All Forum Posts by: Account Closed

@Ruby Ruiz Very interesting timing on this subject. I was a buyer in this situation two days ago. I put an offer in over asking price because the numbers made sense. However, I was using a conventional loan and I lost out to a cash buyer. @Bonnie Low, I'm new to this game, why isn't a conventional loan a sure thing? The seller gets their money up front right? Or is it that a buyer may not be able to get approved for the loan therefore tying up the property for 30 days? Great topic!!!

I would recommend moving and renting out existing home. That way you can get into a new place with a FHA loan and only put 3.5% down since you'll be residing in the new place. This will free up lots of capital to do more investing. I would also use the Heloc for your 3.5% down. You could move every year and keep buy new places.

My property manager charges the tenants money that goes towards the water bill. This money is disbursed to me each month with the income from the property. How do I account for this extra money? Is it considered income? Most or all of it will end up going to pay the water bill that is in my name. 

@Miachel J. Lemus, Hey Michael, I'm in California also, and I purchased a buy and hold in Columbus Ohio. I also went there to do some networking. I would be happy to introduce you to some of the team I'm met. It seems to be a stable area, where there's population and job growth. If there's anything I could do to assist you with Columbus please reach out. I'm also part of a group from California that has invested in Columbus. We would love to have you in  our group. There's a wealth of info. from all different sources  Best of luck in all your endeavors.

You said it best "get your foot in the door" Best of luck, you have a great advantage starting so young, and you are definitely in the right place to learn. I wish you the best of luck in all your endeavors. 

@Jovann Thompson

Congratulations on a journey that will eventually lead you to financial freedom. So glad that you are starting young that makes a big difference. I agree with the others, buy in the best area you can afford, house hack, slowly fix it up. Move into another place in a year, rinse and repeat. Keep reading, listening, and most importantly surround yourself with like-minded people. Best of luck!!!! 

@Frank Patterson, Wow!!!! What an amazing deal. Great work!!!!

@Peter Eberhardt

@Peter EberhardtI'm also a brand new real estate investor from California, investing in Columbus Ohio. I strongly recommend the Nilsson- Steyer team. They're very responsive and found a tenant for me in an expedient fashion. I had the pleasure of meeting them in person on my first trip to Columbus. They are also extremely knowledgeable and I highly recommend them for your property management needs. 

Harvinder, I'm far from a professional, but most home inspections I've read through are usually full of disclaimers. The inspector may recommend that you check with a professional and do your due deligence prior to closing the deal. I would think that it would be very hard to prove the inspector was negligent. I would also think it would take cost you a lot more than 8k to fight this battle. I would recommend that you fix it correctly and chalk it up as value add. If you ever decide to sell the property you will not have to disclose the sinkage of the stem wall. Also, the beauty of being a real estate investor is that the repair will be tax deductible, keep your receipts and write it off in a couple of months. Best of luck whatever you decide.

@Joseph Schweizer Congratulations on your new purchase. Can you share more details of the deal. How was it for you being an out of state (OOS) investor. Would you have done anything differently? What are your plans moving forward?