All Forum Posts by: Stephen Kozlowski

Hi everyone! Need some help with understanding how a real estate investor would go about purchasing a foreclosure opportunity that has not hit the market yet. I have been told by a reliable source that a property is in foreclosure with such and such bank. Couple questions I have: 1. How do I make an offer to the bank if it hasn't hit the market yet? 2. How do I find out how much is owed on the property to help me gauge what they might accept? Can I do this through calling the bank or the County? Has anyone made a deal in this situation before? What steps did you take during this process, successful or unsuccessful? Any info would be greatly appreciated. Thanks in advance, Steve K

Thanks buddy! Wish you luck as well!

Thanks Todd. You read my question correctly. This makes perfect sense. To answer "worth waiting" - I am just trying to plan accordingly to be able to have enough capital to begin buying rental properties for passive cash flow and actually have money left over to possibly buy another property with.  Main reason why I am planning on selling my house (original game plan was to fix it up and sell it while having a roof over my head to get some capital built up). If I don't sell the house, I am having a hard time figuring out how I can purchase another home for a rental property? Any suggestions? Appreciate it.  

Didn't know if any of you could help me out with this scenario / example:

Person A purchases a home in year "X" and this person sells the house for a profit (say 25k) after owning it for 11 months (<1 year = capital gains tax). Person B purhcases a home in year "X" and this person realizes he could sell the house for the same profit the same time Person A does, but waits 12 months and day before selling it for the same profit (>1 year = taxed on ordinary income). Also, person A and B are living in this house at the time. Which strategy is better if both Person A and B fall within the 25 percent tax bracket?

It seems obvious that Person B's strategy is better? But by how much? Is it worth waiting for Person B? (Is there enough information to know whats better?)

Any advice would be greatly appreciated.

Thanks!

Steve

@Ken Kim @Charlie Miller @Leon D. @Tim G. Thanks everyone and I know it's a process, I am still in the stage of "I want it now".

Understanding that it's a must to have a job for those unexpected expenses and safety net, would you suggest getting a job that is related to real estate? Does it matter? I would think I would want that because I would learn information/processes/ideas that would help me in the future and help better educate me in the field of real estate from the inside. Suggestions?

I really appreciate this guys.

Subject says it all. I want to do exactly that, but how?

I bought my first home late December 2013 and currently have been rehabbing it. The goal is to flip for a profit. At this time, I have been working for a company for about 2 years (first job out of college) and I want out.

I want to flip my current home and move on to the next property to do it again and so on, but I don't see how I can do that without keeping my job. How were some of you able to do this? Any insight would be greatly appreciated.

Thanks,

Steve