All Forum Posts by: Joseph A.

@Robert Leonard The rent I would get for that property doesn't even meet the 1% rule. So it's either a flip or nothing

@Joe Villeneuve thanks for the feedback, my buy and hold strategy would be a BRRRR so I can pull most if not all my money out. But you do make a good point.

So my contractor relative is doing some minor work on a house that was inherited by a person that is  out of state that just wants to sell it and be done with it. The bathroom and kitchen are about 20-30 years old and nothing will be done to  them before they go on the market. The real estate agent said he was going to list the property for 425,000. It is a single family house that's only 918 square feet on a 4000 square feet lot. Comps from the same zip code sell for an average of 535,000 some of which also had dated kitchens, but were about 1200-1400 square feet. However there was one property that was almost identical in square footage and lot size that sold for 560,000 in that same zip code. My relative can update the kitchen and bathroom for $12,000. This sounds like a good deal but the money I have I was going to use to buy a rental to buy and hold. I only have enough money to do one or the other and I have resources actively finding a buy and hold property for me. I've never done a flip before and didn't plan on doing one this early in my investment journey. What should I do????

@Josue Vargas I did it for my primary residence a year ago and I just did it to aquire my first investment property so I paid the penalty. The fact that it wasn't performing well and I no longer had an employer matching contribution made the decision to pull it out easy.

I've always paid myself first going back to when I had jobs that didn't earn very much. But this past year I didn't take any vacations at all when I normally take at least 5 per year.

I cashed out my 401k and I'm in the process of aquiring my first property. The choice was a no brainier once I didn't have an employer matching my contribution.

Has anyone ever used the hard money lender Amza Capital. What's your experience like with them. Thanks for any information you can share. 

I've gotten through a little over 200 episodes in the past 4 months and I've learned that there are a lot of paths that you can take with your investments. Not getting distracted by the new shinny object and staying focused on the type of investment I'd like to make is something I've learned.

@Yehuda Altusky I would recommend a property management company being that you want to buy and rent. Based on your experience with that it should let you know if you want to self manage or hire a property manager when you do decide to purchase.

Maybe the guy is from a different country where paying a year of rent in advance is normal. I recently visited my dad's home town and I was speaking to a relative that works in real estate and it's a standard practice to pay a year of rent in advance.