All Forum Posts by: Steven Zagaris

I wouldn't buy a property like that as a first time buyer. 3 layers of roofing tells me the previous owner was cheap and didn't want to get the job done right the first time. What else might they have been cheap about? The electrical is also a pretty big issue. a home inspection can't "fail". It just means the buyers didn't like the result and if they are people who don't have a lot of cash in the bank, understandably they hit the road.

Pull the eject handle on this one. You already exposed yourself too much by coming up in price so many times so early. You probably would have done much better sticking to your original offer. The only winner here now is the seller.

You will definitely save yourself a lot of money over time if you are a licensed real estate agent who can do your own deals. There is typically much more upside to being a real estate agent than a car salesman. However, if you're doing super at your current job and it is funding your purchases than maybe stay a while. Starting out in Real Estate usually means you won't be getting paid for a few months until your first deal closes.

Why don't you just hire your own contractors and do it yourself? Who is the one finding the deals?

Inderpal Chadha good call. I wonder if there is insurance for that. Not sure if standard homeowners covers sink hole swallows.

Can you do 5% conventional instead of 3.5% FHA. Mortgage insurance for life of the loan is a huge chunk of your profit.

Buying turnkey makes you compete with buyers who can put little to no money down. You don't want to compete with those buyers because chances are you won't build instant equity and will spend years trying to build up any equity at all.

Banks have legally Ben able to hold these properties now and not required to sell within a short time frame which used to be the law. They recognize they can make more money back this way. This may be the "wave" everyone was expecting to come 2011-2012 and never did.

Travis Grossman I'm just south of you in Modesto. Definitely keep your job (for now) if all you want is to retire off passive income later, the slow and steady approach will work for you. Or if you decide to invest full time and become a guru, you will quit your job before long. It really just depends and how much you stoke your fire. Good luck to you. BP is an awesome place to learn.

How much do you have saved up? Do you currently work and able to qualify for a mortgage? Are you single or married? How comfortable are you moving into and renting your first purchase?