All Forum Posts by: Paul Wachtler

Hi Natalia,

I lean more on Joe's side on this one.  Unless you know which property/ies you'll be buying then I wouldn't want to handicap my searching by only working with one agent.  If you have one or more properties lined up with this agent then I think it's ok to sign the agreement for these properties and then reassess if it's still necessary after closing.

Best,

Paul

Hi Zachary,

Since you're on BiggerPockets I have to assume that you're more than a little interested in real estate investing.  The reason that my wife and I started is that we want our money to make money.  Through hard work and analysis, real estate can do that for you.  With that said, it's up to you and your wife to come up with a plan that best fits you.  It doesn't need to be an all or nothing approach between real estate investment and stocks.  Maybe somewhere in between is best for you.

I'd highly recommend reaching out to real estate agents in your area to see what the market is like and spend some time educating yourselves on different real estate investing options (buy and hold, flip, BRRRR, wholesaling, etc). If you're interested in BRRRR I definitely recommend the book by David Greene on it.

Best,

Paul

Hi Alex,

I'd recommend speaking directly with your mortgage broker to see if there are any stipulations against you moving out and renting the unit you're currently occupying. If you used a conventional loan then it's not as likely for there to be anything preventing you. If you used an FHA or VA loan then there might be other considerations. This article has a quick overview of each loan type, but again you'll want to speak directly with your mortgage broker. In fact they'll probably be happy to work with you on a mortgage for your next property!

https://www.bankrate.com/finance/mortgages/how-to-finance-a-duplex-or-multi-unit-home.aspx

Best,

Paul

Gotcha, while you would need to check with the banks to see if you can register the account with an LLC, I also found this article specifically on business savings accounts. Derek mentioned Wells Fargo - they're one of the ones on the list:

https://fitsmallbusiness.com/best-business-savings-account/

As Brandon Turner says time and again, any deal can be a home run for the right price.  Not saying this has to be a home run for you but if the numbers make sense then go for it.  I agree with everyone else that you'll want to scout the location for yourself to see how bad the noise is and also check out comps for other similar properties within the same distance to the highway

Hi @Matt Gooding, do you need access to a physical bank (I don't mean ATMs, but the actual bank itself)?  If not, I'd recommend using an online only bank.  I've been using Ally for a little while and so far so good.  For the savings account I have with them the extra interest (that online only banks give) doesn't hurt either.  Here's a list of online savings accounts with higher interest rates than regular banks.  You can review which of them fits your needs the best.
https://www.bankrate.com/banking/savings/rates/

Best,

Paul

Sounds good @Rick Spencer.  I'll send you a PM.  Thanks!

Thanks @Carolyn Footitt!  I'll make sure to reach out to them

Hi @Jingru Sui nice to meet you.  I'll reply to your DM.  Thanks!

@Mitch Messer responded to your DM, thanks! So far we've mostly been looking north and west of the perimeter. Reviewing some properties in Marietta but then also closer to Mableton and Lithia Springs. We're open to location but looking to BRRRR a sfh that after budgeting for repairs, capex, and property management still cash flows $200+ a month.

Hi @Rose White, nice to meet you too!  Would love to connect. I'll send you a DM.