All Forum Posts by: Jinal Parekh

31 Year Old Mortgage Professional in Phoenix/Scottsdale area in Arizona. Income is good right now (500k+) but in the mortgage business as you all know can be very volatile so I am paranoid about being house rich and not having enough cash. I am a cash guy at heart and I feel comfortable having ample reserves but I dont want to be too conservative.

I have 100k in cash savings to invest plus the amount I need to I feel comfortable that in the event I lose my job or the mortgage industry and housing market suffers a 2008 esque crash I am still OK.. Fears I have are probably fears other investors might share. Are we at possibly the top of the market? Something has to give at some point since housing and stocks are up for last 10 years. Is it in 12 months, 36 months, 5 years? We dont know. But I fear I will get burned as many did, but I also fear sitting on the sidelines and not taking the chance to earn long term wealth.

I am renting the home i live in. Still 12 months left on lease technically but landlord is flexible with me leaving early or even renewing lease again for another 12 months. Current rent is 2450. This is includes down payment, repairs, furniture, etc..

Do I buy a primary residence to live in? Do I keep myself flexible and keep renting and purchase a home to rent out either as Airbnb? Do I buy a primary first, and as long as my income continues I keep saving another 100k to then buy a rental?

Price is flexible but I would like to stay around 500k or less. I would like to be in the Scottsdale or North Phoenix Area.

Thoughts everyone?

Wow income of 500k???Care to share what you do exactly? i am looking for a career change at the moment and would love to hear from your!

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I am thinking of selling one of the properties under contract for deed. I have read a little bit about contract for deed but I would like to get some quick input as to what the downfalls of such contracts are. I live in the state of MN, Do I need to look up state laws to see if such contracts are allowed in this state?

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I too am looking for my first investment property. My concern is if we buy a turnkey property and put 20-25% down, how would we be able to add value to the property in order to refi at a higher price so we may get our initial money out and use it to buy another one? Can someone explain me how this would work with a turnkey fully upgraded property?

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This might sound dumb but how do I PM someone LoL... Cant figure out on this website :D

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Hi guys... I am a complete newbie to real estate investing and these past few month been doing a lot of reading/watching videos on real estate on how to do wholesale, buying rehab and flipping...I am super pumped to start my journey in real estate. I have been folllowing my real estate market here in Minneapolis, MN and have been going to several listings online as well as foreclosed properties. I recently came across property here that is being sold buy the owner. I think this would be a great opportunity for a quick wholesale deal, however since I am a complete new to all this I have no idea on how to properly asses the house and determine a ARV value on it.. Nor do I have any contact/list of investors/buyers that I could present this deal to. And so I thought I could partner up with a experienced wholesaler in my area to do this deal, but I am afraid that they would steal this deal from me and work on it on their own rather than share it with me... How would one move forward with this ? And also where would be the best place for looking for a wholesale partner?

Thanks!

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Do you pay a monthly fee to access MLS?

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All Forum Posts by: Jinal Parekh

Jinal Parekh has started 1 posts and replied 7 times.

Post: Scored a deal—what next?

Post: Should I jump in the pool or stay on the sidelines?

Post: Contract For Deed

Post: First Turnkey...just do it?

Post: Possible Wholesale deal

Post: Possible Wholesale deal

Post: Just Closed My First Deal!