All Forum Posts by: Devin James

Welcome Kyle Palumbo!

You are in the right community. Attend some local meetups, you wont regret it.

Good Luck!

Hey Al Hernandez,

Accounting for expenses, it looks like you will be breaking even on that property, which could be a great thing depending on where you are in Cali. With around $300k in equity though, that capitol will likely be better invested elsewhere. 

Hey Liam Maher,

I don't see why not. Sending 50-100 lowball emails is better than sending 0. 

But, I will say that I don't think emails are the best way to reach sellers. I would send the offers through mail or cold call.

Hey Bruce Woodruff,

This idea has always intrigued me. Im sure there's some quirks that need to get figured out before this becomes mainstream, but I can definitely see that happening.

Hey Scott E.,

Personally, I always search for hotels first. I typically use Air Bnb's when its a group of family or friends and we want to all stay together.

In my experience, booking a hotel is a much easier process and usually cleaner.

Hey Hussein Shamsideeb,

Bigger Pockets is a great community for you to be in & you will learn a bunch by reading through the forums. I also recommend that you attend some local meetups. If you consistently attend Meetups it will be hard for you not to reach your goals. At your age, you will be able to meet people that want to see you succeed, and if they see consistency, they will pour into you.

Good Luck!

Hey Matt Allen,

In 5-10 years would you care about the extra $15K? Or would you be glad that you own the asset? If the extra $15K doesn't hurt you too much, & the property is in an appreciating area, i'd go for it.

Hey Vincent DeLucia,

Personally, I would stay away. Unless you go see the property and neighborhood yourself, and come to the conclusion that it is a worth while deal.

Hey Tomas Ploquin,

Great question. In regards to flipping, the house "appreciates" through the work you have done to the house to make it more appealing to buyers. For example, if a house has old carpet throughout and bright yellow paint in the interior with old brown kitchen cabinets, a flipper will take out the carpet and replace it with nice tile, paint the walls a more appealing color, and repaint or insert new kitchen cabinets. All of this work will add value to the home and therefore make the home "Appreciate". 

You can estimate the "appreciation" by looking at other homes that have sold in the area of the home you are looking to flip. Lets say you see a home that is the same square footage and has the same qualities as the house with the old carpet, ugly paint & old cabinets has recently sold for $100,000. Then lets say you see a home that has similar square footage and floor plan but with the updated interior sold for $200,000. You can assume that if you make the original uglier house look more appealing, then the home will "appreciate" $100,000 by the time the renovation is complete. 

It gets significantly more complicated than that but this is where most people begin to grasp the basic understanding. When comparing these homes, you will need to make sure the homes are all in the same general area. In many cities in America, the value of two similar homes can be significantly different than the each other because one home is only half a mile away, but in a worse neighborhood. There are many other metrics used by flippers to determine the future value of the home. You and I will learn more as we continue our journey.

Good Luck!

Hey Nicolas Pretelt,

I've never been in your situation of wanting to add another person to the title with an FHA loan. But I will say that if you transfer it to a LLC, most mortgages have a "Due on sale clause" which states that the full balance of the loan may be called due upon sale or transfer of ownership of the property.

Best bet would probably be to add their name to the title, but i'm not sure how that process works. Im sure there will be someone who knows more that can help.

Good Luck!