All Forum Posts by: Jacob Martinez

Looking for information on the 1031 exchange. Is there a limit for how long you can use it without paying taxes on your gains? Does it have to be for a primary residence? Thank you in advance.

This sounds like a plan I would like to utilize as well. Thank you for the any advice shared. BP has a lot of literature that has great advice. Each creative investment method has its pro's and con's but it's on the individual to decide how much risk they are willing to take on. The HELOC now puts your primary residence on the line should things go south and not work out. For an unprepared investor it could be like rolling the dice. Just do your research on every aspect of your deals and good luck! Wishing you much success!

Just started learning/researching real Estate a few months ago. I'm saving for a down payment on my first property. Besides letting it sit in a savings account until I'm ready to use it are there any recommendations of compounding interest accounts? I want access to my funds 24/7. 

Does updating a bathroom or kitchen add more value to a single family home? I'm considering updating one or the other with a complete tear down and renovation of that specific room. The other I would just touch up. Have $7k available for the project. Any and all suggestions are greatly appreciated.

thanks @jody sperling. I thought of that too. I was considering 30/70 since he has been in that property for about 18yrs. I will negotiate with him and see where it goes. I appreciate the advice.

I'm trying to help my father-in-law get out of a house that he is tired of. I'm willing to give him $3k to move back into his three-flat while i front the renovation costs of his single family home. since I'm paying for renovations, after the sale and i'm reimbursed for the renovations, is a 50/50 of profit too much to ask for? 

Thank you everyone. Still learning how to use BP to learn more. I am on the Southside of Chicago near oaklawn, Burbank and hometown. Have close to nothing saved but BP's book on investing with little money down has opened my world to the possibilities. I have started listening to the BP podcasts from #1 and am up to episode #45. Hopefully will be current on the podcasts on bout a month. So much info is shared on every show. I love it!

Thank you! I appreciate it very much. I was looking at a lot that has been listed over 200 days and has several price drops. The property taxes appear to have been settled a year ago. Just curious if a super low offer would be enough to get the owner to walk away from the lot. 

If I see a listed property such as land and want to bid a cash offer below 10% of the asking price, do I just send my offer to the listed realtor or try and contact the actual owner if possible to discuss the super low cash offer bid?

New to this myself. Just finished reading "The book on investing in real estate with no (and low) money down" available through BP. It has a great breakdown of wholesaling to get you started. From my understanding, wholesaling is when you find a property, get the owner to sell to you at a certain price and you then sell it to the end buyer for a slightly higher price. The difference in prices is what you make on the deal.