All Forum Posts by: Jordan L.

Okay I have been listening to the podcast and quite of few people say Rich Dad Poor Dad is there favorite read, Now I had this book for years tried to read it but never got into it, But for some reason yesterday I read it and the light bulb came on, I guess this was the time to read it because I was prepared to receive the message it conveyed. I literally finish the book yesterday : ) Now I don't want to get into politics but it really made me think why the rich gets upset when they are being tax so much and you know what I don’t blame them, because when I am in that position and work hard for my money, I don’t think I should be tax more because I am wealthy, It really open my eyes. Ok sorry for the introduction.

Here is my question

What I wanted to know is in the book Robert T Kiyosaki say Tax code 1031 “allows a seller to delay paying taxes on a piece of real estate that is sold for a capital gain through an exchange for more expensive piece of real estate. What I wanted to know is do you ever pay taxes on the property if you keep trading up for something larger? When he say you are tax when the property is liquidated, is he referring to selling it? Please explain this to me.

Your welcome, we are all in this together, your success is my success and vice versa : )

To all the newbies here is the guide, please download and see what fits for you, but if you want to start, start by reading this manual

http://www.biggerpockets.com/files/user/brandonatbp/file/ultimate-beginners-guide-to-real-estate-investing

Justin reads the Bigger Pockets Beginners very helpful and will give you an insight on how you should move forward. Don't worry breathe I know it can be overwhelming but we can do it, with time and patience.

After speaking with many people here on Bigger Pockets including Buddy. I will go the FHA route it seems it is the best fit for me, thanks everyone for their expertise. I figure if I am purchasing my first home why not let it be a multiunit.

I am going to Pm you Thank you so much

I live in a one bedroom apartment. Where can I found a buy and hold investor? I have to trust this person as well. I should have 5% so if I do that my options can be FHA or Homepath, but I kept hearing the talk about Hard Money Loans, I am guessing Hard Money Loans are for Fix and Flips

Please let me know what will be my best option. I been on this site everyday, getting all the information I need to make my move. Whats going on with me, I am currently saving and looking for my first rental property, that I would like to live in. I am paying so much in rent, its time to own. I am in the Florida market. Some investors say do a hard money loan and then refinance, others are saying Conventional is the way to go, to see how this all works. I have also heard go through a portfolio lender for my first deal. I really wanting to do a FHA loan but I am skeptical of the PMI, so I thought about Homepath Loans., I don't have a 20% down at the moment to do conventional loan. What would you do if you were starting today. Lets say if today was your first day?

Welcome Rufus, this site is amazing!!

@Mike H. I do have a current relationship with my credit union. I open an account with them for that very reason.