All Forum Posts by: Paul Beets

@Tristin Sellers

I just sent you a connect request + private message.   @Dillon Dale gave some really great advice that is right up the alley that I was going to recommend as well.       I know a kid (~mid 20s now) that was working at a car wash living with his parents when he first began his real estate investing career.    He is killing it now.    How did he do it?

Exactly the way he described. Built good credit. Saved up enough money from his car wash job to buy a 3.5% down FHA duplex, triplex, or quad. Lived in one unit and rented the other unit(s) out. If the numbers work ... you'll be able to live there for free. Take your living expenses and your income and do it again.

Once you have one two or three properties - you have enough experience to start talking with private lenders.    Private lenders are individuals that have funds in either retirement accounts or just liquid cash they are looking to invest for a better return.   You build a base of private lenders that trust you and you do right by them - the sky is the limit.

Cheers

Paul

@Bud Dwyer Talk to small local banks about their commercial loan offerings.

@Leandro Zhao

I own 8 properties (15 doors) one of those doors is an Airbnb about 5 hours away.

My wife manages the Airbnb. My property manager manages the rest.

It is essential to have a good boots on the ground team there. Agent, handyman, prop mgmt, cleaners, etc.

@Aaron Marx Find a CPA that specializes in real estate. Not all CPAs do.

I can tell you from my own situation that no only do I not pay additional taxes ... but I quit paying federal tax in March because of my expected real estate losses this year.

I’m not a CPA and not authorized to give tax advice. But a good CPA for real estate investors is essential. And there are a lot of really good ones out there.

Real estate is a great way to get a return on your money.    I work with individuals in your situation all the time.

There are several different options depending on your preference.    I’d be glad to discuss more with you.    

let me know how I can help!

Thanks 

Yea I bet it is a 30 year amortization.    On a non-owner occupied interest rate is very good.      Just got to make sure you are in a position financially to either refi or pay off in 15 years.

Hello Michelle,

I work with folks in the same position all the time.   Please PM me I’d be happy to discuss options how you could best deploy your capital in real estate.

I love Budapest.   Beautiful city.   Been there many times.    Sorry I can't help you with investing there though.   I'd like to learn more so please keep us updated!

Honestly - that is the way to do it.     Get started wholesaling ... and start "cherry picking" the really great deals to buy&hold.    And then whatever doesn't strictly meet your criteria ... wholesale them and re-invest.    

It would be pretty good hustle for a few years ... but if you are buying & holding more and more properties ... the cashflow from those properties will take over what you are doing in wholesaling.    Then you just sit back and retire.

Sounds simple enough ... lol

4.25% seems a little high to me for a very well qualified buyer.    You are also paying mortgage insurance.   Not a huge deal.

Is this for a primary residence or for an investment property?