All Forum Posts by: Guevara M.

I've been really thinking about taking online real estate classes to try and get my license. For years I've always been drawn to real estate in some way but I never really pursued it due to needing a good paying job with steady income and benefits. So for the last 16 years I've been lucky enough to work full time making decent money and having great benefits with the same company and at the moment I do plan on staying till I retire which will be at least another 20+ years. But real estate really does interest me a lot. I've had people ask me if I was to get laid off from my current job and could do something else that I would actually enjoy doing all while making a decent living the only thing that comes to mind is real estate. I've always been interested in real estate investing, actually purchased a small 1 bedroom, 1 bath condo years ago not knowing anything and has been occupied for pretty much the entire time. I learned later on after visiting here that I did not get a good deal on it but I made the best of it and have had someone else pay my loan down for me while adding a few bucks into my pocket which I save for repairs and other things associated with it. I also like the tax benefits I get from owning it and the appreciation from the years I've owned it. I've always wanted to purchase more rental properties or try to rehab and flip some properties but never really took the next step. The last year or so I've been thinking of trying to get my real estate license and after speaking to a good friend of mine who has been a realtor for over 25 years and is very successful in her field I'm now seriously thinking of giving it a try. Her advice was to do it, we have spoke greatly many times about real estate and she's told me she can see how much I enjoy talking about it that I should give it a shot. I'd want to do it more for the investment side rather than buying/selling but I would love to help anyone I could buy or sell a property. But all this would be done as a part time agent so not sure if it would even be a good idea due to the cost associated with being an agent. It would take a lot for me to transition to a full time agent and leave my job. My job allows me to leave work at 1:30 PM Monday - Friday with weekends off so I feel like I still have a good amount of time through out the day to do real estate. I also like the idea of everything I could learn by having my license and being an agent as well as being able to look up comps myself and not have to reach out to my friend every time I come across a property. And I'm sure there are some good tax benefits of being an agent just not sure how that would work being part time and having a regular full time job. It would be nice to make a little extra income, at least enough to pay whatever fees I have to as an agent and anything extra on top of that is just a plus. Have any of you been in my same situation? Would you recommend giving it a try or does it look like it would be a waste in my situation? My cousin was once an agent/broker years ago but failed at it for some reason. He's a very smart guy and not real sure what happened but I believe he just wasn't bringing in enough money so had to change careers, got a full time job with benefits and is doing well now. Also had a older co-worker who did it all while working full time here but after about a year she gave it up and I never got to ask her why. I feel like if I don't do it now then I will be looking back years later and asking myself why didn't I at least give it a try. Any advice would be much appreciated.

Thanks. I will look into these options.

My wife and I have been discussing taking on a flip sometime in the near future if possible. How does the lending process go if I don't have enough capital to purchase it with cash? Let's say I found a deal to where all the calculations work out as a good flip. How would I go about trying to get funding to purchase the house and the cost of the rehab? I know there is hard money lenders but is there other ways to go about this through a mortgage lender? Example: If the purchase price of the home is $50K and total rehab, holding cost, closing cost, realtor fees, etc amount to $40K with a ARV of $175K - $185K can I get a loan to cover the cost of purchasing the home and funding the rehab? My best friends mother works for a bank and is a home lender who has been in the business for a very long time. I plan on getting in contact with her to discuss any options I may have but trying to get as much info as possible before reaching out to her. Any info and advice would be much appreciated. Thanks.

Thank you all for all the advice and help. I really appreciate it.

He stated that he would be gone for work more than he would actually be home and if it would be ok if he had his 20 year old son stayed there while he is away for work. It's just a one bedroom unit. I would have no problem with M2M if I knew that he was going to be there for at least 6 months or longer but he feels like the divorce will only take up to 4 months to be finalized in which he would be moving back to his home town. I've had it listed online for a few weeks already and have had some interest in it with people wanting to view it but it's still currently occupied till tomorrow. I'm leaving out of state for a few days on Sunday so won't be able to really get in there and do any repairs that might be needed until I get back. So most likely it will not be ready to show for a couple of weeks. This guy has already been to the property a few times so knows what it looks like inside. I'm leaning more towards just waiting till I have it show ready and then going from there with hopefully finding a good tenant.

Would any of you do a month to month knowing that he plans to move as soon as the divorce is finalized?

Thanks for the advice. I met with him and he seemed like a really nice guy. He’s going through a divorce so is only looking to do a month to month lease till it’s over and plans to move back home where all his family lives. Told him I require at least a 1 year lease and he wasn’t able to commit to that.

My current tenant will be leaving at the end of the month and she has been nothing but great. She works a lot out of town so that limited the wear and tear on the property. I've had the property listed and have had a few inquires but nothing solid and last week my tenant contacted me stating that one of her coworkers wants to rent my unit as soon as she leaves. She said he's a really good guy and has worked with him for the last 2 years. He contacted me a little later about the property and told me his retired military who is going through a divorce but he and his wife are on good terms. Said that he works a lot out of town and wants to see if his 20 year old son who is a college student can stay at the property when he is out of town for work. This is a one bedroom, one bath unit so do you guys see any issues with that? He and I are planning on meeting this afternoon sometime. Normally I'd meet him at the property but considering that it is still occupied and he's been there a few times so knows everything about it would it be a bad idea to have him meet me at my house or should we meet out somewhere else? I like the idea that my current tenant referred him to me and she actually knows him. I know that he really wants the property and is ready to give deposit plus first and last months rent to get in there as soon as she leaves. What are some questions I should be asking him when we meet today? If he meets all my requirements should I still have him submit for a background and credit check and if his son is planning on staying there when he's gone should I have him submit the same? Should his son be on the lease as well?

Thanks, I guess my main concern is the student actually taking care of the rental.   

Her mother did say she would cosign on the lease.  Rent will be paid through a Trust that the grandmother has set up.