All Forum Posts by: Sherwin Vargas

I am not a professional at all. Just bought my second investment property but i would be alittle cautious, no imformation of any kind of anything and also 5k or more in issues for you to be able to walk away seems alittle weird they would mention that. 

Does anything in the basement have dates written on them. Also i would not move forward. 

If he wants that clause in i would think its because he knows something is wrong. 

Ask for proof of rents. Why is he asking for everything so quickly done? I usally have inspection within a week closing within a month. Never had that 5k contigency and after inspection i would ask for a few things if its a no its a no. 

Yea starting it was 57k when i got an offer from a big 4 in 2014.

I took the 10 an hour thinking ill have my iwn business within 2 or 3 years but noticed he would never let that hapoen. 

accounting changes every year not being involved with it for 4 years not easy to just hop back in especially with college kids knowing the current laws. Thats why i am wondering if it makes sense to get my masters and try again 

Sorry for the long post

Backstory 

Graduating college had a 3.6 gpa which isnt bad. I graduated with a degree in accounting. Did 2 internships hated it. I wanted to work hard and build something. 

In comes my father an euntrprenuer with small businesses and an offer that a dumb graduating college senior decided to accept. In 2014 i took an offer to be a cashier at one of his businesses at 10 dollars an hour and learn the business from the ground up. 

1 year later i am closing night manager at 12 an hour. Another year i am making 35k a year closing nights. Last 2 years i have been general manager at the store opening and making all financial decisions making 56k base plus overtime. Averaging 70k a year ( 55-60 hours a week).

Also asked for a raise because i wss able to raise yearly sales at my location over 700k/yr and was denied. 

June 1st 2018 - i quit. Sick of working all holidays, no benefits at all and always a promise of my own business as they sell slower locations and buy new businesses. Hated the expensive city i lived in (boston) 

I quit with no plan because i would never attend interviews since i had my good paying job also looking into moving to either providence or atlants Georgia. now i am trying to figure out what to do. 

I have my fiance and 2 kids who depend on me. I have been doing odd jobs while i figure it out and we have been living off our savings. Going to start uber until i figure out what to do. 

What should i do? I was thinking of going back to school for my masters since i did enjoy accounting and now that im a father i will just have to deal with the boring office life until i am able to fix and flip. 

Or what type of jobs should i apply for with small business management skills, i managed a team of 10-15. 

I am currently a landlord and hate it so want to try flipping but need to get my income organized and savings higher. I act normal to my family but am worried

Looking for advice and sorry for ranting. 

Hey,

Live in pawtucket, own 2 in pawtucket. Looking for a 3rd in pawtucket. Very biased but i like pawtucket because its right over the mass border 10 min to proivdnece 10 min to emerald square on  route one that has any shops you can think of. i also looked in cranston. houses are expensive in rhode island bought jan 2017 a 3 family in pawtucket for 175 at market value worth now 240 about. 

I dont believe there are as many great deals but cheaper than massachussetts and pawtucket i think can be better for young people who work in mass. We looked into providence warwick and cranston but have decided on another in pawtuxket

Thanks for your insight. First mortgage i did fib and say i wpuld move in with my brother but didnts  time i do plan on moving in with him. I was planning on saying the hard money was a gift from a family member but maybe well just wait the few months and raise the funds shouldnt be too hard 

I have a group of guys who would at favorable rates. We would just have to still get approved for the morthage

ok thank you he didnt really explain why but now I understand. 

We figured we would have to just get hard money to get the 20 percent for that 3rd home.

Awesome thanks for clarifying 

my and my brother bought a 3 family home in pawtucket, RI. I have about 25k and I wanted to try to get another 3 family home only in my name in pawtucket, RI . The mortgage broker said because its the same type of property in the same city that i would have to put down the 20% for an investment property this was after running all my information, I mentioned me and my brother are sharing an apartment in the first building i would be living alone in the second but he said it would not matter. 

Is this normal ? is there anything I could do apart from buying in another city? 

Also my other brother is in the approval process after all is said and done with conservative estimates we will have 25k again what would be our best option for real estate since we would not be approved for another mortgage.

 I want to invest more in real estate because my father who is an euntreprenuer was never around always working and fixing problems at work. To me real estate is a way for me to earn income and have more free time for my two kids and be able to leave something behind for them. Also graduated with a degree in accounting and finance and by graduated lost all confidence in the stock market. Real estate makes sense to me and leveraging debt is a great tool to be able to use 

looking for advice, posted something similar in reddit personal finance and got no help and a ton of judgement 

Me and my brothers have about 95k to split from our father, his kind of get started in life money. Me and my brothers already own a multifamily and do want to keep investing in real estate. 

Brother 1 - has 20k car loan, 5k personal debt, 3k school debt

Brother 2 - 10k cc debt

Me - 32k student loans, 10k car debt 0 cc debt 

My question is should we use the money to pay off some of our debt or keep leveraging debt and get another multifamily. Brother 1 , will most likely get approved for a multi and would be a first time homebuyer. I can also get approved for another 3 family but we would have to put 20 percent down because i am owner on the first one. 

Just looking for opinions and thoughts thank you in advanced