All Forum Posts by: Gail Shulski

I just saw the 2nd response with clarity. Thank you!!  This was what I had calculated as well. You guys are awesome. Settlement is tomorrow 💪🏼❤️

Hey Brendan. Thank you for your response. Everything makes sense uo to the payoff. If I deduct the interest only payments from the total amount of the loan, wouldn’t that mean the PML didn’t make any money off the deal and only recovered the amount that she lent me?  Thank you!!  Gail

I'm about to close a deal with a PML for $150,000, 12%, and 2 points.  I'm going to pay interest only for 6 months and then a balloon payment of the balance on the 7th month (after I'm able to refinance with a traditional loan).  Can anyone tell me what the Interest only payments would be each month and the balloon payment of the balance due in the 7th month?  I appreciate your help!!  Thank you!!  Gail

I’m in the WREIN mentorship and don’t regret it. Though the bigger pockets forum might have the same content. Not sure about the connections yet as I just started my mentoring this week. There’s a 7 day class for $17 which would probably be your trial period other than the 3 day right to rescind. 

@Brent Coombs I’m a licensed realtor.  I was due a commission on the transaction that I converted into additional sellers assist. My son lives in the home, therefore I did add him to the deed. He doesn’t have any income and won’t be filing taxes, so I’ll claim the property and all tax benefits on my tax return. Prior to becoming a realtor I was a tax preparer. Everyone should take a basic tax course to have enough knowledge to plan and understand  their strategies. Keep your friends close, keep your enemies closer.   

It’s cool to see another vote. Thank you!  I’d love to connect. 

Thank you for reading and voting on my post!  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $195,000
Cash invested: $3,000

I purchased this property to House Hack it with my son currently living in it while it undergoes renovations. He's a college student in the area and will be there for at least 2 years. Once sold, there will be no taxes due to capital gains, due to the $250,000 exclusion.

What made you interested in investing in this type of deal?

Avoiding capital gains while living in one unit and renting the others

How did you find this deal and how did you negotiate it?

ON the MLS

How did you finance this deal?

Traditional Financing

How did you add value to the deal?

Reduced capital contribution for my son who is living in the property

What was the outcome?

Ongoing & Successful

Lessons learned? Challenges?

Don't let your emotions get in the way of making a business or financial decision, no matter what. The numbers must work

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Realtor for almost 2 decades. I'm happy to work with anyone seeking an investor friendly and knowledgeable agent.

Hi Lori.  I've just completed Day 5 and the mentorship program is being offered at $9700.  I've be researching reviews though circled back here to you to see if you moved forward with the program and how it's going.  Looking to find out how long she's been in the mentoring business as well as her sons.  I'm inspired to do it, just wish there was someone with a real life experience to validate what I feel will be well worth the investment.  I hope you've found success!