All Forum Posts by: Account Closed

First off I think if you are doing that well doing internet marketing I want you to teach me how.  As a trade off I will teach you how to make $1,000/a day with owning rental properties and flipping single family homes.

Send me a message and we can discuss further!

Michael K.

 love questions like these.  If I were you and beginning in real estate, I would make me as your partner and I will be able to accomplish your goal of making over $4,000/month in income.

@Gina Dovel

I love questions like these.  If I were you and beginning in real estate, I would make me as your partner and I will be able to accomplish your goal of making over $4,000/month in income.

If you owned the house for over 1 full year it is taxed at Long Term Capital Gains which is a much lessor rate than if you held it for less than one year.

I personally wouldn't recommend doing a 1031 exchange unless your ordinary income is in the top bracket and you will get hammered with taxes.  With the time restraints on 1031 exchanges sometimes you will be forced into deals that you might not want to take on or won't be as advantageous as you would like.

Just my opinion!

Good Luck!

Michael K.

Colton

I have a couple questions that will help you come to the answer.

How well are you with fixing and repairing homes?  

Are you paying cash or financing these homes and or rental properties?

If you are looking to purchase 2 properties make sure you can get financing for both before venturing into the first deal if you are seeking loans on both.

I would suggest to keep your eyes open on a foreclosure or short sale if you are very handy and like to fix things up.  This way you can customize your home and save a lot of money while doing so.  

It just depends how much risk you are willing to take on if you want to get into the rental property/landlord business.

Always make sure you crunch the numbers, Taxes, Insurance, HOA fees, on any property you will be getting into to make sure you are cash flowing. if at the end of the day you get a rental property, but aren't making positive cash flow then it's not worth it. I typically look for a 15-22% annual return on all my deals!

Happy House hunting.

Michael K.

If there is a purchase agreement in place that typically becomes the appraised value since that is the price a buyer is willing to pay, and that a seller is willing to sell.  That alone usually gets the appraised value in a sale.

Now if you are looking to have an appraiser value your property at the top of market value for refinancing options or maybe the opposite for purchasing a property at a dirt cheap price.  I would say go for it and start networking with an appraiser who you can bring out of your back pocket to give you the price in your favor.

Good luck!

Michael 

In my experience somethings are out of your control and you just have to wait for when it comes back on the market.  Sometimes it takes a really long time for FNM to sort through all their properties to put them back on the market.

Home Value as is $125 K

Purchase Price - $70 k

The owner I would be purchasing it from is losing it to the bank and wants to continue to rent with the option of purchasing the house back in 5 years or less for 90 K.

Keep the owner in the property as a tenant, but don't make a long term commitment without having a good real estate attorney draft up a contract that will protect you.

That would be the easiest fix in my opinion.  Pay a couple hundred dollars to save you thousands.

Good luck!