All Forum Posts by: Sam Marcos

I'm about to start in 2018.  I hope I can make $100k in my first year!

How does the cost of finally repairs prior to the sale factor in?  What about agent commissions paid on the sale? @Jay Patadia

So sale price minus basis and then the gains tax is 15% of that difference?

My parents bought a house 10 years ago before the bubble.  They bought it for $180k.  They rented it for 10 years.  Now they sold it for $195k.  What is the capital gains?

OK this makes much more sense now.   So you would start off by buying your first rental with a personal mortgage, and therefore you need to have income that supports that mortgage as well as your primary residence mortgage.  Then the same for the second home, third home, etc until you no longer qualify.  Then, you can refi all the loans as commercial?  Is that how it works?  Can you elaborate on this last part?  Thank you for the help! @Mike Cumbie

I like the suggestion that you ask the seller to discount the sale by $1000 to cover the loss of rent for the first year.  If the seller doesn't budge, I would put the two realtors in the hot seat.  They drop their commissions by $1000 or the deal is off.  They will find a way....

I'm new too but that sounds super shady!  My wife is a realtor, pretty sure she wouldn't approve of your agents conduct.  

I've read all kinds of material and listened to hundreds of hours of podcasts.  There is one thing about scaling rentals that I just don't understand.  Can anyone elaborate on this?

The question is, how does a bank approve the financing for buying a rental?  

1) Do you need to have verifiable income to cover your personal monthly expenses PLUS the monthly mortgage payments of your rental?  

2) Do you need to have a tenant already lined up to get approved?  Does that make approval easier?