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All Forum Posts by: Kanwar Sodhi

Kanwar Sodhi has started 38 posts and replied 199 times.

Post: First Rental Deal: What am I missing?

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
I'm in the Atlanta market looking for a rental deal. I found a condominium for $98,000. If I can get away with 5% down, 30 year fixed, interest rate at 4.461% and including $800 yearly home insurance, taxes, PMI and etc, my monthly mortgage is approximately $674. It'll be $633 if 10% Rent estimate is around $1,000 a month I'll have them pay for all the bills. 1) If I buy this, can I the bills under their name or do I have to monthly send them the bills and tell them to pay it? 2) I know there might be HOA fees? 3) I'll my due diligence in terms of getting an inspection and making sure everything is up to par but what am I missing? Why isn't this is a good deal considering I'll add the HOA fees into their rent and so let's say the HOA fees are $200 a month, I'll ask for $1,200 a month. Any criticism will be great. Thank you :)

Post: Foreclosure books recommendations

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Hello, I definitely want to expand my knowledge in the sector of foreclosures and pre-foreclosures, do you guys recommend any good books? I love to read and I love to implement

Post: In 3 words, describe your 2017 Real Estate goals

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Buy my first

Post: Need help with a deal, I have a tenant (Atlanta, GA)

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Greg S. , I understand where you're coming from considering you have a million more times experience than I do, she said she has eight kids but is only bringing down five of them, and this all can be reconfirmed because I do have her number. I just thought this was a good opportunity to help someone while helping ourselves. It could be a train wreck which we can control and save

Post: Need help with a deal, I have a tenant (Atlanta, GA)

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Doris Logan , I actually do not own any property but I am looking for a way to invest in one and help this lady find a good home and simultaneously get my feet wet in real estate. I'm looking for advice and or even financial help from an investor so we can get the ball rolling on this particular prospective tenant

Post: Need help with a deal, I have a tenant (Atlanta, GA)

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Thank you Michaela G. for that advice, this lady was basically in distress in New Jersey & has decided to move down here for a good opportunity for a better life and is looking or trying to stay in a nice neighborhood. I would believe she herself wants to avoid any neighborhood with boarded up houses but for the purpose of legality, thank you :)

Post: Need help with a deal, I have a tenant (Atlanta, GA)

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Hi I met somebody that is moving to Atlanta Georgia from New Jersey possibly next month and the lady and her husband have 8 kids but they are looking for a four bedroom apartment (I believe five out of the eight kids will be staying there I don't which a few of them are little kids ) and they said that section 8 will pay up to $1600 a month. They're willing to do a one years lease or more. Please let me know if anybody would like to help me find a place or get in a deal with me to somehow make this work. I am new at this so I am definitely willing to learn.

Post: Goal of $10,000+ monthly passive income while in school

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Hello everyone, I am a big fan of the podcast and I've been really motivated recently to get involved. I've lived a mediocre life and I want to secure my future while I'm in school. I want to know, actually I already know, I just need some some starting advice on how to start rentals and the numbers I need to look for. There is a local real estate agent who asked for for help in getting possibly duplexes or quadiplexes to start. I need to do my first deal and I know I will keep going from there, I am a true hustler and I wanted to make sure my life, my future and my family are secure from here on. In terms of starting cash, I know my parents will be able to help me find the down payment of maybe five to $10,000 in my first deal however I do want to just keep going from there on my own, repay them back their initial investment and just continue this effect of purchasing, building wealth and equity, refinancing and continue buying. I am currently reading Rich dad, poor dad and as I have been listening to the incredible podcast, I've been writing down names of books that house and just have been mentioning. I will definitely continue to educate myself and continue to learn, I just need to do my first deal and get my feet wet.

Post: Looking for a mentor

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
Hello everyone, I'm fairly new to wholesaling and was wondering if anyone is available to mentor. I'm in the Atlanta area. Thank you guys

Post: Taxes on out of state deals or EMD?

Kanwar SodhiPosted
  • Real Estate Agent
  • Chantilly, VA
  • Posts 245
  • Votes 61
How do you pay taxes on wholesale deals that are out of state? Also, do you have to pay taxes on EMD or on selling the contract?