All Forum Posts by: Raul Sorto

Hello bigger pockets family, hope this post finds you well.

About a year ago I posted asking for advice for getting started into real estate. I greatly appreciate everyone that responded to my post.

As an update I have done 5 wholesale deals in the last 11 months and now I’m getting decent traction by staying consistent.

I have invested a lot of time in myself looking to learn as much as possible, but I realized I wouldn’t learn without action.

So here I am seeking advice once again as I’m barely scraping the surface in this business.

I have primarily focused on single/ multifamily homes in the greater Atlanta/ Gwinnett area.

However, after letting everyone know I’m in the real estate business a buddy of mine reached out looking to sell a condominium he has in south Atlanta. (Not really a market I target)

It is a section 8 rental where the tenant is paying him $200 and $850 from the state ($1,050 total)

$230 in Hoa, he purchased it for $137k and is asking $100k

The apartment is in pretty decent condition minus cosmetic repairs

But after looking at comps, units in this complex are going between $110-$115k

I’m not too certain if this a deal. But I’m looking to help him get rid of this property because he is out of state and has motivation to sell fast..

I haven’t had any luck with my buyers because they only focus on Multifamily or single families.

So what would be a good way to help in this situation?

Update- Hello bigger pockets family, hope this post finds you well.

About a year ago I posted asking for advice for getting started into real estate. I greatly appreciate everyone that responded to my post.

As an update I have done 5 wholesale deals in the last 11 months and now I’m getting decent traction by staying consistent.

I have invested a lot of time in myself looking to get as much knowledge as possible, but I realized I wouldn’t learn without action.

So here I am seeking advice once again as I’m barely scraping the surface in this business.

I have primarily focused on single/ Multifamily homes in the greater Atlanta/ Gwinnett area.

However, after letting everyone know I’m in the real estate business a buddy of mine reached out looking to sell a condominium he has in south Atlanta.

It is a section 8 rental where the tenant is paying him $200 and $850 from the state ($1,050 total)

$230 in Hoa, he purchased it for $137k and is asking $105k

The apartment is in pretty decent condition minus cosmetic repairs

But after looking at comps, units in this complex are going between $110-$115k

I’m not too certain if this a deal. But I’m looking to help him get rid of this property because he is out of state and has motivation to sell fast..

I haven’t had any luck with my buyers because they only focus on Multifamily or single families.

So what would be a good way to help him in this situation?

Thank you all for your responses! I'm definitely in no rush, mainly just focused on showing job stability and increasing my income. Being a 1099, I also purchase cars at auctions and flip them, so I would say I make more than the average 20 year old. I save 15% of everything I make and have used most of my earnings to upgrade my fathers kitchen, bathrooms, and we recently just added a stone patio with a fireplace in the backyard. So his property is definitely something I would never jeopardize. I just want to add value to the property, but now I'm looking for my next move. I will devote myself to learning as much as I can, as I'm barely scraping the surface right now. Networking and reading are at the top of my list and as some of y'all suggested saving and waiting for the right deal to present itself. Much gratitude to all of you, I definitely have a better understanding of what I need to do to get where I want to be. 

Hope this post finds you well. As I sit here at my J-O-B sharing my first post to the bigger pockets family, I would like to get some feedback/ direction. So a little back story about me, I'm 20 years young from the small country of El Salvador. Due to my citizenship status I was unable to receive my scholarship to play soccer. (Fast forward my personal sob story) as a young ambitious man, I began to look around and think about my future. I was blessed to travel the U.S and meet many wealthy individuals from all walks of life. I soon came to realize that most so called "successful" people in my eyes protected their wealth in real estate. So I have been doing my research, reading and learning as much as I can about investing, looking around for the niche that fits my situation. But I feel like I have really been overthinking this. I have been selling cars for about a year and half now and I have an average credit score in the mid 700s. I have never finaced a home. However, my father has wanted to put me on the existing loan with him on our house.(Due to the fact that I handle our finaces and his language barrier) with some major upgrades done to the house, we have a little bit of equity in the home and our lender has talked to us about digging into our line of credit. With rates going up and the way the economy stands, do you all think it would be best for me to pull out a loan and purchase another home while renting this primary one out. Or should I invest in my own future and avoid risking my fathers biggest investment. Potentially look for a small duplex/ quad, live in one and rent out the rest (as a buy & hold) potentially to college students with parents as cosigners of course or should I focus on raising capital while this tipping point boils down and prices drop some before I decide to go in? Maybe look at wholesaling or probate deals? As you can see I'm really really focused on my future, I'm just at a standstill in life selling cars everyday and I feel as if I'm not progressing. Thank you for reading and feel free to leave your thoughts! P.S If you are investor in the greater Atlanta area willing to spend some time with me, I will gladly buy you lunch. Blessings to all

What would you do ? Hope this post finds you well. As I sit here at my J-O-B sharing my first post to the bigger pockets family, I would like to get some feedback/ direction. So a little back story about me, I'm 20 years young from the small country of El Salvador. Due to my citizenship status I was unable to receive my scholarship to play soccer. (Fast forward my personal sob story) as a young ambitious man, I began to look around and think about my future. I was blessed to travel the U.S and meet many wealthy individuals from all walks of life. I soon came to realize that most so called "successful" people in my eyes protected their wealth in real estate. So I have been doing my research, reading and learning as much as I can about investing, looking around for the niche that fits my situation. But I feel like I have really been overthinking this. I have been selling cars for about a year and half now and I have an average credit score in the mid 700s. I have never finaced a home. However, my father has wanted to put me on the existing loan with him on our house.(Due to the fact that I handle our finaces and his language barrier) with some major upgrades done to the house, we have a little bit of equity in the home and our lender has talked to us about digging into our line of credit. With rates going up and the way the economy stands, do you all think it would be best for me to pull out a loan and purchase another home while renting this primary one out. Or should I invest in my own future and avoid risking my fathers biggest investment. Potentially look for a small duplex/ quad, live in one and rent out the rest (as a buy & hold) potentially to college students with parents as cosigners of course or should I focus on raising capital while this tipping point boils down and prices drop some before I decide to go in? Maybe look at wholesaling or probate deals? As you can see I'm really really focused on my future, I'm just at a standstill in life selling cars everyday and I feel as if I'm not progressing. Thank you for reading and feel free to leave your thoughts! P.S If you are investor in the greater Atlanta area willing to spend some time with me, I will gladly buy you lunch. Blessings to all