All Forum Posts by: Eddie Torres

@Austin Urbanec Amen brotha! Keep pushing.

@Neil Martin I have previous experience as a loan officer and loan signing notary. I've also bought 2 homes and sold one. But I didn't know much about the investment side of real estate. So I basically studied real estate investing via podcasts, youtube, and audible books for the last 6 months. There's also a ton of info that can be found here at BP. I hired a real estate data consultant as well and now I am currently in the process of closing my 1st investment property.

But like others have said, it just depends on your comfort level. Some just dive right in, some wait years. I personally felt the need to study for a long time because I feel like the more I study, the less likely I am going fail. I hate losing money.

@Kirsten Fritze With such low interest rates on those loans, I wouldn't necessarily pay those off. At those rates it's almost like free money. Money that's already been borrowed that is.. There's good debt and bad debt. These can be either...sort of. It's obviously bad because the debt is a liability not an asset. But it's good in the sense you're able to borrow at such a low rate. I'd only pay it off if your DTI prevents you from getting a real estate loan. But ultimately it really depends on your real estate investing goals. Best thing would be to sit down and come up with a plan and set goals. That would make it easier for you to decide what to do.

@Jayden Hamilton It sounds like the answers to your problems are already in your comments more or less. You have $100k for reserves but you don't want to pay a contractor to make repairs? With that cash and a property being paid off you can't hire a property manager? You don't have a money issue, you have a time management issue. Take it from the successful gurus. They never try to do everything themselves. They build teams of people and develop systems that keep the wheels turning so they have more time to spend with family and doing things they love. I'd seriously research better time management strategies but hiring a property manager and paying contractors are 2 simple solutions alone that will probably at minimum cut your stress in half.

"Being rich is measured in dollars. Being wealthy is measured in time."

P.s. Don't sell your properties. You can live off the income when you retire.

I ended up submitting a letter with the offer but I was unsuccessful unfortunately. Gonna keep trying..

@David Arsene $157 per sq ft is a steal right now!! Many contractors are charging $350-400 per sq ft. Isn't a 3/2 rather cramped for an 800sq ft area? Are rooms and living room on the smaller side?

Hello all. I am submitting an offer for my 1st investment property. Based on the conversation my realtor had with the seller's agent, the family selling the home is humanitarian in nature and would like to "help a family." They didn't go in depth as to what exactly that meant but it's safe to assume they want to help a local family make it their primary residence. That being said, I'm considering submitting an offer letter in an attempt to get creative. Technically for me, I'm trying to get into real estate investing in order to gain financial freedom and to spend more time with my family and also help take care of my family. I'm trying to get ideas on how I can word the letter in order to remain truthful and sound good at the same time. Any ideas or should I just abandon the whole idea? My offer is already very aggressive.

@Taylor White I'll take real estate over stocks any day. Are you also taking into account the tax benefits you're getting by holding onto the property?

@Laura Guy Seems like a waste of time and energy and I don't see any sort of impact that this can possibly make.

@Ronald Lee Very interesting. Thanks for the info.