All Forum Posts by: Eric Rodriguez

@Kevin Siedlecki thank you for your response. Unfortunately the market doesn't allow for much higher rent than that for my first property and I will not be raising rent for my aunt who lives in the house. As far as purchasing the second property, im not looking to take ownership of the property just yet. I clearly dont have enough money to cover the expenses of both. I was looking into options contracts to see if anyone had any expertise on having some sort of vested interest into the property for a disclosed period of time and then if i was to get married within 2-3 years and have a higher income and a secondary income from my spouse i would keep this property separate from my real estate portfolio and make payments on a mortgage from my salary/wife's salary. 

Good Afternoon everyone,

Im currently looking for my second property and have been toying with the idea of using a option contract to buy my next property. Im 26 years old and I still live at home. Ive purchased my first single family home which was a fixer upper (440k, detached home in Staten Island NY) back in September, put about 20k in it and now I rent it out for 2,000 a month to my aunt. Throughout that process I used a lawyer who was a family friend and he is currently looking to move out of his own house. He lives very close to my rental property and the home is in a prestigious area where the property prices are upwards of 600-800k. I absolutely love his home and I would actually want to move into the house sometime in the future when i begin to start a family (something im not ready for yet). My first property was purchased in all cash, and I have been in contact with a loan officer to secure a cash out refinance for future prospects. However, i don't want to completely extract the full amount of money out of my first home and tie up all my money just yet. Im currently a police officer, not yet at full pay within my pay scale and im not married yet. I have no expenses at the moment other than my car insurance and i really wanted to expand upon creating a larger real estate portfolio, but i also would love to have this house for my future. Hence i was looking into establishing something with my lawyer (whose house it is) in regards to a contract to fully execute at a later date. Ive contacted a few real estate agents within the area and have had fairly similar comps to give me an idea of what would be a reasonable price for his home and most of the other homes within his area are going for 625k-650k with similar specifications. i discussed with him a price of 560k for his house which would be a relatively good deal for this area and a beautiful location for me to start a family somewhere in the future. However, i know hes looking to get rid of the home quicker than i probably anticipate to make those decisions. I would like to secure an earnest money deposit on some sort of contract to buy the home at a later date at a fixed price. Is there any advice or steps i should take to make this a seamless process? Keep in mind this individual i would be buying the house from would be my lawyer and he would attempt to make this as fair as possible as he is a family friend who my parents have known their entire lives. He wouldn't have to use an agent to list the property (saving on commission) and I know deep down he would be happy to have given the house to someone he has known his entire life.

Any advice or constructive instruction would be greatly appreciated,

Good Afternoon everyone, 

Im currently looking for my second property and have been toying with the idea of using a option contract to buy my next property. Im 26 years old and I still live at home. Ive purchased my first single family home which was a fixer upper (440k, detached home in Staten Island NY) back in September, put about 20k in it and now I rent it out for 2,000 a month to my aunt. Throughout that process I used a lawyer who was a family friend and he is currently looking to move out of his own house. He lives very close to my rental property and the home is in a prestigious area where the property prices are upwards of 600-800k. I absolutely love his home and I would actually want to move into the house sometime in the future when i begin to start a family (something im not ready for yet). My first property was purchased in all cash, and I have been in contact with a loan officer to secure a cash out refinance for future prospects. However, i don't want to completely extract the full amount of money out of my first home and tie up all my money just yet. Im currently a police officer, not yet at full pay within my pay scale and im not married yet. I have no expenses at the moment other than my car insurance and i really wanted to expand upon creating a larger real estate portfolio, but i also would love to have this house for my future. Hence i was looking into establishing something with my lawyer (whose house it is) in regards to a contract to fully execute at a later date. Ive contacted a few real estate agents within the area and have had fairly similar comps to give me an idea of what would be a reasonable price for his home and most of the other homes within his area are going for 625k-650k with similar specifications. i discussed with him a price of 560k for his house which would be a relatively good deal for this area and a beautiful location for me to start a family somewhere in the future. However, i know hes looking to get rid of the home quicker than i probably anticipate to make those decisions. I would like to secure an earnest money deposit on some sort of contract to buy the home at a later date at a fixed price. Is there any advice or steps i should take to make this a seamless process? Keep in mind this individual i would be buying the house from would be my lawyer and he would attempt to make this as fair as possible as he is a family friend who my parents have known their entire lives.  He wouldn't have to use an agent to list the property (saving on commission) and I know deep down he would be happy to have given the house to someone he has known his entire life. 

Any advice or constructive instruction would be greatly appreciated,

I appreciate it John, I'll definitely check out Brandon Turner's books, thank you. 

There are many different factors that play into your scenario.

Try listening to a few podcasts or read some real estate books on investing and then get an idea what kind of real estate you want to specialize in.

Then go searching for a mentor or someone who can directly aid you in that direction.  

Good evening everyone, this is my first post on here and I hope to get some good feedback by any experts in the field. I'm relatively young (26 years old) and I just recently purchased my first house in Staten Island, New York (one of the 5 Boroughs of NYC) for $440,000 In cash. Single family, detached home on a 46x100 piece of property in a great neighborhood, relatively close to my home where I reside with my parents (less than a mile away).. I still live at home and it's not a necessity for me to move out yet, and I plan on making a steady stream of income from this property ($1500 a month). I'm a police officer and I've been contemplating getting my real estate license to further enhance my knowledge of real estate and get a better grasp at developing markets/buy and hold strategies/ and or rehabbing/flipping. I have no debt, no loans, fully paid off car, and don't have any major expenses that can drastically impact this endeavor. I'm mostly interested in using the equity of the home to purchase other properties and further expand my portfolio of properties. I've read some "for dummies" books on real estate, but I'm looking to gain a deeper understanding and more in depth knowledge on this subject matter. If anyone has any great books to read, or advice that has helped them on their beginning journey for real estate. I would be greatly appreciated. Thank you for taking the time out to read all this, Eric