All Forum Posts by: Account Closed

@Account Closed I would just recommend learning to make more money. Generating revenue is the easiest way to invest at a higher rate. You can focus your efforts on learning to generate revenue within the real estate industry. Selling homes & wholesaling are both good options. Just get in the business. You're young, use the time you have to your advantage. 

@Rebecca McDonald 

Learn to sell, learn to market, learn a product and customer very well, and buy low/sell high

@Amber McGill if you're carrying active debt from a hard money loan at the time in which you are purchasing a primary residence, then it will definitely be considered in your qualification for financing in a primary residence. 

I don't think it matters if you do it in an LLC or not, you'll be a member of that LLC so your assets/liabilities/income/debt service will pass through and be considered as yours. The hard money loan to the LLC will likely require "recourse" in it's terms as well, meaning the debtor will have access to your personal assets to remedy the default amount owed in the event of default, should the property value not be enough to remedy the default.

All the best! Successful flips are a great money maker!

Just get to the point where you can qualify for an FHA loan to househack one, then take it from there! I'm just not a huge advocate of the no money down & BRRR stuff. Free property sounds great when you're short on cash, but it doesn't scale quick or generate maximum returns.

Are finders fees illegal? Are you a licensed broker? You can pay a marketing fee invoiced outside of escrow via 1099. Or You can double close (which will incur additional closing costs of about 800-1000 dollars). I don't think giving this person a fee is illegal just because they aren't a licensed broker, if they aren't acting as an "agent". 

@Timothy Douglas you know what's better than trying to buy property with low or no money down...?

Learning to make a strong enough revenue stream that you don't have to be limited to the "low and no money" methods we hear about. You're so young- go and learn how to generate revenue! Get into real estate sales, or wholesaling. Or learn to raise funds if you think you can be good at it (not the approach I'd recommend). 

Just get some money. Then turn it into more money. Then turn that into even more money. THEN, go make passive income on it. You're not trying to retire at 25 anyways, you'll be all kinds of bored. 

I can't speak to NJ, but I wholesale in multiple states and I would say no. You just need a purchase agreement & an assignment agreement (if you're assigning).. although I prefer to double close. You also need a title company that is ok doing double closings, and you'll be good to go.

@Charles M. bring the deals to you! I purchase data and market directly to seller in a variety of ways. The only way to do it!

@Kalanie Tran thank you so much! I would have never found that info all in once place in online research when I started, I learned it the hard way- in the trenches. Go use it and don't mess up as many times as I have! :)

@Andrew Atakpo very very different strategies. I would only house hack if you really want to own... and I still wouldn't recommend that with the way prices are now. 

If you are looking for cash flow, C+/B- assets in secondary markets out of state, that offer a 10 cap by YOUR pro forma, in cities with high rental demand & landlord friendly laws are your best friend. I'm going to emphasize that ALL of these criteria must be met simultaneously for me to consider an OOS market a good one to buy rentals in during this phase of the market. Not just 1 or 2 of them