All Forum Posts by: Tina Tsysh

I don't believe so since you are a W-2 employee. If you were an independent contractor, on the other hand, you could write those expenses. 

Unfortunately, you need to show some steady income if you want to get traditional financing on a property. Here are a few options that come to mind:

1. You can go back and amend your tax returns to show higher income, however, that will require you to pay more taxes and some penalties. Consult with your accountant if that's the route you want to go. 

2. Since you said having a co-signer / borrower is not an option, would you want to find a partner and go on a property together? You can use both of your incomes to qualify for a loan. 

3. One of my colleagues was able to get a hard money loan without showing 2 years of taxes. I am not sure if all hard money lenders do that, but it doesn't hurt to ask around. 

Good luck! 

Just left you a message!

Congrats on beginning your journey! I agree with @Nicholas L. that Excel is the way to go. If you new to real estate investing and don't know how to model, I recommend signing up for Bigger Pockets Pro and use the calculators that they provide you with. If you want to have something more technical (like a technical model in Excel that you can change or modify) I recommend exploring a few courses on Udemy. They have relatively inexpensive real estate course (for less than $20) and they come with excel models that you can download and use for yourself. Good luck! 

Refinance and buy another real estate investment property. It's all about growing your portfolio and eventually having CF that exceeds your W-2 job. It's all about reinvesting back into your business! 

Hey BP Community! I am looking for flippers in SoCal - Los Angeles or Orange County area. Let me know your contact info below or feel free to message me :) 

People that wait for a market to "correct itself" end up missing out on appreciation and always wish that they have bought something sooner. 

In my opinion, it's really hard to time the market. With how long interest rates are right now, it is very unlikely that home prices are going to decrease. There are so many cash buyers who are sitting on sidelines right now waiting to deploy their capital.

Even if you do get a better price on a home, you will end up paying more in interest. So at the end, the lower price will get canceled out by higher mortgage payments. Don't wait for the market to correct itself and start investing NOW. 

Even though it might seem like the end of the world to be overpaying a few thousand dollars for a property, 10 years down the line it won't matter because the price of the house will be so much higher. 

I recommend reading J Scott's book on Estimating Rehab Costs because it covers a lot of repair items and their importance when buying or flipping a home. 

Besides foundation and other important issues that @George W. mentioned, you want to look at the aesthetic look of the house. Obviously you want to have an updated kitchen, bathrooms, stainless steel appliances etc. Look at recently sold homes to get a better idea of what your home is missing / needs improvements on. 

It might sound weird but Tik Tok has so many real estate DIY hacks on it. Spend some time looking at some, they are definitely worth it! 

Definitely ask for someone who has experience, plus it will be a good lesson for you as a broker and an investor. Best of luck! 

What do renovated homes look like in your market? When you look at recently sold homes, do those have the "ceiling boobs" or do they have different lights? I personally think that they are outdated, but that's because newer homes in my area don't have those lights. If the newly renovated homes still use those lights, then you should use them as well.