All Forum Posts by: David Ramirez

@Jack B. That's a great price for that much sqft

Hey @Will Kanewske, 

Like @Nathan Gesner said, your end goal determines your decisions on your way to obtaining it. 

Something that you have to consider when renting a condo is the HOAs fees. They always go up and it tends to eat up your cash flow. If I were in your shoes, I would sell it and use that money to put a downpayment toward your primary residence and rental property. In today's market, since interest rates are high and there is more supply, you can negotiate a buy-down interest as a seller's credit. 

Best of luck, 

David  

Hey @Roger Vislosky, 

I don't think is a bad idea to enter a competitive market but you do have to have in mind that it would probably take some time till you adapt to the new market standards. 

Best of luck, 

David

Hey @David Travieso, 

If the numbers work, why not. In today's market since prices are settling down you can see more supply of remodeled properties, which leaves the properties that need cosmetic updates behind which is beneficial for a long-term investor because you get to purchase at a good discount and add value. 

Always get the property inspected by a professional and he would be able to assist you with referrals and recommendations for the work needed on the property.

Good luck! 

Hey @Jace Perez, 

It all depends on your approach to finding an investment property. At the end of the day, it's a numbers game. You have to determine what would be your end goal with the property you are looking to purchase, and when you know that you work backward to determine the steps that you have to make to accomplish it. 

There are opportunities everywhere, you just have to be ready when one comes so you can recognize it and jump on it. 

Good luck, 

David

Hey Niecy, 

It definitely depends on what you are going to be focusing on after flipping that property. I got my license after I did my first flip and It has been totally worth it. I use my license for investment purposes, I don't offer services as a realtor but I have helped friends and relatives acquire properties and it never hurts to make a 2-3% commission helping someone close to you. On top of that, you get to save money when buying and selling your properties until you reach a level where delegating that work to an agent is worth your time. 

Best of luck, 

David 

Hey @Jake Tiffany, 

Besides all the books on off-market properties mentioned above, I would recommend reading books about sales and negotiation because even if you get a motivated seller you still have to negotiate the property for it to make sense. 

A few that I recommend are: "Never split the difference" by Chris Voss and "100m Offers" by Alex Hormozi

Best of luck, 

David

Hey @Shashitha Francis, 

How much cash flow would you be losing if you refinance? 

If I were you I would try to get a rental property through seller finance before considering any type of refinance or HELOC. In today's market, there are tons of motivated sellers willing to do seller financing at a very low rate. You can even decide your monthly payment and have the loan amortized for as many years and add a balloon payment due in 5,7, 10, or 15 years that way the seller gets the money quicker and you have time to refinance when the lump sum is due.

Hope this helps, any other questions don't hesitate to shoot me a PM. 

best of luck, 

David

Hey @Jordan Ryan, 

Since it's going to be your first rental property I would not recommend going very far unless you are investing in an area where you have friends or relatives that could get to the property in case of an emergency. 

When buying a property for rental purposes I always recommend using https://www.areavibes.com/ to check schools' ratings, demographics, and crime rates, among other important indicators.

Best of luck,

David 

Hey @Matthew Martin,

https://www.areavibes.com/ is the website that I use when I want to know the demographics and crime rate of the area. 

Best of luck, 

David