All Forum Posts by: Paul Garcia

I regularly overbuy supplies from home depot when I am renovating/repairing a unit. When filing my taxes, would it be okay to use my original receipt instead of the return one? I know it’s wrong, but is it common practice?

I think it is possible. Real estate is nothing but an investment, no different than stocks or bonds. Each has its own pros, cons and ROI. Figure out what you think your ROI will be and than you will know how much cash you need to put in. The math is simple, how you get the cash is the question. If your doing it all on your own, reinvest every dollar and live with $20K a year until your 50. Now image living on $20K a year while you actually earn millions and have a net worth of !??!?! while you have kids, a wife and your own desires. That is why so few reach such a high number, priorities.

Thank you everyone for your advice.

@chriskennedy. What type of questions should I ask the smaller banks? So far, I have been calling on small to midsize banks and asking if they adhere to Fannie Mae/Freddie Mac guidelines.  All have said and I consider the conversation done there. Any advice on how to approach them? 

Thanks. 

With such a low purchase price, you may have a moderate-hard time finding a mortgage. Also remember that there are standard closing cost related with any size mortgage. Your closing cost on this size of a loan may be your largest expense, cutting into your ROI. Maybe save up for a little longer and buy in cash.

Do you have a college degree? If so, what was your major?

Hello everyone.

I read countless of posts and articles online about investing in real estate, but I can't find anything that is related to my current situation. I'm hoping that the wisdom of this community can give me some advice.

I graduated from college in May 2013 (age 22) and started working as a commercial real estate analyst in June 2013. My salary is $56,000 a year and have no personal debt/expenses (credit cards, car, rent, etc.), I'm living at home and trying to chase my dream of becoming a full time real estate investor. By working in college and hitting some luck with the stock market, I was able to purchase my first SFR property in cash immediately after graduation. After saving for six months, I purchased another SFR with a conventional mortgage (20% down). In June I closed on another SFR with a conventional mortgage (20% down). I have virtually maxed out my Debt-to-Income ratio (41%). WHAT THE HELL CAN I DO FOR THE NEXT TWO YEARS? I knew this point would come where I would be at a standstill with the bank, but I thought I would be able to figure something out. I can't borrower anything from my parents and don't have the DTI to take the equity out of my first property. With my rentals and salary I'm scheduled to earn approximately $71,000 and I'm saving as much of that as possible. I am not opposed to commercial loans, but it will take me another year to save up $50,000 cash and with that amount I'm scrapping the barrel of 5+ unit buildings. Has anyone shared these same experiences? Is there any creative way I can move forward? Your comments and advice would be greatly appreciated. Chicagoland area.