All Forum Posts by: Brett Synicky

Hey there O'brian!  The lender will want to know where the money came from but you guys will still choose who takes title. Their biggest concern will be that you aren't taking out a loan to make the down payment. They will want first lien position and will likely ask for proof that it's a gift and doesn't have to be paid back. I'm not sure if it makes a difference that the money is coming from the spouse or not. See what others have to say. Good question. 

Take care. 

Hi @Jonathan MacMillan welcome to bp!  This is definitely the place to learn more about real estate investing.  I personally own rental real estate and have money in the stock market.  I like both for diversification and simplification reasons.  Simply put, done right both will make you wealthy over time.  

I understand the overwhelming feeling about where to invest.  I think Ken McElroy explains how to find a good market in http://www.biggerpockets.com/renewsblog/2014/01/09... Granted he's talking about huge apartment complexes but the same principles can be applied to sfh's.  

Also check out http://www.biggerpockets.com/real-estate-investing

Set your keyword alerts and engage with people on the site.

Check out the local investment clubs. I really enjoy the FIBI in Manhattan Beach.  You can find them and tons more in La on meetup.com

Good luck, you have a great problem to solve!

@Jon Huber welcome to BP sir! Based on what you've said I say sell but price it right so it sells quickly. 

Have you ever been a landlord?  Have you ever been a landlord from across the country?  Does your $100-$200 negative factor in around 10% for property management, repairs, vacancy factor? As an agent you know that California real estate is slowing down. Unless your house is above the $2 million range. Your specific market may be different I'm not sure. If you follow Robert Kiyosaki then you know that an asset is something that puts money into your pocket each month and a liability is something that takes money out. By his definition a monthly negative is a liability. Something to consider. Betting on appreciation is dangerous. Even in the golden state. 

How much time is left on the 5 year arm?  Get out of that arm either way by refinancing or selling.  My opinion is sell and buy a modest home for cash in nj or put a ton of money down and get a 15 year mortgage. 

I'm not attorney or a CPA this is just what I would do in your shoes. 

Good luck sir!

@Brendan Campbell welcome to BP.  Be sure to update your profile if you want people to take you serious enough to connect with you which is how most of the deals on this site happen.  

You stated that you wouldn't have to worry about major expenses unless a big appliance breaks. That is a major mistake new investors make.  You ABSOLUTELY have to worry about those expenses.  In fact to do it right you need to figure out the life left on things like the roof (I know it's a condo) and once you know figure out the approximate cost then set aside that amount of money every month so when the association sends you a letter saying that your portion of the roof repair is $3000 you aren't surprised and you have the money.  Of course this would likely come in the form of an assessment.  There are less big ticket items that can break in a condo but your biggest concern is only renting it 4 mos out of the year and the fact that not if but when you will have to deal with a rogue association president or "enforcer".  Don't forget to factor in risk.  Partnerships can work but it only takes one partner to ruin the deal.  In your case doing a long term partnership with family is dangerous.  The last thing you want is uncomfortable Thanksgiving dinners.  Plus having a monthly negative without factoring in cap ex is gonna haunt you.  The whole thing is too risky.  

Of course this is just my opinion but I hope it helps.  

Plug your numbers into the rental calculator and see what you get.  It may surprise you.

http://www.biggerpockets.com/real-estate-investment-calculator

@Tyler Austin Welcome to BP!  Thank you for your service.  I learned more from the podcasts than anywhere but that's probably because I drive so much.  Check em out if you haven't already!

http://www.biggerpockets.com/renewsblog/category/p...

And be sure to set up your keyword alerts.  

Good luck!

@Brad Sneckner Welcome to BP!  Check out the podcasts specifically the two with J. Scott and the one with Ken McElroy.  They're right up your alley!

http://www.biggerpockets.com/renewsblog/category/p...

Good Luck!

@Bill Felman Welcome to BP sir!  I'd definitely get all those key people lined up before closing the deal!  Good luck!

@Cierra Seay Welcome to BP!  You're 100% in the right place.  Good luck on the exam.  

Check out the podcasts if you haven't already: http://www.biggerpockets.com/renewsblog/category/podcast/

@Nikki Saya welcome to BP!  You did it right. Start a successful biz then invest. You're gonna do great in re with the entrepreneurial mindset. Don't forget to set your keyword alerts and definitely check out the podcasts!

Good luck!

@Jon Arthur that's great man. You're gonna kill it!