All Forum Posts by: Jose Alvarado

I am currently on my first house hack. I bought a house at 148k, almost all financed with a secondary loan of 5k to make it 143k financed, with the secondary loan being no interest, balloon at the end.

I came at looking for houses with the intention of renting out the spare bedrooms and having it ultimately pay for itself. (I eventually got the numbers but did not account for capx and other savings. woops!) The house itself was a 3 bedroom with one "den". Luckily, the den was fully furnished as a bedroom, it just wasn't advertised as such. Sweet. I decided to bunk there and set up the other rooms to rent. Luckily, the house itself was in good repair so I did not need much in terms of renovation.

My mortgage payments come out at 1062. So I knew I could make it work to where at least I would be at normal rent or cheaper. I brought a friend in with the knowledge that we would put him under contract and that the whole thing would be contractually based. No hurt feelings, we are both financially minded, and he would still be saving quite a bit.

I then used the book on managing rental properties to help screen tenants. With effort I got really good tenants. They were properly screened and fantastic, all luckily around the same age so its a cool family atmosphere.

My first mistake was having utils be split by tenants. I would suggest projecting utilities and adding that into rent so it can be very clean during tax time. Had I done split utilities for a year the numbers would have just been a headache. Instead, I increased rent for everyone by 75, which everyone was cool with because of my rapport and explanation to them. Not I bring in 1475, mortgage and utils average about 1375, so I get that extra 100. I have completely saved any extra money and have been able to build my emergency funds and extra cash on the side. Sweet.

Hello everyone. I have been reading about foreclosures and have a couple of questions on title searches. Mainly, what are the best avenues to get a title search done, and when should it be done.

I understand that liens on titles can be assumed on new owners. Does this happen in all foreclosure sales? Pre, auction and reo.

Lastly, I know you need a title search for loans. Is it all loans? I'm not saying I'm not going to get one on my first deal, that would be foolish. I'm just wondering at what points should I look for one.

Also, I am not currently investing, but am instead learning until I think I'm well educated enough. I live in pasco, Wa if that helps anyone.

To @Mark Nolan, thanks I will definitely start reading those articles. It is perfect, as I just found one to deal with skepticism, something I can falter under at times.

To @Paul Timmins, I am going to download the podcasts and listen to them in my car.

To @Brandon Turner, Thanks for the articles! See you around too.

 To @Aaron Montague, That's the guy! He has a very intelligent at looking at things.

To @Matt Kissler, That would be much appreciated. I will look for it too.

To @Garth Gissel, Thanks for the tip.

To @Nate Hawkins, I heard about that book listening to an audio book by Brian Tracy and am very interested. Also thanks for the encouragement, and I hope all goes well with you.

To @Aaron Montague, Thanks for the solid advice. I've read a book recently that says to pay yourself first, then pay everything else as it makes sure your asset column continuously moves up while you then have to find new ways of paying bills, or ensure other forms of income. It is at the very least a very interesting concept.  I think I will start with flips because it makes the most sense to me right now, then branch off.

To @Dmitriy Fomichenko, Thanks! I will definitely look around and learn from people who are actually investing!

I'm in a similar boat, minus actually owning a house. I just really want to learn and learn. I want to find anything that can help me learn more, because the more I know, the more I reduce risk. It looks like you're on a solid path, and it is one I am also taking. Good luck @Dave Sanders !

Hello everyone and anyone.

As a preface to my question, know that I am 19 years old and am starting out fresh. I currently go to school for network security, and work retail for money. I am also moving out with my girlfriend to affordable housing, of which we have at least 3 months saved up for. Some people would say I am ready for life. I say I haven't even started. I've recently started picking up self-help books and improvement books, and it has me realizing that I want more. I truly want to learn and grow, be financially independent and not worry about checks from another person to satisfy my living. And I'm glad I'm starting to learn this as a young adult. Even though I know it will take a lot of time and effort, I will get to that point of financial independence and beyond. While I feel like I have been moving like a freight train, I know there is so much to learn and digest. So the question arises, where do I start?

My plan is to become adequately literate in finances and real estate. I have only just begun, but have read and plan to reread the intelligent investor. This is to at least have a good backup plan for my failures, of which I know there will be. But I really want to learn the jargon and concepts. I know this site offers a free book, and I intend on reading it. Is it a good place to start for real estate literacy? As well, where can I get a comprehensive book(s) of terms and concepts in finances and accounting for a beginner?

To anyone who replies and or reads this post, thank you for your time.

Also, I hope this doesn't constitute a mentor request. I don't asked to be guided, but a direction would be nice.