All Forum Posts by: Alexander Flores

@Peter Fokas I am currently in the process of doing this. I am a high school teacher and am out of school by 2 everyday. I have 2 weeks left in my RE classes, need to pass the test and find a broker to work for. (Which is harder than I thought with so many choices, not sure which one to pick from)  I know of at least 3 other teachers who say if they could go back and become an agent a lot earlier in their teaching careers they would have. 

Also the information I have learned so far in my RE class has been detrimental on the way I look at REI. So for the $300 bucks I paid for the course, the learning I have recieved from the class would be extremely beneficial even if I never pursued being an agent. (My instructor was an investor and agent for over 30 years, so his personal stories are eye opening in a great way)

@Dashon Jones What part of NJ are your MFH investments? I definitely want to get into MFH using FHA as my initial investment but trying to find MFH in my part of NJ is rough, Ocean County.

@Kyle Gregg Yeah that was my initial idea. I just have to go through and pull the trigger on a deal I think is really worth it, which I have found at least twice recently. Thanks again for all your input.

@Tejas Kotecha I think I would. It would be good for someone who is scouting out potential properties in an area that they might not be familiar with, especially out of state.

I think it would be a useful tool, I am not sure if I would really pay a lot of money for it. It is a cool concept and it looks easy on the eyes.

Hey guys thanks for the advice. Ideally a MFR would be what I want but there are so few in my area relative to my job that it is hard to find one. There are few I looked at are all duplexes starting at at least 200k. I do plan on renting out every other room in the house to get cash flow. The main reason why I would either sell or rent it out after the year period so it would become an investment and not an expsense. Unless I am making adequate cash flow from just renting out while living there. Buy and hold is a lot more my style of an investment but the decent profit that cab arise from a flip would be a nice nest egg. (I know it is a big if though) I just have a bad issue of analysing and never taking action, since I am a math person and huge with data analysis.

Hey all, I have been around the bigger pockets for a while. An idea I have been thinking about for awhile is this: 

• 10k to use on investing
• 3k net income
• Currently living at home with no expenses
• There are some SFH 3+ Beds that I could mortgage with FHA or 203k at about $1100 a month after insurance, etc. is factored into the monthly payment.
• Use the 203k loan to fix up the house and hopefully raise the value of the home. (I know hoping for appreciation is a no-no)
• Rent out the spare bedrooms to friends or anyone I can find that is suitable to rent to.
• Once the 1 year requirement of occupancy comes up, put the home on the market for a reasonable profit.
• Or decide to rent the home out, in my town rentals that are updated can rent for $1500 easily, all the way to $1800 a month which would result in 500-800 cashflow. 

I am just curious if this makes sense because to me, I would rather do this than just keep my money in my savings account making crud interest. Even if I sell the home after a year and make 1k profit after all is said and done, I would have learned so much from the whole venture.

@Jack Arnold I am young as are you and have student loans also. The way I see it, I pay a little more than my monthly payment that is due to pay off the loan quicker. I was in the same dilemma you are in but this is my theory. Let's say my loan is a 10% interest but I can invest X amount of dollars in Real Estate and gain a return higher than 10% on my X amount spent, investing was a better idea? If this logic is extremely flawed let me know hah. Also I plan on doing 2-3 buy and holds, then do flips with a bank of money I save from my buy and holds. Any profit from my flips after I break even will go towards my loan, then repeat the process.

@MJ Singh I actually have yet to start haha. I have been on BP and reading about REI since about October but just recently have really gotten into it. I am buy and hold also, looking for cash flow being my concern as long as my numbers work. I am a math/numbers guy so I get into analysis paralysis very easily. I am also very conservative with everything. I look mainly in Ocean and Monmouth Counties and wish there were more MultFamilies as up near you. We should definitely connect, I sent you a colleague request.

@Phillip Trenk I added some numbers just to help with your analysis, however they are conservative. I added another 10k onto rehab costs, bringing the total to 45k. How much are you considering exactly for holding costs? I say in our area of NJ (I am from Toms River) it would be at least $1300 a month after all is said and done. I would predict to hold the property 4-6 months(again this is conservative). So lets say you put $157,500 into the project (Purchase price plus another 50k for all rehab and closing costs up until day you sell) and sell the property for 180k, the bottom of your range. You would make about $21,375 after about 5% of the selling price going to closing costs. So it is not a terrible deal if everything goes according to plan. Sorry for the long analysis, if anyone sees major flaws in it let me know!