All Forum Posts by: Damion Byros

wow I'm 19 yrs old too and was also looking to try my hand at multifamilys I thought like getting a fourplex would be good but these are hard to ind in my area a duplex or TRU is a great idea because of the potential for multiplied cashflow also hopefully you'll attain appreciation my goal was to acquire these build up equity and appreciation and sale and avoid taxes by doing a 1031 exchange and use profits as down payment on an apartment building but def I think you should start with multi . FHA is financing with amazing options right now 96.5 percent with only 3.5 percent down , down to a 580 credit score and the rates are super low right now on fixed 30 yr

read jay morrison a book hip hop to homeowners it's a very easy read regarding financing you can get it for free of the website just google his name and his website link will pop up 

I think it's a good idea as long as the numbers make sense on the property and you will be at a profit 

I am currently in the middle of this book and have learned a tremendous amount of informative information regarding whole sailing flipping , buying and holding , occupations in real estate and asset protection  

I think it's a great thing having this monopoly as properties are close and nearby your also In a great location I feel in which will always have demand so my answer  would be to lock up on that monopoly and they'll come trying to buy you out and you'll have the upper hand

I personally think it's a great idea to look abroad but you must have the basic principles of analyzing a great deal and knowing you will be able to profit and ultimately sale the differences for investing in other states I think are the tax laws but basically it's the same expect for the area type of property , property tax which wouldn't matter because you are flipping but I the deal is good I doesn't matter we're it is because it's not a rental and It won't be. Something you'll have to keep up with I think it's good .

keep buying and looking for those great deals and use those to hedge against the rainy days considering you own these properties free and clear with no financing also look for deals were you walk into equity say if it's 20 percent under market value great tool to hedge against a rainy storm also put money into other things such as stocks or reits

I've got the perfect solution I'm happy I saw this post go to youtube look up jay morrison he was 25 when he started with rental properties and made a million dollars by 28 through multifamily and saleing  in market highs I recommend you read his free book hip hop to home owners on his website just google him and his site will pop up he also offers a online real estate school he is very inspiring and I think will greatly help you in your journey 

this is an exchange included in the irs tax code section 1031 in which allows a person to defer paying capital gains tax on the sale of a property when it's sold for this transaction to go through a qualified intermediary is needed to hold the proceeds and then roll them into your new similar type real estate investment while you can not access the money while the qi has. Interpol over the funds you do need to have a property determined to have the exchanges moved to within 45 days and 180 days to complete the whole deal otherwise money is returned and capital gains tax must now be paid 

I recommend using a realtor because if. The mls also talk to property managers as they usually work for clientele controlling large portfolios and usually have something there selling further more you may have to broaden your horizon and venture further than around just in your area the deals are out there they just must be seeked out