All Forum Posts by: Jordas Reyes

Welcome Julio Martinez ... I'm out of Naples! Feel free to reach out. I'm still in my start up but have spent quite some time on my development and will be taking real estate class next month (part of my business plan to be licensed). If you ever just want to talk real estate or bounce ideas off someone feel free to reach out.

I do the same with my fiancé.. We keep savings in one account but have separate checking for fun money.

Hi Myia Davis !! Hope all is well. I'm not an expert and only deal I have I my personal home that were fixing up to rent when I find our next live in home. What has helped me to this point feel more confident is... networking- starting to meet people in the industry like other flippers, investors, realtors, contractors, etc... Reading books and listening to podcast- really nice to listen and learn from other people's experience. Reading business books also helps Spark the entrepreneur in me.... Business plan- really helped me put the vision I have for my Business on paper and how I plan to get there. Real estate class- part of my business is me being licensed and being broker after 3-4 years. The class I think is great even if just for learning some language. Hope that helps. Take care!

I have to agree with Kyle here. I'm actually in a very similar boat as you. I decided to wait a little longer and split my saving money towards savings and paying down that loan. I used the loan for my first house. If you don't plan on leaving your job anytime soon I would just keep making the minimum and add the rest towards cash savings. My plans are to be full time in the industry by this time next year so I have to pay mine down before I make the jump.

Hey Brandon Trafford ... Great advice so far ^... Having that letter in hand will help the realtor take you more serious. Another thing I think is important is to be open with your realtor about your expectations. He/she must understand as an investor you will look at many deals and make many offers and they won't be at market price. Make sure they are prepared for that or you could set yourself up to fail with this person. I would also find out if they use services like drop box or something similar to sign offers. This makes life so much easier. Best of luck.

John listed some great questions to consider! I would also have her listen to a few of the podcast. Some are around tax benefits.

Totally depends on the down payment, terms, and expenses, and final price of property. It's close to 1% rule and in some areas I would consider that. What financing options are you considering?

Welcome! I saw in your profile you have two properties you have purchased. There's a lot to learn in each transaction and in the regular maintenance and upkeep. I have found the podcast to be extremely helpful along with some of the books from people like J Scott and Brandon turner. Best of luck.

As of now no..I debated doing lending club but rather just save a few more pennies of my own money to put in. We are also doing a few updates to the house and will see how the market is doing in few months in my area. Updates are on the kitchen,floors, and bath.

I just tried this approach on my house with balance of 180k and comps in the 220k+ range. The problem I ran into was the appraisal coming in low and with ltv rules it was a no go. The strategy is great in my opinion if you can get the loan and the new house had enough cash flow to cover the leveraged money.