All Forum Posts by: John K.

@Chad Friesen

I hear a lot of the times renting a condo can be more of a pain then renting out a SFH. Simply due to the HOA and its fee's and rules. Personally when I am ready to get started I am staying away from any condo, and looking for a MFH or SFH. Obviously like you said run the numbers. If they fit what you are looking for then go for it!

Their are tons of choices. Doing a quick search on BP or Google will provide tons of information.

Salesperson

Inspector

Apprasier

Property manager

Employee for a brokerage

 Just to name the basics.

In class I learned about the protected classes in New York. Military is one of them. Not sure if it exactly fits the scenario here, but here is the information maybe seek legal advice from an attorney before going any further. 

http://www.nyc.gov/html/fhnyc/html/protection/lawful-occupation.shtml

@Thomas S. stated once the debt goes away the cash flow goes up. Also this allows you to use the equity as leverage for another property and to continue the process no?

It was pretty much covered already. I just wanted to emphasize how important it is to talk to everyone. I am just getting started in becoming a real estate agent/investor. I moved back to New York after the military, and everywhere I go I try to just mention my name and that I am getting licensed soon. At the gym alone I have met brokers, investors, other agents etc.. I have yet to attend any meetings, but here on BP you can also network in your area. Either do searches or go down to your states sub topic and post a thread in there to get started.

Good luck!

I read through most of the comments, and not sure anyone mentioned the risks of an acceleration clause. If in the deed the lender included an acceleration clause, and you happen to transfer the deed without approval from the lender they may force you to pay the remainder of the loan.

Edit: Well never mind I did not see the second page it was mentioned. Sorry!

I am surprised no one had anything to share.

@Donald Latson

It looks awesome on T.V, and I am sure a lot of people do enjoy it here on BP. Although it can be a toll on you in regards to money and just your personal life in general. This week I helped demo a four story home which included me and one other guy. Long story short I was drained by the end of the second day. Also it is talked about that the money is made when you first close on a deal. Meaning you find a good property at a great price.

@Jon Pacitto

Like @Jake Thomas mentioned maybe looking into an FHA loan which only requires a 3.5% down payment will help get you started. Depending on the deal you are looking to finance maybe even some sort of seller financing could be drawn up. I have even heard of some people discussing using a Hard Money Loan to cover the 20%. Although the considering the high interest rate and depending on what you are looking to do it is probably not the safest option.

Hey BP,

I am just curious what some would have to say as maybe it can benefit the newer agents such as myself. What would you do differently when you first started as an agent? Was there anything you wish people would of told you sooner or read about? Is there anything in particular you would of done more research on prior to your first sale?

Looking forward to hearing what you guys have to say! I am sure all of us can benefit from this even the experienced.

Thanks!