All Forum Posts by: Dominick Galinis

The family friend is the broker who’s helping me. I’m going to hang my license with him and he doesn’t charge his agents to do personal deals

Hey William,

I appreciate the input! I don't know yet which property to get, I've been looking and keeping an eye on a few, but haven't moved forward because finances. The difference between my total commission and the amount to pay off the loan would leave a remainder of 4 months or so of PITI. (Assuming I get the loan, and assuming I can use it to pay for the downpayment.) But I do understand the need to slow down. Thank you

@Jesus Roman

I appreciate that. Thank you for the input! 
 
I’m not getting my license for one deal. I do want to use it and be an agent as well: it just so happens that it currently coincides in timing. 

@Jonathan Greene

easy there man. You’re making a lot of assumptions without the full details, or details that you seemingly misunderstood. 
I can save up for the property and have the income and most of the money now. I’m just trying to expedite the process by getting a loan elsewhere. 
But since you wanted to bring up “only thinking about myself,” I offered to pay him, let him get the commission, etc. but since my family has helped him immensely in the past, he offered to help me for free to show appreciation for that and for them always being there for him. You don’t have to get so wound up about something you know nothing about. And I never said I was ready to handle my own deal, that’s why help is involved. Just like help would be involved on my first deal selling a house to (fill in random persons name here). 

@Carini Rochester

I understand. Thank you very much. I’ll definitely do that first

@Conner Olsen

forgive me for not understanding, but what do you mean mixture of both? And absolutely, it was never a plan to “rush into any property,” but still look for the right property. But I couldn’t jump on the “right property” even it presented itself.

@Carini Rochester

Hi Carini! Good question. I would need the loan for the down payment on the property. As for the “why now?” Part, I just replied to someone on it in the post above this one. 

@Conner Olsen

good question.

Two reasons, really. 

1) impatience, honestly. I’m still a few months out from getting the money I need/want. If the plan I outlined is doable, and I’m not missing anything, I can start the search the right property today and feel comfortable with my finances.

2) in my ignorance, I truly believe it’s the smart move. I’m aware someone more experienced can come here and say it won’t work for “X,Y,Z reason.” But sitting on this side of it, it just seems smarter. I’ll have the property and the income from it, appreciation from the market I’m in (south Florida. Although how much 3-4 months of appreciation matters in the big picture, I’m not sure, but it’s more than 0.) and also I’ll have the money/ability to start saving for my next property now, opposed to waiting, so it seems more efficient. 

Hey BP fam,

So, I'm in the home stretch to having the savings I want to get my first property. I'm going to be using a FHA loan for either a triplex or 4 plex.

I use Credit Karma to look at my credit score and they offer me personal loans through the app, usually for a stupid high rate (10%+).

now, for my question. I’m about to get my RE license. And the commission I would receive for representing myself would be more than enough to pay off that loan, and still have plenty left over. My family friend who’s been an agent for almost 2 decades is going to walk me through the “buying process” to make sure I’m protected on that side, and I know about it the area I’m buying in to make sure I’m getting a property  that will rent etc. 

I’ve heard of people getting private loans before, but never through one of those apps or whatever. And I’m concerned that I am missing something in my inexperience because it seems “obvious”, if that makes sense. Am I missing something here? Thank you all very much!

I think the operative word here is “won’t”. I appreciate the level of realism you injected here, but I think it’s fairly obvious that most people won’t. 

But I also don't believe that most people come to BP because "most people hit their REI goals," I believe it's because that they believe they CAN hit their REI goals and BP helps with that. As an example, I want all of you guys and gals to hit your goals and dreams, but in the big picture it doesn't affect me one way or another if you do or not. I think a lot of people are similar.

Also I think it’s like the gym, you know it’s possible to get in shape because you see others in shape. But that doesn’t mean that a singular person WILL get in shape.