All Forum Posts by: Jacob Trogan

@Jacob Trogan i also second some of what has been said about you not having enough reserves even if the bank doesn’t mind your lack, I would keep much more in your pocket, don’t chase cashflow just to wind up where you have no cash and two properties that need 1000s in repairs after a tenant trashes it, no fear but prepare for the worst

@Dwight Cook I agree with Colin the cost seem super high, I can only imagine it being that high if the loan is non conforming which sounds like they may be doing that, one strategy is to offer a higher purchase price in exchange for higher seller credits, this is no cost to you or the seller except your loan will be larger, also look at taking a rate where you receive a credit, you can make this work if you have a low enough dti with the two loans and you can pay the full down payment for both the rest is just a matter of negotiation and creativity

@Jerome S. It’s loan depot that’s why

@Jacob Trogan just reviewing everything about your question once again please use a professional that is how you will get it done and not get screwed starting off, I can tell you have never done a deal from these basic questions, if I come off a little rude good you need to pay others in order to have success like has been stated a few times the more you can help others the better off you will be, I have talked to too many people who got under contract on a home where the sellers agent represented the buyer and seller and after I review the contract they got screwed over as a buyer

@Chris M. I echo who said you need to listen, also why in the world would you not use a buyers agent on your first deal? Especially when you are asking a question like this if you maybe had bought a few properties then that is another story but just use a buyers agent and use the MLS you will not get a Homerun on your first deal, just go for a base hit

@Ryan Stumbo Lots of realtors are ignorant and self-centered, they are telling you you have to buy a horrible deal, I would suggest working with other realtors and suggest not chasing a deal that is so bad, yes you may sacrifice cash-flow to a degree if that’s something you are willing to do but you don’t have to, it just will be very difficult to find an on market cash-flowing deal

Sounds like your expectations are a little out of line of how easy it is to find a deal but I would stand up for your goals more and not let their greed cost YOU money

@Nick Cooper hey bro that’s kinda illegal, if you wanna play with fire go for it, if you didn’t intend to occupy it while getting the mortgage as a primary that is mortgage fraud, if your circumstances change then you could maybe do this

@Antonios Kranidis Hey man I am 22, I haven’t seen any other perspectives yet from someone closer to our age. Here is what should simplify the choice, are you chasing the almighty dollar that is paper and only valued because we give it value or are you chasing becoming a better person? I thought about this because I viewed school as the way to success which I equated with more money. But when I realized school is for myself and developing myself it changed my perspective. If you are completing all your assignments to get the grade and just get a higher paying job it’s pointless, if you drop out just to get rich through real estate it’s pointless. Don’t get me wrong to pursue wealth is great but if you stay in school because it will help you be more capable to take on life that is good, if you drop out because you are confident you will grow, learn, and push yourself harder than you are now then it would be great. It depends on your motivations rather than the outward actions.

Personally with your degree I would stay in school, who said you need to get a 4.0 GPA? Dedicate time to both. I am sticking with school and working full time and renovating a house I bought. I feel like dropping out at times and I also at times want to just sell the house and be done. If I can’t develop persistence and sticking with what I dedicate myself to I won’t find much success in anything.

@Trent M. Good choice, with leverage it is a much better option, glad you saw the majority view, I have had a few people ask me the same question and they usually wanted to be super passive and realized RE wasn’t as passive as they thought, only reason I said stocks wouldn’t be bad. Either way you are doing great 👍