All Forum Posts by: Kyle Martinez

You can do an "In-the-pocket" sale if you mention you plan to sell to your loan officer or affiliates. This eliminates the need for an agent. I am in fact doing this right now. It is saving me 10K which means i can price lower and sell quicker, theoretically.

@Cameron Brulotte I build airplanes. My industry has been absolutely gored by the virus and my plant laid off 60% of it's employees. You already have your license, so I would say continue to pursue network options in this field. At first, I was intimidated by the changes that are coming but then I realized: what an excellent opportunity to observe and participate in the coming shift. It is difficult to predict what will happen, but I know one thing: People always need a place to live! And people always need to sell their homes and buy new ones. I see the values changing, but I don't see the housing market dying out completely. In fact, lots of experts are saying that the housing market should largely be excluded from the coming collapse, because it is not the reason the economy is struggling, as was the case in 2009. I am only 2 hours north of Seattle and I can say that demand for homes in my area is INSANE. Either people are trying to buy/sell before something major changes in the market, or they are getting out and buying what they would have prior to the shutdowns. I think the real changes will begin once the eviction moratorium is lifted and people begin being kicked out. Vacancies will shoot up, but the question then is: will there be renters eager to fill those vacancies or not? It depends on how well the economy can adapt once everything reopens. Best of luck!

@Natisha Sexton There is a lot to understand. One of the things about being skilled in something is that to the untrained eye, it looks easy. A skilled agent/investor will make it appear easy, but that is just how it appears to the untrained individual. This is one career where hands-on experience is absolutely a necessity. It is easy to be enamored by the professionals all over the internet that tell you "it's so easy!" The truth is, it's easy once you have the knowledge, network, and leverage, which take years of commitment to build. I also am new, and this is my "newbie advice". Best of luck!

@Greg Gaudet That's horrifying. I hope your friend is able to recover. After I discovered mold in an old house, I have ever since placed humidity gauges in each room and consistently monitor my basement. Thanks for your contribution.

@Jacob Bennett Do you have a property already? Also, does your state have a program along the lines of a "Down-Payment Assistance Program?" The FHA loan only requires a 3.5% down-payment, but if you are eligible for your state's assistance program (if there is one), it will allow you to forego the down-payment entirely and place it into a "Second Mortgage" that sits interest-free until you decide to sell or refinance the property. You are eligible for an FHA 203k loan (a renovation loan) up to the same amount you are approved for total without the 203k aspect. If you would have been approved for 200K on an FHA loan, you could purchase a property for up to 165K, and then finance up to an additional 35K in the form of a renovation loan(FHA203K) that could be used for renovations; the result would be a loan for 200K. The only caveat as far as I am aware is that you must live in the property for at least 12 months. This includes in a duplex or quad-plex as one of the tenants. I was told by a certain lender that I could begin the process of post-renovation appraisals as early as 8 months later. Hope my limited knowledge helps!

Hello all! I recently began my coursework at Rockwell Institute and should be able to acquire my RE license in 1-2 months time, depending on my availability over the next few weeks. Anyways, what kind of tips and advice could be offered up to help me begin to build a network so I can achieve success once I am licensed? I have read that I should begin attending Open Houses ASAP to find a potential brokerage that would be looking for inexperienced agents. I feel like this website could also be a powerful tool, given the amount of available information I have already discovered! Thank you for the input.

@Tishanna Traylor As far as I know, Capital Gains are only paid if the residence was not lived in for 2 of the last 5 years or greater. If she has lived there for 2 or more years, there will be no CG tax on up to 250,000$ per individual, or up to 500,000$ per married couple. The residence also has to be the borrower's Primary Residence, not an investment property. Otherwise, there is an option called a 1031 Exchange, where the profits from the first property can all be allocated to a property of "similar" status and no gains tax will be collected as long as the second residence is purchased and closed on within a certain time period. I believe the time period is 180 days or 6 months. I'm fairly new to this, so maybe a more experienced professional can chime in.

@Mellinda Thaxter If you are looking to refinance to secure a lower interest rate as I did back in 2019, and saving 1.5% on my rate (!), just contact your lender and let them know your intention. They will send out an appraiser that has been approved by them and you will be responsible for footing the bill. I think we paid 800$ for an appraisal. Otherwise, you can contact a Professional Appraisal service on your own.

I am wondering if I could open a HELOC on my Primary Residence since it is at 80% LTV. I think HELOC allows for up to 87%. This would allow me to pull close to 25K and use it to purchase a second residence which would be my new primary and rent out the current. Is this a viable plan? Why or why not?

I have owned and lived in my Primary Residence for 3 years. I am wondering what kind of issues may arise if I decide to rent out my home instead of selling it so I can retain ownership and obviously make some money every month on it as well. If I change it to a rental, would that free up my debt-to-income ratio so that I could apply for another home loan on a second property? My annual income is 90K right now. This home has close to 70K worth of equity in it and after posting on a few forums here, it seems like the best idea might not be to sell it. I want to begin investing in RE and I think it would be a viable option to rent this out for close to 500$/month in profit. Suggestions? Opinions? All welcome.