All Forum Posts by: Jayakrishna Bommasamudram

@Tristian Cox did you try hard money to buy first then refi.

To everyone interested. Please give me a reasonable availability to do a google hangouts.

I am thinking This Saturday or Sunday 7pm EST.

Respond yes available and I will set up a google hangouts request.

If you are looking at Newark stay with Upper Roseville and the others side of the park.

Stay above rte 280

take this as an example of after ARV

http://www.zillow.com/homedetails/51-Wakeman-Ave-Newark-NJ-07104/38692727_zpid/

Hi Guys

I just went to Fortune Builders 3 Day event. It was very entertaining.

I did not sign up for the Mastery Program, but all the functionality of the Software Package is making me drool. 

I am a software developer so I know the value of software and automation as that's all I do.

Wants

1. Rehab estimator, with to do, I like Homewyse as that is Zip Code

2. Comparable estimator

3. 3 click marketing campaigns based on active lists 

Is this for real??? Has anyone used these products?

The guy claimed direct access to wholesalers who know what rehabbers wanted (70-80%ARV), I have yet to see these deals on BP.

Contractors who know the systems for the remodel per remodel number(they go to home depot and know exactly what sku # to pick up and labor is coming in at $2-4 k per room.

These are supposed vetted contractors who will sign the 6 document agreements.

Any feedback on the systems and software is much appreciated. I have yet to see a book or google search that tells me what to do at each step. These systems seem amazing. Anyone use these ipad apps to cost build a rehab?

Alright guys i been thinking hard and wonder what people think about this as investment property. I'm looking for ideas and perspectives.

http://www.loopnet.com/xNet/MainSite/Listing/Profi...

thanks

Josh

I would look at city data on that area and see if that's the area you want to invest in.

http://www.city-data.com/city/Penns-Grove-New-Jers...

thanks

Jay

The arm rates can go up to 8-10%. At that time refinancing would make it so you would have to go to 6-7% mortgage. The rents may not pay either. You might not be able to sell the property to offload it. In reality arm is for someone who will sell in 5 years or has the cash to self insure themselves.

I think a lot of people here need to read Mr Money Mustache.

Savings matter, your safety net is your 401k. You need to know how to use it.

Do not forget tax savings. Even if your tax rates are 10% that amount you put into 401k is less of that. So in effect your deferred taxes are paying for Management fees, plus more.

Ideally you want to put 18k in 401k with lowest fee good return options. Then another 5.5k into a roth ira. Then live off rice and beans.

You should still be able to house hack your first investment and roll that on to next as you learn the ropes.

If you feel you arent earning enough to do this read more of Mr Money Mustache.

If you have other complaints, read even more of Mr Money Mustache.

After going through each flip which is a little higher than the one before

Goals/Steps: 

1. Get to 200k equity/sales from 50k 

the 200k equity will give better leverage when doing deals

2. More flips, Move onto 1MM in after tax equity on sale, this can be any real estate

at this point if there are 5 members each would get 200k and can vote to dissolve or move on to next stage. again 200k means more leverage, an individual can do flips on there  own

3. More Flips, the next stage if 5 out of 5 agree to stay, is to get to equity levels of 1MM each after tax using commercial real estate

We would then see who wants to stick around and refinance out people who want to leave.

This is not a sit back and get rich scheme, would expect each individual to do 20-30 hours of analysis on properties. Each member should understand that no money from this will feed them until we get into commercial properties that would give lease amounts.

What is monthly rent and can you calculate with 2 month mortgage vacancy and 2 month escrow for maintenance on property.

thanks

Jay