All Forum Posts by: Redgy Saint-Germain

@Tom Smith

Im curious why are you trying to find out this information? This is my assumption It sounds like you may not trust your realtor and if thats the case I would say just make sure your solving the right problem. 

Trust is important in every relationship and if you don't trust your realtor your relationship is off to a rocky start. 

As Russel stated if they've sold off market deals it may be impossible to track. 

Good luck

@Chris Hannigan

If you bought the duplex cash you don't need to wait the 6 months, you can use the "delayed financing" to get your money out after 4 weeks. Look into it, it may be your best option now.

@Charlie C.

Credits to you for making six figures at such a young age. Now the questions is whats the percentage of your check that your banking?

Some of my questions/concerns:

1. I am not very handy. As a result, should avoid purchasing properties that require more than a negligible amount of work? (I feel vulnerable knowing so little about home renovation processes. How can I assure that contractors won't take me for a ride?)

My Answer: You cant be sure that they wont take you for a ride. The value is in the learning process, you can hope to get a great contractor but if they happen to screw you over you need to make the best of it. I would say learn from the people on BP so you don't make the same mistakes. 

1. Real Estate can't consume my life (yet). I can dedicate maybe 5-10 hours to this endeavor weekly. Would hiring a Property Management company be something worth considering?

My answer: 5-10 hours a week is plenty to get started. You need a realtor to get started 

1. What kind of legal entity should I form? From my understanding, LLC's and Corporations have different tax requirements.

My answer: At the stage in your career you dont need an entity unless your buying multi-families. Stick to a 2-4 units for now using an FHA loan ( that would involve you moving out of your parents house to live in one unit)

1. I'd prefer to avoid both downtrodden and luxury real estate. 

My answer: Good choice, not needed at this stage in your career 

Good luck 

@Daniel Vasilyuk

Wow, i'm impressed you saved up 55k at the age of 21, great job. This will make your investing career so much easy while picking up momentum on the fly. 

Where do you start?

Get yourself a realtor, have him introduce you to some lenders, lawyers possibly contractors. Look into getting a 203k loan and try to buy a 2-4 units. You can live in one unit and rent the other 3 for cashflow. 

Use the bigger pockets calculators to get started 

@David Sanford

Thanks

I have never tried the facebook marketplace as its fairly new. Ive never thought of that one nice 

Guys, 

I've just completed one of my rehabs and because I use Cozy it automatically post it on Doorstep and Realtor.com. The unit was up there for over a week with no hits and Ive decided to post it on Craigslist and in less than 2 hours I had over 15 applicants.

Please share your most successful site for marketing rentals:) 

Nilo Ignacio Why don’t you get a HELOC on your home ? That sounds like the best option for you now

Javier Arbelaez You need to post more information about the deal. Downpayment? ARV? Expenses? CapX The most important thing CASH-FLOW? You can use the bigger pockets calculator to run your numbers

Nilo Ignacio Well You can refinance and hope for a conservative 75% LTV. I would use a HELOC that way you don’t have to pay closing costs and other fees yet you’d still have the same advantages Good luck

David Raider Welcome back !!! Please stick around this time as the BP community is the best one out there when it comes to starting your investment career