All Forum Posts by: Romney Salanoa

Hey Jacob,

This is a tough one. The negative cash flow of the property is pretty substantial, however you may be able to shorten it. Have you tried different ways of renting like house hacking the property? If you don't want to experiment, or don't want any long term renters I would most likely exchange it or sell it. Especially since the appreciation wont cover your payment for a while.

Hope this helps,

Romney

Hi Michael,

It really depends on your budget, what type of property you want it to be like a vacation rental, and where it is. If you are trying to put down nothing you would need to do a seller finance deal which requires a lot of asking, unless you were a veteran then you could get a VA loan. If you have a little more wiggle room and are in a good area I would suggest a vacation rental with that loan to get a good chunk down too.

Hope this helps,

Romney

Hi Melvin,

Welcome to BP! Have you checked out the free book on here The Ultimate guide to real estate investing? If you haven't I suggest you start there, it gives ton of great knowledge when it comes to a brief foundation on the basics.

Hope this helps,

Romney

Hi Michael,

You can also find the rent with the rent estimator at the bottom of the tools page. If you really want to get all of the info that is included in the rental calculator, I would just use the important information and that should still be able to tell you if it is a deal worth further investigation. 

Hope this helps,

Romney

Hi Bryan,

It is great to know the fundamentals in any endeavor but when you choose a specified niche it changes the information and documents you need to have entirely could you inform me on the REI endeavor your going to focus on and I could give some more personalized info and recourses.

Hey Jeremy,

Have you thought about doing short term rentals so you could still visit your property on your days off. You might even be able to make more money than a long term rental. I don't know too much about the bay area but I hope this helped to see another angle.

Romney

Hey Muhammad,

It depends on how much comfortability you want since you can do a house hack in any type of property. If I were in your scenario I would try to find I high unit small multifamily property and then run the numbers to see if renting by room or unit makes the most sense and the most cash flow.

Hope this helps,

Romney

 Hey Ilicia I am having a hard time understanding what you are saying do you mind rephrasing so that I can give you a better answer.

Hey Ilicia,

I am already done investing in Maryland for this year, but if you want to get into it it will take some heavy due diligence on the current owner of the property if you are trying to win a deal, but if you just want to take advantage of the high interest rates you wont need to do as much research. However which ever way you are trying to use these auctions you should try and find the owners other properties and the amount owned on them along with their current total debt if the numbers check out do the deal.

Hope this helps,

Romney

Hey Kyle,

Even if you full heartedly trust your friend I would still make sure you sign on an agreement, for extra per caution and just so everyone knows specifically what they are responsible for. There are plenty of times where I've been in a contract based on trust where it would fall apart because there was no exact outline of what we were responsible for and nothing holding them to it.

Hope this helps,

Romney