All Forum Posts by: Eric James

Thank you Bruce.

If you go the private lender route, just remember there are costs associated with that.

My advice: leave this all up to them. Keep your relationship professional. If you can't do that, maybe consider a property manager.

Hi Jeff. I'm a fan of real estate investing, but how much did you actually make on your condo? Since you didn't live in it for 3 years you paid capital gains on it, right? You also had 2 years of carrying costs. How much did you pay in interest, taxes, insurance, mortgage insurance (if applicable), and HOA fees, in addition to the renovation costs? I recommend really analyzing numbers carefully, especially for whatever you contemplate purchasing in the future. Best wishes.

You're paying off student loan debt (at what interest rate?) and will then take out a hard money loan (at what rate?) to purchase real estate? That doesn't sound like the best strategy to me.

If they don't want the realtor involved makes me think they hope to pull one over on you that they think the realtor would catch on to.

I started that way myself (though I didn't airbnb). Some people are afraid of being a landlord.

Yes, it sounds like you may have negative cash flow. It seems positive cash flow can be difficult with high end homes. In your place I might wait until I had lived in the house for 3 years (for tax reasons) then sell it, rather than try to rent it.

If you made close to $20K on those first two deals it sounds like you found a way to avoid closing costs and taxes. Please let us know how.

I have no experience with wholesaling, but I would be skeptical of such a person who is 'looking for help'.