All Forum Posts by: Silvestre M.

@Aaron Helmholdt awesome sounds like the route I'd like to take. I think if I can get relatively close to living mortgage free..that would definitely work. Thanks a lot for the advice much appreciated! @Paul Timmins Wow I did not know that thank you sir. I will explore that route. And Go Red Sox I'd sure like an LA/Boston world series.

Hello all, I've read and also heard on a few podcasts that some investors actually got started in the business by accident. Their primary residence appreciated and they cashed out via refi or by selling and used that capital to get their kick start in REI. Obviously the light bulb went on when they got that first chunk of money and said "hey wait a sec, this happened by accident what if I actually try to make money on a deal next time?" and then their education blossomed from there. Now on the flip side this could've easily turned sour if the market in their area went completely the other way, they possibly would've hated RE and never looked at it as a potential investment choice. My questions are definitely coming from a beginner, if you started today in my shoes (full time job, FHA loan 3.5% down).. what would be your initial calculated step in acquiring your first property with the next step in mind? In other words how best can you set yourself up for success without betting on appreciation? Am I limited to paying retail prices when using an fha loan? Can I market to get a property below market value when taking out a mortgage? Thanks BP!

Thanks for your input @Ellis San Jose that really clarified it. @Aaron Mazzrilloabsolutely that makes more sense now. Sounds like it's all about getting the numbers to work for you no matter where. And it might as well be in my area since it'll save a ton of time and energy in the long run. Not to mention the potential appreciation here in our backyard. Thanks again! Not a quick tip but a fun fact chances are high I've worked on at least one of your properties, I'm an att phone guy I work all over the IE mainly Riverside. Wood Streets Canyon Crest Orange crest and all the above. Cheers neighbor and congrats on the #1 most listened to podcast..951 represent!

Welcome @Yesenia C. Best of luck on your goals! You wasted no time putting those design skills to use..cool avatar @Aaron Mazzrillo haha wow you sure are the first to blast that idea! Awesome podcast btw! Like Yesenia that's the first thing that came to mind when I came up with my initial game plan. While I love living in So Cal, it's just hard to overlook the numbers that come with out of state investing. I have a ton of learning to do but when I first joined BP I started reading up on the 2% rule and such, I immediately thought it would be difficult to hit that number here. Can you help a beginner out by elaborating on that a bit and why you suggest staying close to home?

Charles Morgan I'd imagine that the majority of agents would still be more inclined to sway the seller toward the non represented buyer though. "Ok sir/ma'am you've got two offers here, same terms but with this one I'll be getting less commission hmm decisions decisions" lol. I don't see how it would be against their best interest to choose the non represented buyer? They liked the name less? Also how would the buyers agent feel slighted? "Hey listen here Jack the owner accepted another offer sorry better luck next time". The seller gets the same deal at the end if the day, except with option one they now made their agent very happy as opposed to cutting their salary in half. Charles I do appreciate your time thanks again!

Charles Morgan Lol yes I agree! I want fair housing for all but here's the thing..if your seller just makes a decision on a whim because of a name..same price same terms etc. this now impacts your bottom line. If you have good rapport with your seller, can you at least let them know how this impacts you? Like "With that decision based off a name you're messin with my money Smokey!" Not in those words of course lol.

Charles Morgan Right but if you're talking about potentially losing thousands if you just choose one buyer over the other..who knows maybe the seller just liked their last name better lol! I mean I think that is a conversation worth having amirite? Help your agent out here! I do understand the whole ethics about it but if you're an agent that survives on commission we're talking about food on the table. Just some thoughts as I'm going through my studies for this RE license. I like to review all angles of it not just what they're telling me in the book. Thank you again for your help! Definitely cleared some things up for me.

Charles Morgan Got it thank you for the response! Now let's say they get two offers, both for 100k..one with a buyers agent and one without. Now they must present these offers to the seller for them to see which they go with. The seller, for some reason chooses to go with the agent represented buyer...this very decision obviously impacts the % the listing agent receives. How does that conversation go? At this point does the listing agent try to sway their seller into the "non represented" buyer's direction i.e. more commision? These are just some things that came up in my mind, I'm going through CA Re principles at the moment, thanks for your time much appreciated!

Hi Charles Morgan If a listing receives multiple offers, would the listing agent prefer to go with the offer that does not have an agent representing the buyer? It seems it would benefit the listing agent as they get more commission acting as a dual agent correct?

Haha sounds like he played before they implemented the helmet to helmet rules? Definitely some screws loose!