All Forum Posts by: Mark Taliercio

Without a doubt I would take advantage of those loan terms for as long as the owner is willing to proivde them. My first instinct is that the favorable loan terms are baked into the sale price, and that the owner may be getting more then market for providing them.

You will get a better rate for a shorter term loan, in my experience about .5% for a 15 yr versus 30. The decision on which one you want to use is up to you, I suggest pulling up a simple mortgage amortization calculator to see what your equity payment is for the two loans. From here you can determine if that cashflow difference that differentiates the two loans is worth paying for in interest.

Good luck!

3.875 fixed for 30 years is a great rate and better then i have been gotten quoted lately. I would not mind paying $1,300 to lock in, if I was confident that I would be able to use it to purchase the property that you are discussing.

I would say it all depends on location.

For me, Home Depot is the most convenient for building materials (wood, sheetrock, screws), but for finishes including appliances, cabinets, windows, and flooring, I shop around my local distributors.

A $48,000 quote is so ridiculous I am hoping you have a physical copy of it that you can post for us to see.

Too tight for me. Given carrying costs and transaction fees, along with the amount of capital you would have to tie up, if you do not your anticipated ARV at sale you could be in trouble.

While college did not teach me exactly what I am doing in real estate, it gave me a solid foundation in general business principles including accounting, finance, and management that I think are irreplaceable. Application of these skills and knowledge is vital to growth in the industry.

Regarding the student debt, depending on the rate it is at, it may be worth focusing on paying it down while you further your education in real estate. If you find yourself wiling and able to invest with OPM, you can get into the game earlier. Given your age, I think understanding basic principles through college education, reading the forums, and analyzing deals in your free time will go a long way.

Best of luck!

I think its important for us to know the terms of the debt you have outstanding, in order to better guide you. If it is an attractive rate and you are finding deals with good returns (both of these are subjective), it may be worth it to invest. 

Otherwise, I would pay down the debt

You could always offer something along the lines of 8 months rent, 4 months security. If he is able to provide appropriate income verification at the end of 8 months and is a good tenant, maybe reduce the security.

Unless your gut it telling you something is wrong with this person as a tenant, I see this as a very advantageous opportunity.

Hi All,

Just wanted to introduce myself! My brother and I closed last week on a SFR in connecticut that we will be renovating and renting out. Ended up with a price and terms that were very favorable. It is currently a 3/1 and we are flexing to a four bedroom. Purchased together with my brother as my first, his second investment property, though we manage a portfolio of other properties. Plans as of now are:

- Remove wallpaper and repaint entire interior of home. 

- Replace doors and windows throughout.

- Kitchen: Paint cabinets, new appliances, new sink, granite counters, and put in dishwasher. Flooring will stay.

- Sand & Stain hardwood upstairs where the carpet was, the main level's floors are great.

- Converting dining room to bedroom and open wall to kitchen from living area.

- Finishing the basement.

I will do my best to keep this updated, below pictures are from the first day and arent great, sorry they are sideways. That is my brother and a buddy in a few of the shots.

buildium has worked well for me