All Forum Posts by: Daniel Kong

I think you could go either way. It would depend on the quality of the mentor and/or mastermind. The better the quality obviously, you should go that route. Also at what stage of your investment career you are in. Starting out mentorship will have a lot more to offer, while as you become more experienced, the mastermind might be more helpful to reach your goals. Either way, learning, connecting, and growing is definitely the way to go!

@Greggory Kowalkowski I think you may be able to do a repair escrow. From what my agent told me, you would have the companies doing the work make estimates and invoices, then the check at closing would be written to them and held in escrow. I think as long as it appraises above the purchase price, and it's in a decently livable condition, then you would qualify for a conventional loan. 

Thanks, Everyone, very helpful. @Kathryn Dunnivant  Sent u a PM.

I'm in the process of purchasing a property worth about 100k using conventional financing. Do I need to buy Homeowners insurance for the replacement of the home (quoted at 530k), or can I just get Insurance to cover the 100k purchase price? It doesn't make sense to me to spend 530k to replace a home that will be worth 100k after its done. Just wondering what my options are. 

@Aaron Tandy I'd have to agree with the guys above. School is not essential, but getting a degree with a job that pays well is a great start. Nothing like high solid steady income to be the foundation of wealth building. Good luck with your journey!

I often see people say 5%, 10% for CapEx. But to me that doesnt make sense. CapEx for a 50k house could (and will probably) be more than CapEx for a 100k house. 10% on the first is $50 a month, while 10% on the second is $100 a month. It seems more logical to just say $183/month like the original breakdown points out.

Banks look at two main things when deciding to loan you money.

1) Credit Score (You can sign up for a free site to look it up - I use credit karma)

2) Debt to Income ratio. Basically take any monthly debt - auto payments, student loan, mortgage, credit cards, and divide by your gross monthly income. Every bank has a diff allowable percentage they feel comfortable with. Then you would add the monthly payment of the loan to your debt and recalculate that percentage. Something below 45% typically would be good. 

If those are far off, then your options are asking friends/family, or having someone else cosign with you. 

Hello! Looking to close on a 4 plex in Indy, and was wondering if anyone had an insurance company they like. Been doing the online search thing so far, and prices seem a little high so far. Thanks all!

Welcome to the community! People here are friendly and helpful. Looks like you got the right mindset to learn as much as possible. Good luck!

Haha sorry @Randall Degges . All you wanted was an appraiser ref lol. Yelp might be a good place to check if nobody gets back. What turnkey provider are you using?