All Forum Posts by: Damion Byros

I would say this first Don't ever give up on your goal you can make it happen . I'm 19 and loved reading rich dad poor dad and yea I agree with you the strategies can be quite overwhelming I'd say best thing is to pick one or two mentors and take some of their techniques and mix and match to formulate something your confident in You can do it keep expanding your knowledge you'll get their in no time It doesn't have to take 30 to 40 years to become a millionaire you can do it with real estate quickly with the right moves . Wether it's flipping , getting good rentals or starting a big company

I want your honest opinion on short term rentals vs long term rentals I've read the pros and cons to short term rentals were you get a daily rate they tend to generally make more money but the owner is responsible for utilities . Were as with a long term if I was the owner the tenant would pay their own utilities So my question is which one is better in your opinion thank you lots

I'm 19 yrs old and really wanting to start acquiring properties. I am in real estate school with 1 class left but I've come up with a little solution to start getting properties at my age without bank financing. And it consists of doing owner financing deals with multifamily properties providing them with the down pymt and bringing my attorney to make sure I'm covered . But this will allow me to start getting properties buying and holding . I've found a few properties already some had terms spanning 30 yrs with a little bit of a higher interest rate and 10-20 percent down payment . Others had terms of 5 yrs with a ballon pymt . My question was what do you think about my ideas and if you can add a little bit to my knowledge I would love that thanks

How to own and play a bigger game when it comes to rental units also financing for deals large scale and smaller

Hello bp users I had a quick question for you regarding flipping I'm confused about the sales of the property for example if i have a property owner occupied with a conventional loan with 5 percent down and I've stayed for 3 months and I am not ready to sell it when I actually get it sold for my inflated prices how do I actually make my profit of the banks mortgage on the property had interest associated with it ... Would the property gain margin really be that big .... How do those flippers make such big money with mortgages on the property's

Can someone please explain to me all the potential details I should know before engaging in looking at apartment deals from the fianncing side. For instance with banks I had a lender call me and say to be approved for LTV 80 percent you must have liquidity or in reserves of 10 percent of the loan amount which would have been 5.5 million on an apartment building generating 1.3 million with operating expenses of 500k and a debt service payment of about 271 K ... The rate would have been 5.25 percent with amortization of 30 years my down payment need would have been 1.1 million .. So my question is like what else besides reserves would the banks require like how much income I know most institutions will have different underwriting criteria but in general also is it hard to get these deals done ... And furthermore is there any creative financing any one knows about that a person could do to come up with the down payment ? Thanks you all for your help and responders I love np and love to learn so please help me out I really appreciate it

Hey well I'm 19 and would love to chat just add me on here and send me a message some time

I would try to own and get financing but I like your approach or you could see if third willing to do owner financing but the lease to own opt i think was good

Welcome

I don't know any in that physical area but online there are plenty a great one to check out is jay Morrison in his program you guys could talk on the phone web everything it's amazing and not expensive