umbrella policies while other use layered LLCs.

Financing with a mortgage with can help build your personal credit if needed.

Another reason for LLCs is anonymity, which you wouldn't be able to leverage at your primary, as the other party would know your residence.

Hope that helps a bit...

Rafael

Hey Cecilia,

Congrats on getting started! I'd say you are on the right track with your mindset. Failures are just gateways to opportunities. Use them to learn, grow, and conquer!

Keep yourself surrounded by those that know more than you and volunteer whatever your can to help their cause. Sincerity goes a long way when they see you really trying.

So keep at it and enjoy the ride!

Rafael

@Franz Fernanez

I think you really have to look at your criteria and see if zero cash flow works. Not sure, because at that point you're speculating appreciation, which is more of a gamble than investment.

Refinancing to break even and using the cash to by a cash flow property may make sense. Or trying to just sell it, get your cash, and focus on cash flowing properties..

Don't buy one like this again! LOL.

Vinny,

Not sure if you have access to a SBA (Small Business Association) there, but in US, we have such regional and national government departments that provide assistance to small businesses. I would try to find a similar channel by you.

Rafael

Andrew, congrats! Exciting right!

I started as well in the same manner about 2 years ago. Keep moving forward, learning, and don't be afraid to make mistakes. All part of the learning process!

Best wishes.

Hey Stephan. Great to see your ambition to help! That always comes back one way or another. I would start with the city municipality and then work towards county. I'm sure you would find some answers on the type of assistance she may be eligible for.

Best wishes.

Rafael