All Forum Posts by: Patrick Keely

Daniel Ryu I'm currently living in San Angelo. I'd love to hear more about the property you're looking at here and be glad to give you what insight I have about the area or help you out how I can. We're not to that level yet, but we are currently working on our RE license as well as looking for SFR.

Haiyang A. As the seller, I would've paid the 4%. Now, I could've passed it on to the buyer and raised the price as some of the other posts are suggesting.

We had one company say they'd do it for 4% I thought that was high since they had 0 marketing expenses and didn't have to split it. We didn't end up using them because the buyer had a family friend realtor.

Ally since there are some mentioning Dave Ramsey I will thrown in some of his points. -You don't have to pay your loans back at their rate. Double, triple up on them - Saying that you don't mind paying high interest because you'll deduct it is not smart either. In a 25% bracket you'll send the bank $10k just so you can save $2500 on taxes. Still an outgo of $7500 - Dave also suggests to stop ALL investing until all loans paid off. I believe if you went crazy you could have your loans paid off in a year. You would be able to build your emergency fund back up and then look into buying a house with 0 debt. Not a bad place to be. You are fairly young I'm assuming. Work on getting your income up over the next 12-18 months. With the above you will be debt free and ready to invest in RE in no time.

I hear the worlds smallest violin playing a song........ But in all seriousness I think it's just the overwhelming easy access to "real estate investing". Between tv shows, podcasts, books, Twitter, Instagram, BIGGER POCKETS, etc etc you can see people that have had "overnight" success in real estate. Some inherited, some took decades to become overnight successes, some rent everything and aren't as rich as they seem to be, some get flat out lucky. Let's not forget all the gurus that go around holding conferences and selling their books and programs. Aren't we all looking for wealth? Why not want it quickly? Most of the ones that actually expect it to be that easy won't make it and will drop off but with the easy access to successful people they will be heard from more often.

I agree with what both of y'all are saying. I look for houses that have something a little unique to them so in a down market they still have more value than others and don't plan on paying market rates of a year ago. I believe this is the time to buy though because you are starting to be able to get discounted rates. With oil at historical lows I see this as the perfect time to buy low and potentially sell high or take advantage of the insane rental market during booms that will come , as they always do. My current home has approximately went up 40-50% even in today's market. It's the type of place I look for, unique but needs some sweat put into it. I welcome all knowledge y'all can give me! 👌

@Upen Patel I messaged you back. We are attempting to find just a residential loan, we currently just have our personal home mortgage.   Thanks @Richard Scholtz I'll look into that.

Just getting started Logan Turner . Currently in the process of buying a SFR. Wanted multiple but there currently wasn't one I liked enough with the money available. I see the potential for some foreclosure in the near future.

Tatiana I live in the San Angelo, midland, Odessa area. I think this is a fantastic area to invest in RIGHT NOW. The big cities are always growing and would be good too but they are still booming and we are not right now so I believe you can get more bang for your buck. Let me know if I can help you in anyway.

Thanks for the replies. We'll continue shopping around.