All Forum Posts by: Shivam Patel

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Victoria Pham

I'm not so sure if you can rely on Nasdaq, SP500, and Dow Jones anymore on how the economy is faring. It used to be a bit more accurate but because of the wealth gap spread between the upper middle and lower class. You can say that those 3 stocks hold the biggest companies, but they're too big to fail so either way those stocks will never plummet and most likely wont reflect on the majority of how buissnesses are doing which is more reflective of how the economy is doing. I'm not certain but there was a stall on the number of people that applied for SBL from the federal government which caused a halt in the lending process. My interpretation is the complete opposite that the economy is not faring well. Especially since the government is keeping the job market on an only essential employee basis currently. If people dont have jobs, theres less spending, which leads to less movement in the economy. I believe that until jobs are all open, it's not safe to say that the economy is going to pick back up as quickly. One thing is for sure, however, after every recession, the government has injected money into the economy and because it's out of panic theres no way to know how much the economy actually needed, so it will always be more. This will lead to less valuation to the dollar. I would buy real estate right now only because you want to hold something more tangible than currency.

This is 100% my own opinion. Might be wrong but who really knows.

@Samuel Liapis

Thanks! :)

Hey guys! Just wanted to thank all you guys. Listening to bigger pockets for years, looking at the forums with people constantly motivating you, I've finally got out of analysis paralysis and finally got a house under attorney review, today! Had some obstacles where the lender estimated 2000$ less in taxes at my max preapproval that I used where the options were to putting more down or getting a cosigner. I just my dad as a cosigner. So it worked out and now under attorney review. She wouldn't budge on using roomate income to change the debt/income ratio haha. She said she would gave to give me a higher interest rate because it falls under investment. I used cosigner as the option instead.

Only thing I got to worry about is how I'm going structure this house hacking investment. I know a lot of people put it under an LLC. But I dont want to risk the due on sale clause to trigger. Even if it's just there, I don't want the risk, or do anything illegal. Instead of putting the asset in the LLC can I just set it up in a way where I dont put the asset in but the income of the tenants are paying the LLC, that way it doesnt trigger due on sale clause? Any advice would be appreciated. Also I heard an attorney is not actually needed. It costs 2500$ but I'm on a tight budget until closing and dont want to pay so much. Especially since I dont have tenants in yet. I plan on house hacking 2 roomates in while i attend my school.

@Peter M.

That's very insightful Peter. I really appreciate the advice from an expert life yourself. Starting out, theres not exactly a manual right? So hearing all this helps. Thanks man.

@Peter M.

Hey. Thanks for the advice. Just out of curiosity, What other things do I have to worry about. I just want to know so that when I do, I know what I'm dealing with and I plan accordingly.

Hey everyone,

I'm a relatively new investor but I have been listening to bigger pockets for a very very long time. I've had analysis paralysis as some would say. I want to be 100% transparent so I will use real numbers pertaining to my scenario. In the podcast we talk about risk but we dont talk about how much risk is too much risk and what are the best way to do deals. In my specific scenario I'm stuck and I want advice from you experts. I'm 28, and I am attending graduate program(masters) montclair state university for data science in nj where tuition for me is about $2100 per class. I plan on taking 3 classes semester and take the monthly payment plan which is 2100 a month for 3 months. But the rents around montclair are outrageous. I rather buy, and house hack and live for free. But mortgage for my house would be 2300. I can afford either the mortgage or the tuition. Not both unless I house hack. I have to buy a house by september(fall semester) which is less than 60 day closing and get renters in asap to cover costs. Am I too heavy on risk? My exit strategies were getting student loan for this semester until I get renters in, but I got denied. The other exit strategy was to take 1 semester off. I have to consider that finishing my masters my salary will jump 40k at the minimum. Now what do you think I should do because I dont want to miss the low interest rates.

Sincerely,

Shiv

So Im actually looking to househack now  close to Montclair NJ but can't find any good deals. Everything is being scooped up so quick. Its definately tough. I've been driving 2 hrs north every weekend to see houses and theres a ton of people looking at the same time haha.

Hey, I'm actually new to real estate also investing in New Jersey. Lender info would help me as well. Any tips from you pros that I should look out for while doing my first deal. I'm going to probably do the buy and hold as I dont have experience flipping just yet.

@Giuseppe Longo

I'm not too sure about wholesaling because I haven't done it myself but from listening to the podcasts I know I lot of people get contracts by doing direct mail offers, theres a couple people in south jersey where I live who put up signs that say (we buy cash offers), and I'm guessing they put it under contract. If you end up getting you're first wholesale deal, I'd love to buy. I'm actually trying to invest on my first deal in north jersey so I can live close to school.