All Forum Posts by: Angel Ginnett

Where you live is a Real Estate Manager a salary position or a sales position? Honestly I feel like most of those tictok adds are just a scam.  I feel like your focus should be on earning money first and then using the money to invest in real estate.  I would focus on finishing school and maybe doing a side gig that is RE related and not drop shipping related, but I don't know everything about your situation or the RE manager position you will be getting upon graduation.  In the state where I live to become a Realtor takes two weeks of school and then the pay is 100% commission just based on how much you hustle.  

Hi Chris,

Your first job will be to reach out to some local lenders, Talk to a few and find one that has time for you. They will ask you for your paystubs and tax returns and help you figure out what you can/cannot afford. A good lender will want to help you make this work. If your income is not high enough yet, you could ask your parents if they would be willing to be a non occupant co-borrower. I go this route with my kids while they are in college, then when they graduate I have them refinance me off the loan. These loans can be FHA or conventional. But just call a few lenders. maybe check on neighborhood FB groups to see who local people have worked with and enjoyed. Your lender will be a big help and finding what will work for you. Keep us posted what you learn and how it turns out.

Congratulations,  That's so exciting.  Just be really cautious with wire transfers when you close.  Call your title company directly for the instructions.  The fraud is getting so convincing.  I also try to get into the property and measure everything if its vacant, so I can have all my renovation plans ready the day of closing.  Make as many big decisions ahead of time and save time after close.  But also plan for surprises 

great buy   what will these rent for?

Are you going to ask the seller pay the commission or pay yourself? 

What did you end up doing in this scenario? Did you  buy it?  how did it turn out?

How did this end up?  I am purchasing a property with a similar scenario.  In our scenario each home has its own trash account and separate meters but has the same mailing address.  What issues have you run into so far?

I do not have a paid membership.  When I search if I want to narrow it down to just forums it posts this response "Upgrade your account!
Advanced search feature only available for Paid Members."  So that may be adding to many new members continuing to post the same questions over and over

Do you have someone who really believes in you?  Someone who would be willing to do a non-occupant co-borrower loan with you (sometimes called the kiddie condo loan), where they use their credit to help you buy your first property.  Then maybe you buy a home near the college with many bedrooms that you can live in and also rent out the bedrooms to college students.  This is how I get my children started in Real Estate.  If you were my son that's what I would suggest to you for a starting point.  

I'm not an accountant, but I think you will need to look back at last year and see how much the mortgage interest deducted from your rental income and compare that to what it would look like if two properties did not have that interest and how much the third property now has.  It sounds pretty complicated and I think you will have to write it all out and compare last years to what next years would look like, or just call your accountant and ask them to evaluate it for you.  

If you already have a lot of loans and want room for more loans it would make sense to have two paid off.  Does that factor in at all?  

How long have you had the properties and are you currently in a growth phase where you want to acquire more properties or are you in a stage where you want to focus  on paying them off and having stable income, for example have you already paid 15 years and want them paid off in 15 years because you plan to retire at that stage?  

There are really so many personal decisions that will influence that choice on refinancing.