All Forum Posts by: Pingal Sapkota

Jack, 

It is hard to make such decisions based on the comments on an online forum, this one included. Everyone has their own opinions and mostly have reasons to support them. But it does not mean that they are correct 100% of the time or they are correct in your particular situation.

I remember being on online forums for stock investing for the first time and was looking for how to get started. It was the same, actually it was worse because i think BiggerPockets has one of the best forums. Everyone kept saying stack your emergency funds, pay your debts, do all the other stuff and come back here next year and still get the same advice.

I think you have two very good options. If you pay your student loan, you will be debt free and would not have to worry about a nonperforming debt anymore. But if you chose to invest that in real estate instead, you will start on real estate game early and will start your journey towards long term wealth building. None of these are bad options. In a grand scheme of your lifetime, $8000 or a year of (non) investment is not a big deal. I am assuming you will be able to save at least 8000 in a year with your 40000 income. Do what your gut feeling tells you to do and you will be fine either way.

Just because you are in this forum instead of car-shopping or finding other ways of lifestyle inflations, means that you in better situation than average people. Good luck!

Thanks George for your input. That is very interesting analogy. I knew good contractors were very valuable, now I know how much. Sorry folks, didn't mean to take away your spouse :) Anyone going through a "divorce"?

Hello Everyone,

Do you have any recommendation for a General Contractor in Grand Rapids/Kentwood/Wyoming area? I know this question has been asked here many times before, one more time will probably not hurt.

This is for a small rehab job that includes drywall repair, paint, carpet, basic electrical, plumbing and other miscellaneous jobs.

I would appreciate any input on the topic.

Thanks,

Pingal Sapkota

Hi Mitchell, welcome to BiggerPockets. You are in the right place. There is a ton of people just like you and a wealth of knolwedge here in BP. Listen to podcasts, read on topics that you are interested in, involve in discussions, and talk to other people. You can also go to local meet-ups and there is one in Grandville, second Monday of every month, 6-8pm at 44th st Buffalo Wild Wings. 

Congrats Jake! It tells me that I should hang out with you more. I wish I was not travelling as much as I am right now. Call it Excucitis.

Hello Tyson,

Welcome to Biggerpockets! This site has a great amount of resources for you to learn from. I am on a similar situation as you are and joined BP few months ago. In this short time, I have only grown more passion and respect to this industry. You are definitely in the right place.

Total rent = 475*4*12 = 22800

Mortgage (96.5% of 89000 4% interest rate) = 410*12 = 4920

HOA = 1152*12 = 13824

Taxes = 50 * 12 = 600

Expenses so far = 19344

You are still missing PMI (if you use FHA loan), Vacancy, Maintenance and repair, property management from your expenses. I don't see how this could be a deal. Am I missing something here?

Welcome to the club Ryan! Things are great. Although I haven't yet pulled the trigger yet on my first deal, I learned a lot in past few months. I met some great people, looked at a number of houses, put few offers, got my financing in line. In addition, I got into this new hobby of reading books and listening to audiobooks and podcasts. I am still searching for my first buy, but its definitely out there.

Good luck on your Journey on Real Estate!

Thanks for your warm welcomes. I am working on my loan right now and really excited. @Al Neal, I have your rehab guide downloaded. Thanks for the great work. @Matt Cramer, it is quite reassuring to hear from the experts about how good the Grand Rapids market is. I am still looking for my duplex and very positive I will find one soon.

Is it a good idea to let your mortgage lender know that you are an aspiring investor, when applying for FHA? Or would you rather not disclose?

Thank you all for your response. See you around.