All Forum Posts by: Jesse Aaron

I recently sold a few thousand dollars in stock that I’ve been accumulating over the past 4 years with the intention of buying and holding real estate. The plan was to acquire one rental before year end and two next year. However, I find myself struggling to take the leap now that the cash is in my savings. I’m reminded of an article I read during the bitcoin cash. The writer stated (paraphrased) that he knew the crash was coming when he heard two hotel workers discussing buying bitcoin so they could quit their jobs. Not saying that I condone the statement. Hotel workers are as capable as anyone else. But the point he was making was that once everyone is on the bandwagon, it’s too late. I joined BiggerPockets recently and have enjoyed learning, but once I started investigated real estate’ potential, I’m finding EVERYONE has been researching and purchasing real estate. I had no idea that two co-workers of mine have a couple rentals each. Am I late to the party? Should I hold off for a correction? Is there a correction? I know it can’t be predicted but what’s the opinion at the moment? My experience with stocks is that I tend to break them. Once I buy, they drop. Just have a feeling my real estate venture may be the same.

@David Barnett

That’s the problem with your attitude towards the post. She was not making a pitch. No one wants your money here, dude. Your lending criteria is completely irrelevant. Blunt and snark aren’t the same. Little quips like “the market must be correcting looking at these threads” isn’t blunt and doesn’t make you look like a “pro.” You don’t know her situation. She may have an inheritance of 800k on the side. Besides, as I said already, people get loans without a 9-5 every day. You think the banks expect someone to hold down a full time job while starting a business? Come on, man. You saw a newbie on here and decided to flex to show your superiority and ended up looking like an ***. Now you’re deflecting to cover.

@David Barnett

The snarkiness of your replies were definitely disingenuous. You know nothing about the person except she's new to real estate and wants advice on financing options for someone not working a typical day job. That's not an uncommon inquiry. She never asked for your money or even mentioned HML so that's a deflection. You can spin it anyway you want, and I'll agree it wasn't phrased as well as it could have been, but the rudeness just isn't called for. People start businesses every day after being laid-off and having minimal experience in a particular field. They find many forms of financing. Seems people here make a deal or two and all of a sudden forget how they started and the simplistic questions they had coming in.

@David Barnett

This reply is disingenuous. She did not say “I don’t want to work.” She said she does not want to get back into the workforce which most would interpret, as she’s stating since, she doesn’t want to work a traditional W2 job. This isn’t an uncommon topic. Not sure why some are getting so uppity over this. But then again, there seems to be a lot of “professionals” and “experienced investors” on here looking to chop down anyone trying to get started. Shame.

@Melody E Bergloff

Hey Melody, I haven’t spoken to a CPA yet, but taxes are part of the reason I’m hoping to find a rental before the end of the year. I’ve gotten more overtime than I’d like with my day job and am sure I’ll be slaughtered come tax season. If I’m going to spend money, I’d rather it be on closing costs, renovations, mortgage interests etc. rather than going to IRS.

@Chris Piette

Thank you, Chris. Finding that first property can be an emotional roller coaster and sometimes I find I’m trying to make the numbers work even if they don’t. But to clarify, the 52k house is move-in ready and would rent for 700-750 being a three bed, 2 bath. The other, with work would only bring 500-550 (maybe 6). But I may be better to look for a more simple transaction for the first property. I believe I’ll think on it a few days. The house has been on the market 90 days so I doubt I’ll lose out by taking a couple days to reevaluate.

@Maurice Blackledge

“Keep pushing but don’t force it.”

This is so important. Looking for that first property is so emotional. I find myself trying to make the numbers work because I want that first property. This community has been great for bringing me back down to earth. Congrats to you.

Hey guys, I took a major step (in my mind anyway) and scheduled a couple showings with a realtor to look at potential rental investments. The last showing was the one I was most excited about. A small cottage home on a dead end, wooded street just outside of town with an asking price of 39k (should rent for 600). When we walked in, the realtor noticed water damage on the ceiling that wasn’t there before which means the house will need a roof. This isn’t a surprise as it is an older home but was definitely disappointing since it was advertised as a turnkey purchase. The realtor mentioned the 2 houses further up the road have the same owners (three lots in a trust) one has sold and the other has an offer on it but the realtor doesn’t think the lady will find financing with her credit and income. Could this be an opportunity to make a low offer for the bundle, fix the roof for a rental and offer owner financing for the lady that can’t get financing? I’m new to this so just curious if this is something anyone would consider. She said the other home was going for 52k. Maybe I could offer 70-75 for both using the roof repair as leverage. Any thoughts? Is this too much headache for a newb? I have solid credit and would be comfortable investing 15-18k upfront.

@David Scogin

This is very interesting. I was actually tempted to write another post on this. Three properties that have been listed for months had status changes to pending after I inquired. This one is a SFH, the others were a triplex (175 k) and a 6 unit already filled cash flowing 2700 with an asking price of 196 k. I can't be this unlucky.

@David Scogin

It does. And I appreciate the time. Turns out someone else made an offer. So I’ll continue my search.