All Forum Posts by: Joshua D.

@Cindy Nguyen

Well in theory, banks are working of the same types of loans (conventional), rates and terms won't be that much different.

However small banks can be way better to work with in my opinion and can get you more flexible financing usually. And that is a huge asset to an investor.

Also banks have different underwriting... Some do in house underwriting and other use their buyers to vet for them.

Basically...It all depends...

Good luck out there!

@Isabel Beteta

Happy for ya! I think that is a great strategy!

Remember to look for things that will still not lose to much as a long term rental. In case stuff changes for ya.

Have fun!

@Ryan Copeland

People are seeking yield for their money. 10 years ago yield was laying everywhere! Now people got to turn over Evey rock to find good returns. They are still finding them but it's harder.

I just offered 20k over asking on a foreclosure that was listed at 120k. It will sell all day for 220k and needs very little work.

I got the deal and I know there were 5 other offers.

@Steve Zeckser

Well crap! You just raised the bar on what a home run looks like in my book!

@Jesse Soriano

I am not a CPA but this is a tax question I think I can answer....

You pay taxes on your net income. In your example 20k is what would be added to your adjusted gross income and would be taxed.

Now some CPA will come on here and say...IT Depends...

@Christian Banchs

Why not sell the house!?! You don't want to own that anyways.

Have them move into a rental and split the proceeds with them and move forward. Then you got money to start your investing career and a clean break from a liability that pays you nothing...

I'm outa that thing. If they don't have money/credit to buy you out. How is that your problem. They can rent a house and will be just fine. People do it all the time.

@Victoria Amador

As the others have said, I would ask to renegotiate the terms of the agreement. The seller has to be understanding and if it is only for 6 months.

However, I'm getting the feeling that you want out of the business anyway? You didn't seem to write with passion for it in the future. Am I reading that wrong? Cuz that is a whole nother question...

@Gabriela Rodriguez

Apply warren buffets life advise for young people to your passion for realestate.

1. INVEST IN YOURSELF... Listen to all 400+ podcast from bigger Pockets. Read books. Attend webinars, local meetups, work for a property management or other rei activity.

2. TAKE CARE OF YOUR BODY. ( No reason to save for the future if your dead or physically unable to survive)

3. HAVE GREAT ROLE MODELS. ( and friends)

Find the kind of person you wanna be and copy them. (Think like them)

Remember to Enjoy growing up! It's a blast!

@Kico Mendoza

So your goal is to own multifamily realestate in your area and you wanna achieve this through flipping houses nearby.

You have equity and retirement money but you don't want to acsess it.

unless you have different lender requirements than me, You'll need somewhere around 200-300k to get started.

How are you going to get that money to be able to accomplish your goals?

I just paid 20k over asking price for a property... but it was 60% of ARV so I keep buying properties right now. But it is hard for sure