All Forum Posts by: Jason Goldberg

Great idea, thanks Charles.

3/2 SFH ~1200 sqft - built in 2001. Asking $55k, i can probably get it for under $50k as there have been 2 price drops in the last 4 months (one this past week) from the original 77k. 2008 Certified Tax Appraisal listed as ~132k.

One other property, slightly with more damage on same street going for about the same price and one other in another phase of the development slightly bigger going for $165k (pipe dream in my eyes) and another slightly smaller for 90k (on the market for 2 weeks so far).

One actually sold that was slightly smaller a little over 1 month ago for 124k.

Rents currently going for between 800 and 1200/mo in that area and i'm looking to be at the low end and do the prop mgmt myself.

What does everyone think?

Thanks,

JG

Thanks all for your replies! Upon doing some more research and speaking with a broker, it does seem as if you are correct Chevis and a year of "seasoning" may be required on a rental before attempting to refi. Even then it may not happen but is somewhat dependant on the status/stability of the banks and of course your credit score and tenant history.

I have found the property i think will be my first deal and will let you know how it goes!

Thanks,

JG

Hello all,

I am looking at purchasing my first inv prop, and am really trying to stick to a buy and hold strategy focusing on rental properties but i also realize right now that cash is king and even with conv financing, i'm going to have to put 20% down.

My thought was to take the capital i do have, about 15k or so, and finance a distressed property, rehab, and resell to build up more cash for buy and hold investing? Is this a good/bad idea?

Does anyone have any advice on the best way to proceed? Am I off on the neccessity for 20% on all Conv Fin or is that only with less then great credit? How about using HML, will they require less than 20%? would that be a better idea for the first few flips?

Any assistance on tweaking my initial action plan would be greatly appreciated!

Thanks all!

JG

Thanks all! On a side note, Jon, i'd like to thank you for weighing in on just about every post i have made so far since joining (only about 4 or 5 but thats still awesome). When i posted at first, i thought you were a bit condescending, but you cleared up your initial comment and upon reading your other replies on other peoples posts, i realize that you are a wealth of information and i hope to learn a lot by following your advice to me and others on this forum.

Sincerely, thanks for your time and everyone else that regularly contributes as well!

Kind regard,

JG

Thanks Jon and Dave. Its actually myself and my wife that are the owners of the LLC, how does that make it different? so that means gains/losses are still under my/our personal taxes?

Thanks,

JG

Hello all,

I'm looking for an attorney in the Orlando area that can come as a reference with experience in REI and hopefully someone who has actually invested themselves. I have spoken with a few nice people but none of them have ever even dabbled in REI beyond Primary Residence. Any help or referrals would be great.

Thanks,

JG

Hello all,

I have a condo that i purchased 3+ years ago that i lived in for 2 years as a primary residence and then moved to a new house and now rent out the condo. I am currently renting the condo and unfortunatly b/c i bought a little on the high side, the rent covers the "mortgage" but not the HOA/taxes/ins. Basically its negative cash flow for now but i do get the deduction for my losses at the end of the year as well as the interest paid. My question is this. I have applied for an LLC and am wondering if tax-wise, i'd be better off transferring the deed to the LLC and what implications/benefits that would have vs using as part of my personal taxes. I am now beginning to invest and want to make sure that going forward i put everything on the LLC but hopefully that will be all positive passive cash flow and will be an easier situation.

Thanks all!

JG

Thanks very much everyone! All input is greatly appreciated. I have called a realtor in the Detroit area and am going to see what can be done so that at the very least, it doesnt become a liability to me.

Thanks again to all! Heres to the first of what i'm sure will be many posts!

Cheers,

JG

Wow, this is all really surprising to hear. So what do you all think the best course of action is? I'd like to walk away with something. The company putting on the event is reputable and are putting out all kinds of press on our winning the home. Is there not some silver lining that we can take from this to help jump start our investing? What if i had to put 10k into it, i got it for nothing?

thanks all,

JG

Hi Jon,

Thanks for your reply and without sounding rude, philanthropy is not my goal at this time. As i stated, i won a property that i'm hoping will help to build my investing practice. I appreciate your reply but if anyone else can assist with some more pertinent info, i would be grateful.

Thanks!

JG