All Forum Posts by: Chinmay J.

@Dennis Rodriguez - Congrats. I plan to get there in next 3 yrs.

@Tony Johnson - A fellow realtor with your brokerage would be a good place to start. Anyone who could use some money on the side and knows how to pull comps with access to MLS.

@Tony Johnson - If you can't afford to pay someone upfront split profit with them.  Say you send out 500 offers to make couple of deals and that takes 10,000 mins of time for comps (20 min for each comp) That is 166 hours. At $20/hr that's about $3333.  See if you can get someone to work for you for $1500-2000 (paid at the back end of the deal). BTW, I don't know what the market is for these things, so I will let others chime in, but if the logic makes sense to you, run with it.  

@Matthew Wright Mostly tax purposes. If you elect yourself as an S-Corp, you can get around paying at least some of the self employment tax. Work with a qualified CPA for structuring your tax elections. Work with your brokerage to set up your LLC with them, so they cut the commission checks in LLC's name not your name.

Sure are. Richmond, VA is another example. And as I alluded to earlier Baltimore, MD is a really good one.

But there are neighborhoods of Chicago that are just fine, and I am sure there are neighborhoods of Cleveland that are pretty rough also. Real Estate changes drastically sometimes from block to block. Baltimore is a prime example. (Listen to latest podcast)  To ask "Chicago or Cleveland" is as naive as it gets.  But hey.... at least I had a good laugh. Like I said.. "Cubbies or Indians" would determine the answer.. 

@Scott Smith - As a newbie to RE you should really learn on how to tackle difficult tasks.What you should look depends on what your goals are. If appreciation of the asset is your goal, you are more likely than not better off buying a house in A, A+ neighborhood, but yes, it will cost you top dollar. If cash flow is what you are seeing, typically B and C type neighborhood (sometimes at the cost of s***ty tenants) can cash flow well.

Of course these are gross generalizations. To get specific advice, provide us with more specific example

There is no such thing as credit fairy. If you understand how your credit score is calculated you can figure out how to improve your score. Reduce your credit card balances. Open lines of credit only if needed, pay all the bills on time. Check your credit report from time to time. I do it twice a year, for any abnormalities.

A lot of times these companies make money off people who are for lack of a better word just too damn lazy to figure it out themselves, or just lack the technical knowledge needed in the 21st century to figure it out.

@Christa P.  - If he paid you 3 months rent/fine why didn't you formally terminate his lease when the deal was struck? I typically charge my tenants 2-3 months of fee and then terminate the lease with proper paperwork if they want to break the lease. This keeps him out of the property legally, and both of you out of the courts. Even if he hasn't responded to you, its only 3rd of January. In my lease, they can pay anytime up to the 5th and not have to incur any fines.  Right now, if he has paid you for last 3 months what gives you the right to the market the property? You might want to consult a good real estate lawyer in your state for this issue.

Hope you don't find yourself on the wrong side of the law in this case.

@Account Closed - Cubbies vs Indians? I will go with Cubbies all day long. Or maybe you are a LeBron fan and would like to swing in that direction? or maybe you can just flip a coin. Head; Chitown. Tail; Cleveland.  Or you can make more informed decision based on neighborhoods, blocks, cost of doing business, your team, your involvement in the project etc. Your call.