All Forum Posts by: Red Peterson

Because when rental property is vacant, it is an expense to the owner. When rental place is vacant, then owner essentially will have to pay mortgage, HOA, insurance, etc. UNLESS, you projected that and include the cost of when your property is vacant. Its loss mitigation if you will. Hope that helps.😊

Great! Thanks to whover drove this!👍🏻

Has anyone did partnership where both parties are in for mortgage loan & downpayment/closing cost? How does this impact tax returns/ benefits? Like how will each party claim expenses for write offs and how will each party claim property interest deduction; moreso, rental income tax implications? Im weighing if its best to partner 50/50 or just get cash loan for partnership. Thanks everyone!

@Jay DeCima. Thank you so much for taking the time to comment. I agree, I seem to focus on "how to get cash/wealthy QUICKLY". I would try to re-focus, only to find myself back in the same thoughts--this is quick, that will do it fast.. 

For now, as I do not consider it will always be this way, my challenge is we arent handy. So, Im intimidated with fixer uppers. But I agree with you, that fixing up can compete, if done right. I do buy and sell (not real estate) on a small basis more of a hobby and thats exactly what I do. I buy subpar or not clean items; clean them up and resell at higher value. Works all the time. So,with no skills in "seeing" what is a good fixer upper, I tend to gravitate to not necessarily shiny, but pretty much all done up properties. Well, the downside on those, is they are also expensive. So I get stuck because I always think about what I learned here that you make your money when you buy, that if I overpay, I'll have a hard time making money. I also dont know how to determine if the property is over priced. 

I want to start with something I can handle, but I somehow focus on the price tag. Then Im not sure how much would rehab cost me in addition to the property. Ha! Just writing this makes me confused---do I want fixer upper with cheap price tag or do I want ready to move in place? 

Like between a 2-1 SFR in C neighborhood for $45K but needs tlc or ready to move in 2-1 condo for $95K-also in C neighborhood maybe B. I know thats too generic just wanted to share my dilemma, for lack of better word.

Anyways, thank you again for your insight. I love it when I get advice from a pro who has done it and was able to achieve their goals, if not more.😊

Hey! How abou that!?! Pinoy in BP! Awesome!👍🏻

Thank you for letting us know... Warning like this helps people to be aware. Im sorry that this fraud guy got you.

@Mike Dymski-thank you!👍🏻

If you can recall, what did you use to help you determine if youre going for multi or single, condo, etc when you started? Would you recommend starting with one renter (whether one person or one family) for someone starting with very little knowledge about REI/landlording? Did you buy close to your residence or farther and why? Cant wait to hear from you! Thanks!

I read all your comments over and over again guys! Thank you everyone for your inputs. 

@Account Closed, thank you for keeping in mind that I am new and addressing critical things that someone like me are likely to miss. Although I knew, I might come across focusing on PTR based on my question, I did not realize that I actually am trying (so hard) to get cash flow and appreciation in one deal. It made sense when you stated they were derived from two things. I also like that you gave me examples. It made your points clearer. 

@Dawn Anastasi and @Katrina P. thank you for providing locations and specific numbers of what you've done. It makes me see how you've done it and it translates well to me, learning wise.

@John Lee you always provide very specific details. I really like that. It makes me think. I also like how you breakdown things and explain them one by one. It helps a lot in understanding concepts; being new is a phase-thank you for keeping that in mind when responding to my questions. with this kind of support, i'm definitely on way to getting my foot in the door! Thank you so very much too for brushing me up with the acronyms. 😊😊😊

@David Faulkner-great pointers! Another example of someone who translates well with newbies! I like how you made me aware of timelines. It makes me think and consider what to do even with the place I have now! As a newbie, uber excitement can just overcome one and if not careful, one may make quick moves because their focus is only on specific things. I thought I already knew, but being new can be dangerous. It also made me realize to look at a bigger picture. A longer goal. And with that, I also realized how important to truly understand the property--Location, condition, price; etc.! So now I am thinking... how do I find out these information when eyeing a purchase? aah..realtor. but how do you find a good one?! 

I cant thank you all enough; I love learning and you are all wonderful mentors! 

❤️ Thank you sir! You're on it!😊