All Forum Posts by: Angel Rosado

@Ryan Dosseyundefined

Well I was also thinking of getting a FHA loan which may cost 3.5% which I would still have to get about 11K for a 300k home (but I'm worried about closing cost.)

I am going to have to find out about direct mail campaign.  This will be my one thing!

Is there anyway that I can begin investing as a buy and hold real estate investor with a mere $5,000? My rent in the Bronx is really high and it aggravates me that I have to pay someone for my apartment! I want to be receiving money.

I think I might have to move out of the major metropolitan area to buy anything halfway decent.

Hey I don't have any experience but I would suggest look for REI at meetup.com might be able to make some good contacts.

As I have said many times, I am a completly noob and am in the infancy of my REI career. After hours of podcast, I decided that if I want to be serious about creating financial wealth through RE I have to learn to tell people that its part of what I do.

So today I begin talking to someone at work and inserted to "I'm looking to get into Real Estate" as part of the conversation and come to know he has invested in a 5 unit apartment across the street for Central Park and put down 60%, in my mind all i thought was "WHOA I have found a potential mentor"

All this to say is that you have to tell people what you are up to, tell that you are are a real estate investor, tell them that you will become a multimillionaire, or not you'll never take a chance on encountering the right people.

Hi @Durrell Lebrun, you aren't the only one that feels like you are between a rock and a hard place.  I am in the Bronx and will hopefully invest in Buy and hold properties but the prices are surely a huge barrier for entry.

I have had to expand the area that I look at to find homes that I would be interested in, you may want to considering expanding into Northern Jersey or southern CT. I recently signed up for Meetup.com and you may want to consider signing for some REI clubs that might help you network. I don't think its impossible to do what we are looking to do but it surely is easy to make it just another excuse. But let's not let this beat us down!!!! Persistence is what will help you persevere.

There is a BP meetup that @Darren Sager has set up this month which may be a good start.

@Sean Connolly yea I wouldn't touch it...its patience money, it's not worth the penalties and taxes that will be incurred.  

I look at it this way if you are in the 25% tax bracket and will pay a 10% penalty for an early withdraw you are paying $26K to use this money and there are no guarantees that you would make it back.  

Looking forward to meeting investors from my local area that I can learn from and meet the one and only @Joshua Dorkin.  Huge thanks to @Darren Sager for setting this event up!

This  is a great story, I can easily see that one of my biggest hurdle will be taking action and I'm glad to hear that you have done so.  You have taken the first step towards making your previous home a great income asset.

Just wondering what is your reason for going into REI

@Corby Goade You may want to consider on any prospective tenants to ask for two different landlord references, consider meeting them twice once in the prospective home and in a professional business setting i.e. rent a lawyers office this may help view any tenant nuissances, obviously credit check which you have done.  I would even go as far as having a third party like a significant other meet them with you to get their thoughts on the tenants.

Every experience is a lesson learned and I'm sure that you now know that it's worth putting the work upfront in screening the tenants.  Good luck and I'm glad the end is near with these fools.