All Forum Posts by: Felix L Perez

@Michael Plaks thanks so much for the advice I’ll look into it!

hey guys! so im in the beginning beginning stages of my real estate career. I just recently bought a house im in the middle of trying to flip that I bought 2 months ago. I opened my own LLC in December and I was wondering despite the fact that I haven't sold a property yet or collected any rental income am I entitled to any tax breaks or write offs? or should I wait until next year when I've actually made profits made to hire an accountant. I don't know much about taxes but I've read that gas, food and a home office is tax deductible. any info would be appreciated. thanks!

Hey guys! so I was supposed to have my closing this Friday on a HUD home but my agent told me today that because of this government shut down we can't proceed with the closing yet. im not a big politics guy so I wasn't aware of this. does anyone's have anymore info or a solution to help me out? any advice would be appreciated.

thanks!

Hey guys!

So I just placed a bid on my first house ever last night. It was a HUD home priced at $133,000 but it was on the market for over 100 days so I offered $125,000 because I know that HUD homes don't sell for toooo much lower since they're government owned houses and the bid was accepted! So im wondering if you guys think I overpayed? I went to the open house on Saturday and checked everything out and the main things that need work are a brand new kitchen, it could need a new boiler (the boiler room was locked at the time but we will see it before closing and during our inspection period) and the electrical is messed up, the rest is mainly cosmetic. I saw the comps in the area and they go anywhere between $185,000 and $299,000! so im wondering if worst case senario we need a brand new boiler, completely revamp the electrical and put in a brand new kitchen do you think this is still a good investment? I would love any feedback you guys have I am both excited and insanely nervous.

thanks!

@Mat O'Grady my criteria is mainly looking for a house that needs some repairs in a relatively good neighborhood with good comps , I am going to try and have a GC overlook the running of the property and bringing in different subcontractors with myself helping in anyway I can. I guess I should focus on a specific area learn more about it and go from there. Thanks for the websites I'll definitely check them out!

@Ryan Luby great advice! I definitely need to get more in depth on what specific kind of property I want and more specific areas. My approach right now is very broad trying to keep my options open but I should condense my search and focus on specific things. 

thanks for the help!

Hey guys, 

so I'm having trouble getting dipping my toes into the water and getting my first deal. I am 23 years old (since yesterday) on Long Island and after a few years of constant studying and showing I am serious about this I finally got my family involved in the process to turn this into a legitimate family business. My father is the head of a big roofing company and has many different subcontractor friends so we've decided to get into house flipping to take advantage of his resources. So far we've been looking on Craigslist, Realtor, Trulia and Zillow in areas like Pennsylvania, Connecticut and even check here and thee in my general area to see if we can find a deal in our price range. We even started looking for foreclosures in those same areas. But I can't find a good well enough to fit my criteria. I am just for a single family home, in need of a few repairs in a decent area. you know just to get my foot in the door and work from there but I am having no luck. what else should I do? start contacting realtors in those areas? Maybe partner up with someone willing to help out a newbie on Biggerpockets? or some other strategy?

Let me know what you guys think any suggestion will be greatly appreciated! 

@JD Martin just out of respect for the family 

@Victor Chico

@Sean Walton great advice guys, thanks!

@Moshe H. excellent point I forgot to mention the fact that this property is in Puerto Rico where my extended famiily owns a bunch of land and property. so all the taxes, insurance etc will significantly significantly lower than New York. 

thanks for the reply!

Hey guys! 

this is my first official blog post even though I've been reading blog posts and listening to podcasts for almost a year now! 

So I had a question, I recently had a family member pass and in their will they've left me their house. it's a $75,000 home however my parents won't allow me to sell it because all of our families houses are next to each other and they want to keep it that way but they are willing to let me rent it. 

what I would like to do is take out 80% of the equity on the home (we own the home outright) and start a mortgage on the home. take that equity of around $60k and put it towards a down payment on another home to rent out aswell. the mortgage on the first home should be around $450 so we would rent the home for $600 for steady cash flow on the home while putting the equity to good use. 

my question is would you agree that this is the right way to go or are there other solutions you can think of? also what steps would I have to take to take out the equity? is it as simple as going to a mortgage broker or is it much more complicated than that? any suggestions or comments would be very helpful. thanks!