All Forum Posts by: Mohit Madaan

We are in beginning of april, if you have absolutely nothing in savings you will get to $3,000 by end of the year that is less than $334 a month. I would focus on getting my income up so i can put more towards the savings. This is far more important right now than anything else.

"Wealth building starts with great income" Mohit Madaan

 isn't this question not complete until you add two more components?

a) downpayment

b) debt services terms

i mean, a property bought with 20% down at a 30 year 3.25% fixed rate can easily cash flow but same property with no money down and 5% 15 year fixed won't cash flow?

or am i wrong and when talked about cash flow there are certain rules that every one pre assume?

To add to this, you can borrow from family & pay of the debt. The debt to family shouldn't be considered in your DTI ratios.

Roberttttttttttttttttttttt, you can't ask this question my friend.... Real estate investing or any business for that matter is about husting... If 10 people here on the forum said "Don't go" would you not go?

If i was you, i would go, without knowing what to do, i would still go and learn & make connections.

Good luck my friend, you are so lucky that you have an auction 2 blocks down the street, for me its 10,000 miles away at least.

@Ryan W. Since its your first deal, have you considered bringing in a partner?

if i was you, i would start eating less, wear same clothes and drive less, perhaps sell a car (if it's exotic enough) and buy a cheap one. Pay off one debt at a time, starting with debt at highest interest rate first and going down, or you can use Dave Ramsey's method of paying of smallest debt first (kinda illogical but works for tons of people). Oh and don't forget, extra job will do two things, decrease Debt to income, plus you can use extra cash for debt payoff or down payment.

If you still fall short, you can always sell couple of bottles of blood a month or/and if you still have any energy left, get a third weekend job.

I honestly would do all that, not because i want to get into my own house so bad, because getting my first property will give me the taste of blood that real estate investing is. This will change you life and family tree forever, if you do it right and repeat it over & over.

I still remember when i was 18 and was running around looking for electrician at 2 Am (long story)

 What you said right here is just Pure GOLD

Are you looking for these for your clients are you investor as well as a real estate agent?

January numbers in yet?

what about the 50% rule, every one keep saying that 50% of your Gross rent should go to expenses and it looks like your expenses are much lower than 50%