All Forum Posts by: Nicholas Jasmine

Every time I had to give earnest money I had to make the check out to the real estate company.  

look for a property priced around 40-45k owner occupy it for a year then move out and make this property cash flow.

probably 80% stocks and mutual funds through 401k plan, 10% value funds through brokerage account.  10% real estate owning two homes and a subdivision lot.

should have started a lot earlier in my life.

Me or my wife drive by everyday, but the tenants does not know us because the property manager is the middle man.  I would love to keep every property we purchase close by this one is less than two miles away.

The offshore oil and gas has also took a hit.  I work on a drilling rig and there's plenty that are idle(without contract to drill).  I hope this market turns around pretty soon.  I never thought I would ever hear we have to much oil.  

Having no money is almost a deal breaker in real estate investing. I would say save, save, and save. Income tax season is coming up and if your fortunate you may get some money back. Put that with the money you saved and there's your first property. Second option would be to get a 80/20 or 80/10/10 loan, mind you if you do this two mortgage process with PMI you or almost guaranteed not to cash flow.

I would definitely cut my losses and take the 5k loss.  

im no expect but if the seller's didn't disclose this they could be liable,  but if this was an "as is " sell then its definitely on you.

I have just started in the real estate investing, but learning what I have I would not invest in something that doesn't bring a cash flow of 200-300 a door.  Things happen unexpectedly and the 86$ dollars you would be receiving is not going to go very far.