All Forum Posts by: Jacob Price

Hey @Lisa McBee welcome! I'm in the SML/Lynchburg/Roanoke area so I'm not too far away. I'm a soon to be RE agent, but have done some investing so far. If you ever are in the area and want to chat feel free to contact me on here. 

Hey @Michael Strachan! It's always great to see people my age, or younger, realizing that real estate is a great way to build wealth. I was in your shoes a few months ago and have been working on the transition. I'm 22 and come from being a web developer. I've been involved in real estate for a while due to parental influence but didn't really pick up to full steam until last year. You are already in a great position working as a leasing consultant as it will give you more knowledge. I, like you, asked myself about the agent path and decided that it would in fact be a good path for me. I take my test next Friday! If you want to get great at real estate and make money from it well there are many paths, none of which are gone from having a license. I'd say that most people will say that having your license should have a positive impact on your ability to build your investment portfolio. Hope that helps! If you have any questions feel free to message me!

TLDR; I'm 22 and left a pretty promising career trajectory to become a full time RE agent / investor. 

Also I like the Garyvee mentality on whether you should do something. You are 21 and if you are interested in a career in sales with real estate then why not just try it. If you fail and are miserable after 4 years you'll be 25. People in these forums would kill to be 25 again and be interested in real estate. Just go for it!

I haven't used them, but can answer your question about the assumption fee.

Some banks when you 'assume' or take an existing loan will charge a fee for doing so. In this case they will charge 1% of the loan to allow you to assume or take the existing loan. 

Example: 

Current loan that will be taken over is 100k, the bank will charge 1k as a cost for them to let you do that. 

@Nicholas Scatton Yes, I misspoke. I corrected my reply.

You nailed it on the second mortgage idea. A HELOC is the bank saying here have this line of credit worth x amount of what you home is worth minus the mortgage you have.

Home is worth 100k

Hold equity of 40k

Hold mortgage of 60k

89% of 100k = 89k

Line of credit you could get 89k - 60k =  29k

Alright BP, check this out.

I had a tub in a duplex I'm working on rehabbing that looked rather unappealing and I'm fairly certain you wouldn't have wanted to bathe in it. So with everything I had the choice to pay someone else or let my hands be the healer to my problems. For me, it is always a cost analysis process to determine whether it would be more efficient to perform the task myself or allow someone else to do it.

Anyways, just wanted to share how easy and nice a tub refinishing kit worked that I picked up from Lowe's and my advice from the process.

Before:

After:

The kit can be picked up on Amazon for $25 which will save you like $400+ if you were to pay someone else. DO NOT buy the spray kit. I repeat DO NOT. It is possible that I got a bad kit, but the cans each leaked everywhere and spewed all over my new floor... Go pick up the paint on kind and get yourself a roller as the kit comes with a 2" brush I think.

Works like a charm. Get after it. 

Product link: https://www.amazon.com/Homax-720773-Brush-One-Part...

You'd have to check with your bank, but my bank only does a HELOC on your primary residence. Yours may be different though.

Get more quotes for sure, I converted a duplex from baseboard heat to HVAC and for the whole thing it was 3.5K, granted that didn't include the two units or handlers, but with the units all of it together was like 6500 if I remember correctly. Even if it was 8k all together, thats 4k for you to do one based off how much I paid. Ask around and get plenty of quotes. 

I feel a great deal of it comes from lack of knowledge, effort, and being content.

Knowledge

Most likely, if a person doesn't know someone or isn't purely interested in all things investing, they don't seek out the information on how to do it, how easy it can be, and the different levels it has. This lack of knowledge drives a lot of people to maintain the system that is taught early, save your money, put it in a 401k, work until you are at the retirement age, and downsize...

Effort 

Let's be honest though, they most likely DO know someone that invests in real estate. They just don't care enough to exert the perceived effort that they believe they have to, which is probably exasperated by my first point. It's easier to take every weekend and weeknight to sit and watch TV. 

Being Content

A lot of REI, at least for me, is to be financially free, this goes for any investing really... But some people are perfectly content with what they have and don't care for more or think that the effort isn't worth the benefit. These people may be perfectly happy, or simply complacent.

I wouldn't worry about other people. Why they do or don't do something. If BP could answer that, we'd probably stop all wars. 

You are here, learning, and driving toward your financial freedom. Help people out along the way by educating them with what you pick up and let them decide whether they want more than they could imagine. Cheers. 

@Deontae Posley If you aren't able to get better terms, or use another loan type, you could always look for private money to fund the other 10% that you need. This is assuming the deal would still make sense after adding in those costs.