All Forum Posts by: Sam Giberti

@Tyler Bobo thank you. Exactly what I was looking for :)

I know many of you may be looking at this and shaking your head. But I've been trying to find when in the buying process you would reach out to a title co. and send the money to Escrow. I am assuming it is either once the P&S is signed, Inspection, Negotiation, are both done? The Earnest Deposit is in the Escrow Account once an offer is accepted? And then a larger sum of money is then transferred at what time? How does this work with conventional financing?

To be more direct when do you call an Escrow Company when buying a house, when do you make the first deposit, and when do you officially close w specific funds?

I know I am not exactly the most articulate about this... but I am confused!!

Please explain if anyone knows,

Thanks,

Sam

@Alexander Felice @Christian Rojmar @Russell Brazil Thanks guys, preciate it. Will look into these shortly.

Hey BP, if anyone knows has any good current economy podcasts, people who know what they are talking about. Nationwide or Florida Specific, please let me know of you have a minute.

With that said, if anyone else has any other beneficial ways to study the economy currently please drop them below!!

Thanks all,

SG

Hey Guys, moving down to the Tampa area come August 20th, as you may have been able to tell by the title.

Want to work under a qualified investor in primarily multi-family homes. Willing to work for free, just want to learn from some of the best.

If anyone knows anyone I should talk to, please drop names, as you probably just set them up for a free lunch in the near future!!

Thanks,

Sam

@Jason Larson will do, thanks man. Thanks to everyone else for the advice as well, appreciate it!!

One more post before I pass out...

I've done some research on qualifying for an FHA Loan, as I hope to use this strategy to put a down payment on a four-plex within the next 2 years.

House hack it (3 Units). As well as splitting my own unit out to a friend and collecting as much rent as possible in the early stages.

I’m currently building credit via a secured CC. And plan to apply for an unsecured within the next 3 months. Show I am capable of paying off large payments at a time (simotaineously collecting CC perks), by putting large bills that my parents have on the card and having them give me cash to pay if off.

Say by the time I want to get approved, I have a Credit Score of 800.

I am working a job (1.5-2years), $2000/month as well as attending university. Have low expenses aside from 8-10k student debt per year which does not need to start being paid off until 6 months after graduation. (Approx. $20k student at the moment).

I lay out the good deal I have on the property, built in sweat equity, location, units, cashflow, etc.

Present it professionally and accurately to the potential bank lender.

And if **** really hits the fan I can prove I have access to a relatives reserves if truly necessary. (I won’t f this up).

Given this info, do you think I could potentially qualify for an FHA Loan???

Being a college student, makes this much more complicated than normally IMO.

Thanks guys, let me know,

SG

Hey BP, its been a minute. Anyway long day so I’ll keep this post brief. Just wanted to hear some opinions from older, wiser people.

Donating... often times myself and many of you are asked to donate to a good cause that more times than not, is heartbreaking, and you want to make a contribution.

Then as a young kid, I hear more and more investors continue to say to save every dollar, don’t spend unless you truly need something, and stack that big pile of reserves for when you need it to invest. Which essentially is my goal. However $12.50/hour jobs make that slightly harder than someone who already has a college degree, so I tend to value my money highly right now, as I continue to trade an hour of my life for $10 post taxes.

However, back to the donation part. I am totally for many of these causes and in my opinion I would rather really save now, build up wealth and cashflow and then when I do have enough to take care of myself, my family and friends, then I want to donate massive sums of money toward charities of my liking.

What do you guys think of this, be honest. Am I an ******* now for not donating to the kid w lung cancer today, so that I can donate to 25 kids years down the road?

Thanks as always,

SG

@Nathan Rude Not out here to make a-hole remarks to BP members but when I get various comments like that in a row, it gets old. I clearly don’t have everything figured out and did not indicate that I did. I only made a counter argument. If people want to instantly resort to assuming I am a know-it-all prick, that is completely fine. However we all make decisions based on our own perspective. I am not saying mine is necessary right, just saying I will not rely on a 401k to retire, because that would mean I don’t do so until age 60. I know and have listened to BP Podcasts where people retire far earlier than that. I know circumstances are different for everyone, but that doesn’t take away the fact that it is possible. Thank you for the advice... I am considering both options.

Sam

@Mark S. I’m shooting my opinion back. I’ve said various times I have a lot more to learn... and am more than open to doing so. Have a great day!

Sam