All Forum Posts by: Raul R.

I wouldn’t worry much but it’s always best to be pro active. If I was in your shoes I would contact my lawyer first before providing any info to an Accident Lawyer. I agree with you, you shouldn’t be liable but Accident lawyers tend to sue everyone possible..

I guess I’m lucky.. I have a CPA and he is also a Real Estate Investor. His fee is a flat annual fee. I ask him many questions and I don’t get charge for them, and he encourages me to ask questions. Name is Taylor Brugna found him in BiggerPockets.

Respect your opinion but I personally don’t believe that was a low ball offer. Even if it was a low ball just decline or make counter offer if you had no other offers. For any beginners reading this don’t be discourage making low offers, make offers that make sense to you and know your market. I’m in the middle of selling my second home, first time ever I’m selling a property. I decided to put property in market while doing renovations, renovations taking longer than expected but I received 2 low offers. I was happy to receive offers even though they were low, it was a good indicator that people are interested in my property. I was in no hurry and told my agent to decline offers. I figured once renovations are completed will have better chance in getting my asking price. Just this week I received cash offer for my asking price. If I was in a rush I would have made counteroffers on my initials offer but because I wasn’t I just waited. As a seller I was happy to receive multiple offers, depending on individual situation they will accept, decline or counter. For any beginners don’t be discourage to make low offers, you never know. If I see a property that I like that’s been in the market for a couple of months, my initial offer will be a low ball as some people might call it and I’m sure if the seller has received no offers it will be welcome news for them.

Eric yes it’s possible, an Heloc is similar to Mortgage process. An underwriter needs to review, it’s not recommended to open any new accounts while in the process you might get delayed if found.. Remember even though you can use your Heloc for anything you desire it’s not recommended to tell Bank you are using Heloc for investing. I like Line of credits for what we do, I also have a Heloc and a Personal Line Of Credit with TD bank..

Congrats, you can start Real Estate at any age but I'll be honest the earlier you can start the better..  You are smart to be learning from your dad, he has a wealth of knowledge and I'm sure he will be more than happy to share it with his son.. 

Don't be shy in using your dads contacts, I know some people that don't want to be in their parents shadows and end up making unnecessary mistakes. In what we do is all about using any leverage we have to get the best outcome..

My first property I bought all cash, 62k Condo. Most people will advice not to do this. I did it that way because I didn’t want to rush in finding a tenant and wanted to take my time while I learned what I was doing. To my surprise I found a tenant right away. 2nd I did a cash out refinance on Condo 3rd my first SFH Conventional loan 25% down 4.5% fixed rate 30 year mortgage. For you it will be hard getting approve for a loan by a bank and even w a co-signer not sure how that will work.. Continue learning and building your credit, banks love stability and big reserves. You want your credit score to be in 720 range to get the best rates. Limit your liabilities and with time you will gain your assets. Im still a long way to go but I notice as I grow my portfolio I’m gaining a reputation and deals start coming to me.

Hey Joseph, I give you credit starting at such a young age and being able to sell your company at 19. I’m assuming you spend time reading or listening to audio books. I spend almost a year doing research before getting my feet wet. Charlotte is a very competitive market, having your license and working in Real Estate is a big advantage you will have to other investors. If you have listen to Grant Cardone he will tell you to start big. He makes some good points but I don’t agree with everything he says.. I started with a Condo in Charlotte, modest start but it helped me get experience and form my team. I guess it all depends on the capital that you have and if you have any partners? Don’t worry about not having a full team before having your first property, once you’re in it it falls into place

Mark, Don’t spend more money on your mentor.. Money is better spend on a downpayment on your first deal. What qualifies him of being a mentor? Most investors would be happy to share their knowledge for a cup of coffee, this is our passion and we enjoy discussing it. Not sure what you are getting out of your mentor that books, Bigger Pockets and the MLS cant provide??

Learn from it.. You realize you made a mistake which is the first start.. Never get too involve with personal matters, big no no for landlords. As a landlord all you care about from tenant is getting rent on time, property is maintained by tenant. If you were the first call from GF that tenant went missing it sounds like you are too friendly w tenants don’t do that :) Don’t get discourage by the length of your post it shows you will learn from it. You should consider a PM, a good PM will guide you through process but I have to warn you there are also bad PMs so you might need to go thru a few before you find a good fit.. Start eviction process and find a good lawyer, with those types of tenants cash for keys have a high success rate you might want to consider..

The correct answer your PM should tell you instead of I don’t know, is I will get back to you after consulting legal counsel. Consult a lawyer and once your contract ends with your PM I suggest terminating.. A proper PM should be guiding you with Eviction Process.