All Forum Posts by: Skylar Dejesus

I also started an LLC before I got my first property just following the rich dad education and protecting myself and my personal assets. Although there's not that much that could be taken right now I know I will be getting there and will have the peace of mind of being protected in the future.

This is what I have done with my first property. Also you can qualify for a FHA loan which you can put as little as 3.5% down in order to use your capital to acquire another property. Also while house hacking you can either pay yourself or live for free off and save your money for further investments! Very smart idea and i'd say one of the best ways to get into real estate! Best of luck to you keep us updated on the forum!

I'm sure if you tried hard enough you could find an inspection contingency. It also should state in your contract that the contract is based off of adequate financing. I had a property under contract not long ago and the bank pulled the rug on me and I got my earnest money back because it stated in the contract that it was contingent on inspection, financing, etc. Hope this helps I would also speak to your lender to see if perhaps you could get a portfolio loan to try to get all three properties combined into one loan. Just some suggestions hope everything works out for you! Keep us updated on BP in regards to the results good luck!

Congratulations man! Hope to hear more from you on your continued journey!

Very educating post thanks for sharing your story Jonathon and congrats on your success. I really do not have much fear in the buy/hold strategy because I have really dove deep into learning it and feel very confident with that strategy. I just had a decent flip deal thrown into my lap and it does scare me a bit but I am the type of person to say f it and just do it. It just worries me that I wont sale in time (owner financed), or the rehab cost will be out of my price range, or is there enough margin to make it worth my time. Its just stuff you think about, but you'll never know if you can fly or not if you don't jump. I believe I am going to go into this deal and if I fall on my face I will have learned many vaulable lessons.

Ive also heard tenants saying gas lines are desirable and make for lower bills so if you could afford it I believe it will pay its self off on down the line IMO.

Have you read Rich Dad Poor Dad in the whole rich dad series there are many valuable books that will fast forward your real estate investing career.

Its hard in this business to separate business from emotion, but when you let emotion get involved in this business it can really adversely affect you. Personally I would tell him I would not accept the shed as a trade but I would try to creatively figure out a way to help him and still get my rent money for the month.

If you want to build cash I would recommend fixing and flipping if you want to create wealth I would engage in the buy/hold strategy. Elaborate on your credit, your current means of income (your current job), and how much time do you have to invest. Tampa is a great place to get started was about to move there and there are several great opportunities there for both strategies!

IMO I would look for multi family. Reasons being it seems to be better suited to the 50% rule. What also makes me shy away from SFH are the vacancies. If one goes vacant your left paying the mortgage all by yourself where as Mult-families a vacancy won't totally wipe you out. For me personally I have been acquiring duplexes and when a tenant goes vacant 9/10 the other tenants rent will cost most or usually all of my bills. Just something to think about. Although SFH doe attract better tenants you just have to be specific in filtering your tenants. Hope this helps some!