All Forum Posts by: Jackson Ramirez

@Ryan E.

@Llewelyn A.

@Dave Foster

@Nathan Platter

@Jason Lee

Ryan E. Just responded with a useful comment and this was my response...

hahah! Id like to hug you...that's what i want to hear. In my shoes, if it were you, what would you do? ...All of you guys pretty much have answered as if it was you in my shoe!

I take a lot into consideration. I'm not a cheap person...I'm frugal. I like value for my money and planning security for me and my family's future . So much that I chime in on CNBC, Wall Street Journal and Real Estate books and such. I am not a smart person, by far.  In fact, I have never been that person to read a book, yet lately, I find myself reading things that instruct me on anything that interests me at the moment.  I am a firm believer that ANYONE can do ANYONE'S job as long as you are resourceful and put time down on it. I been interested in Real Estate as far as I can remember.  Actually, a funny story!  I remember buying the CARLTON SHEETS no money down course.  Do any of you guys remember that?  Well, I think I was 20 when that and I was heavily studying it until some crazy girlfriend I had burned it over the stove over an argument after I stormed out of my home.  I was devastated to find my priceless course "medium well to well done" inside the stove and instead of replacing it, I got side tracked and it remained as so all this time.  In the 90's I traveled and hung out in Miami while promoting parties where everywhere along the coast I remember seeing Motels selling for $25K or $30K with only 3% down sprayed painted on white bed sheets. FOR NOTHING! But guess what? I had girls and booze! I wasn't thinking of those stupid things! I just wanted another notch on my headboard.  Got married and bought a timeshare in Orlando when across the street there were lots of land selling for $7000 and STILL, I didn't make that move.  So when my deal (that I mentioned at the beginning of this discussion above) came along I made sure I got in on it and it has been the best thing I have ever done in my life.

Along the way I got into electronics, electricity and construction.  I've been working as a Security Systems Specialist for a national defense contractor as a Foreman where I have had to exercise my skills in construction and management.  I do not want to continue on this path unless it's in Real Estate. I need something solid for me with bigger results and      "BIGGER POCKETS" at the end.  I work countless hours night and day and my sleep is pretty much non existent.  I have 2 rugrats in college this year so the next 5 years will be my Trying Years.  Feels like this time around, procrastination is not an option.  I'm running out of time.  My "quality of life" needs to become more comfortable for me and my family and therefore I must take a second breath and build to leave a legacy behind.  Hopefully you guys can get me going from here on end... and you know what?  I think I am off to a pretty good start.....I don't knoooow but..........I think I'm starting to love you guys..lol

@Dave Foster great info. I think I'm going to follow through on renting it and excersizing the 1031 and 1021 simultaneously. Loosing money is not an option. I rather prep my apartment and set it up for rental. Think it's better to attach it to my LLC at this point. When I rent?

@Thomas S. 10k a month would be phenomenal..yet I don't think I'll see that in my lifetime. You are leaning towards selling and collecting the profits from it...right? if I can get other properties here in New York to boost my investments, selling it would not be a second thought. I just need to learn where to look, who to speak to and develop a team from what I gather..

@Nathan Platter

Thanks for your insights on bitcoin and the REI markets in the southern states. Not being knowledgeable enough always puts jitters in your stomach. I have been thinking at the cost of ownership in those homes as opposed to New York...very attractive but I also think about the cost and burden of having to travel down there to manage the properties. Still, very attractive and lots of Interest I look forward to keeping in touch with you.

@Jason Lee

I know I am in a no-lose situation at this point. Selling could release sizable gains and freedom to get deals in cash. Renting it has also been my second choice. What I have is a classified one bedroom but have created a second bedroom out of my dining room area 10 by 10. My thing is, can I get rent for a two-bedroom at this point. By the way, 10 x 10 with Windows and closet and a 22 x 14 living room/dining area with seating for 6. I currently have an interest only mortgage due to hardships overwhelming me about 7 years ago. At the time I thought it was a good decision at least I thought.

@Dave Foster

Yes Dave, it is my primary residence and I've been living here the last 18 years purchased it 11 years ago in 2007. I am aware of the 500k tax free opportunity which would definitely apply to me. Just curious to know why wouldn't the 1031 apply to me after the sale at least as of yet? Again I greatly appreciate in your input.

@Ryan E.
@Llewelyn A

A world of thanks for taking your time to respond and thanks for your recommendation on Llewelyn...Ryan! The rent where I am located goes between $3200 and $3800 for a one bedroom one bath. I currently have it set up as a two-bedroom one-bath. Two bedrooms around here go for up to $6K a month. It is a condo and I did refi it and pulled out some cash to settle some debts and lower my payments back at least 7 years ago. This is where I have messed up a bit and not refinancing again to a 30 or a 15 year mortgage with the rates as low as they have been for the last few years. I currently owe 415K on it with a monthly mortgage of $1630. Back then I wasn't producing much cash but things have changed lately and I have been able to build a sizeable stock portfolio (at least for me), amazing credit and savings. Amidst to it all, I now have two kids starting College in September so I am definitely looking to make a smart and financially sound move from here on end. I do love where I live I mean who wouldn't. I live between Central Park and Riverside Park on the Upper West Side of Manhattan with everything available to me at any time of the day or night. I believe the life of an investor is for me whether renting or flipping. This has been an amazing start by getting input from season Pros such as yourselves. I hope to continue tapping into your knowledge here forth and welcome any assistance that you guys can provide. I currently look into Zillow and Trulia for most of information on properties in the area. It would be great to have some input on what other sites I can actually look at as tools. Finding properties here in New York City that can be profitable and attainable is key. One more thing...I really enjoyed the fact that you guys took the time to mathematically equate my expenditures, gains (ROI). PRETTY DAMN EXCITING! lol... It's pretty amazing and it shows how passionate you guys are about what you do. I hope to be the same someday. Now, i need to figure out where to start! Extremely overwhelmed but determined.

It's not often you get a deal like the one that I got. It started back in 2004 when my building decided to go condo. I never bought anything in my life but I figured this was one thing or opportunity that I would not let go by. So I decided to go to the meetings and see what was this about. They offered me my apartment for 55% below market value. At the time I had no idea what market value was so I got on the internet and looked it up. So happens that the price was close to 650K market for an apartment like mine. So I ended up working my butt off, and saving up to finally purchase my apartment. Fast forward 11 years later it is now worth 1.2 million. I am very knowledgeable when it comes to construction and have crews working for me on a few projects. I live in it and now feel that it's time to go ahead and make a move. My problem is do I sell? Do I rent? I think about the economy, the stock market the Bitcoin rally. Having this, my biggest asset, I question you most experienced folks.....what would you do?