All Forum Posts by: Luke Saglimbeni

@Kam Mill I upgraded to bigger pockets pro and used the calculator. Then I am getting the rent o meter pro as well. What’s the monthly cash flow? Is it better to resell at 65 or arv as a flip? Like some have said need more info good luck

@Jaysen Medhurst. I’ve read some investors request bank statements from seller as proof of rent amounts

@Nehemiah Smith I ran into a would be scammer here and called him out in it and then he closed his account.

1) is his/her account new? Did they reach out to you

2) do a google search on the name company name or emails address/phone #.

3) NEVER and I mean NEVER give anyone $ BEFORE closing unless you know the person or trust them because of referrals or prior track record. I usually don’t bend on this one.

Good luck

@Ray A Delfi first off thank you for your service. If I was you I would do as many repairs as you can and then sell the thing for as much as possible. Hit the reset button and chalk it up as a learning experience. Use the cash received to buy your next deal.

Second best option if you can rent it out and cash flow it for a lower rent go for it.

Third best option find a partner to help you fix her up then rent or sell.

Per an episode on the fast money podcast banks and credit unions are tightening credit. It’s getting harder to obtain funds. So keep that in mind when running over your strategies. Good luck.

@Anita Anand here’s my wisdom and advice. I’d read or re read rich dad poor dad. I’d also read and listen to podcasts and get as much education as you can. Also don’t worry about what you can’t control. Do your best to take preventative measures but don’t dwell on it.

Positive thoughts: don’t think negative. Hope for the best plan for the worst. Everyone told me not to do real estate. I didn’t listen to them. And I was swinging 40% ytd in stocks!

Buy hold and rent is a nice wealth building safety net back up plan. I do recommend the webinars and the calculators; to run all your deals as a plan b on the rental calc. (Covered in a previous recent webinar) Good luck and take action. Focus on what you need to do and how you need to achieve.

@Wayne Brooks 

https://www.fanniemae.com/content/announcement/svc1710.pdf

@Wayne Brooks wouldn't the transfer of title trigger the due on sale clause?

renting is good for mobility and less strain on your credit.  If you have a 6 figure mortgage on your house, it may be harder to get financing the regular way for investment properties.  

i prefer owning my own yard and house.  I run the businesses out of my house and i call all the shots.  Tap a heloc onto the house and tap into the equity to invest in whatever you prefer.  I also love the area I love in so we don't plan on moving.  best of luck

@Luke Saglimbeni not enough stated income *

@Steve Stuart

In my opinion, I’ll need more info. Do you need funds right away? Can you afford to not sell? Do they all cash flow?

If it’s no, yes, yes I wouldn’t sell. But that’s me I’m bias towards long term but and hold.

If a lot of vacancy and rehab work needed, could consider selling too.

Now if you’re doing seller financing make sure you’re getting an interest rate above 2.5% check IRS website on installment sales. All you’re proceeds will be taxed at regular rates if you have too much stated income.

Good luck