All Forum Posts by: Martin Morales

Warren Buffet says there are three things he recommends anyone who wants to create wealth 1) investing in Mutual funds (compounding interest affect) IRA's etc 2) investing in a farm that produces vegetables and fruits. You can sell the produce and keep the farm making money 3) REÍ - rental properties. Hope this helps!

It all depends? If you have a Scholarship or grants? I'm all in education! Debt/loans? Uh, I'd reconsidered. School debt is peaking 1.2 trillion dollars. Passion for RE? Doubting Engineering? Then that isn't your passion, Follow your passion and make it happen.

Brooklyn, Gold Mine. i live in Williamsburg when it was impoverished, scary and a high crime rate. Now i have an Apple Store, Wholefoods etc

question, will the replacement windows make you a bigger profit flip? i'm in the NE so replacing old windows is a must, i replace windows for "buy and hold"  to secure tenants and avoid high gas bills. For flips? it'll all depend on the numbers, area, comp analysis etc. 

The missing ingredient that's never talked about in any entrepreneurial venture is "armor" and what I mean is reading Bio's, success stories which BiggerPockets has a whole forum on that.

I currently use the MLS to get my deals. Granted is a tough? yes. but who said life was easy?

I'm up at 4:30am looking at what came up on the MLS/Zillow/Trulia etc. it that extreme? maybe yes?

But how fast you want to be financial free? you must do what folks won't do.

Keep going and don't stop!!! you're doing great!

conventional lending is you're personal finances iW-2's, assets, DTL your whole life story. If strategy is BRRR or rental income, conventional will be a better alternative (low rates) Now flips is a whole different story. HMLs can get you that money instantly (that's if the deals is good) There are great topics on that on BP! Good stuff!

HMLs have a totally different criteria to borrow. 

I was going to take your approach until I read some good stuff on here. 

But again, whatever works for you make it happen! 

loan rates are high 8-15% it's asset based not income based.

The interest rate you will be charged will tap into cash flow since rate will be high. And to go conventional maybe difficult to go from HML to conventional since guidelines are different.

HML is not a great strategy for buy and hold rentals. good for flips.

i own 4 rental properties, 2 pieces of land and a primary residence and in the process of picking up two more rentals 1 SFR and a multi-unit. I expressed the interest in creating an LLC and my accountant advised me to stay as a sole proprietor and get an umbrella policy totaling the value of the hard assets. 

they pay utilities, i don't commingle that sector of living. they consume they pay.