All Forum Posts by: Jared Garay

I will find out and get back to you!

Hello BP Fam!

I'm currently exploring wholesaling and actively working on a couple of deals. Does anyone have recommendations for title companies in the DFW area that are experienced in handling transactions with wholesalers? Your insights would be greatly appreciated.

Thank you!

-Jared

Greetings BP family,

I am in search of potential buyers. I have two deals in progress, both on the verge of going into contract. If anyone is interested in these opportunities, kindly get in touch.

Moreover, I would greatly appreciate any insights on effective methods for finding buyers and establishing connections with fellow wholesalers.

Thank you all, and may blessings come your way!

Best regards,

Jared

Hello BP,

I am just getting started with wholesaling. Looking to connect with wholesalers in the area! 

Hello,

I am seeking advice and ideas for my next move in the real estate industry. Let me provide some context. I am a 25-year-old mechanical engineer earning an $84,000 salary in the vicinity of Dallas.

My primary objective is to enter the commercial real estate sector through any available means, preferably focusing on multi-family properties.

About a year and a half ago, I purchased my first house, a 4-bedroom, 3-bathroom property, and I have been renting out the extra bedrooms via Airbnb (house hacking).

Now, I am eager to acquire a new property, but securing financing has become a challenge. To meet the requirements, I would 12-month leases for all three rooms, which seems highly unlikely. One potential option I am considering is finding a family member who could co-sign for me.

Ideally, I would like to locate an apartment complex, quadplex or a new house that offers owner financing. However, I lack knowledge on how to find such opportunities.

If I do decide to purchase a new house, I plan to continue house hacking by renting out rooms. Simultaneously, I can transition my first house into a full-time rental property.

Another option under consideration is exploring new job opportunities that could offer a $10-20K salary increase along with a $10-15K bonus. With the increased financial capacity, I could purchase my new home there.

On the other hand, I am contemplating whether I should double down on my efforts and focus on carving a path into the commercial real estate sector, which is my ultimate goal.

I would greatly appreciate any advice, ideas, or suggestions you may have regarding my situation. Thank you in advance!

Hello,

I just purchased my first property. It is 2200 sq ft, 4 beds 3 baths with a study that I am using for an office. I am renting out 3 bedrooms from $600-$800 each. I am wondering if this qualifies for a rental property and what can I write off on my taxes? I am not sure if things are different because I live in the property? There was something in the contract about me having to live in the property for a year before I could turn it into a rental property but it didn't say that I couldn't rent out individual rooms.

My house is a new build so I am also curious how depreciation works? Can I start right away? I heard you can depreciate closing cost? Although mine was not much because I used a first time home owners loan along with a down payment assistance program. Please advise.

@Brent Coombs, @Matthew Brill, I was performing my analysis for after I move out. I was analyzing it as if it were rented out to a single family. 

Ideally, while I live there, I will have a roommate who's rent will cover the mortgage. Then I would be paying a similar price per month to what I am renting my apartment for now: $700.

I think the only way I can make a property cash flow after I move out is by renting individual rooms. This is my plan but I still like to run the numbers for worst case scenario: renting the home to a family.

If this is the case, there are no properties on the market that cash flow. I would be going against what I have learned from Robert Kiyosaki, Ken McElroy, and Brandon Turner. These guys preach to always make sure the property cash flows. However, in this crazy Dallas market I think it is more of a gamble; since nothing cash flows, I would be banking on the property appreciating vs bringing in passive income. I am pretty confident that the market is going to continue to boom for several years but if my property is not cash flowing and the market crashes, it could screw me over.  

Hello, I am new to bigger pockets and new to real estate investing. My plan is to buy and hold single/multi family properties and I am open to all strategies. I am looking to acquire my first property using the house hacking method. 

I live in the Dallas area and the market is crazy. The issue I am experiencing is none of the properties on the market cash flow the first several years. Is is a good idea to buy a property if you have around $100-300 of negative cash flow? I have talked to a several investors and they say that cash flow goes up over time. I can handle paying that extra bit of negative cash flow per month but is it worth it? I have made around 10 offers, all unsuccessful, because there are so many people paying cash. I am now leaning towards a new build in hopes of securing a deal. 

Again, my biggest concern is nothing cash flows... 

IMO Pros:

Owning a property and start building equity

Over time the cash flow should eventually go positive

IMO Cons:

Paying the negative cash flow per month