All Forum Posts by: Tarcizio Goncalves

Hi everyone, just trying to get another perspective on my dilemma. thank you

Hi BP community,

I wanted to run something by you all and hope you all could help me with my situation.

I have some funds to invest in real estate. I used a real estate agent to buy my first owner occupied 2-family and I really enjoyed the experience with this agent. He is a very experienced RE agent and is an investor as well. I also found that he is of good character and very honest. There was times during my search process that he could have sold me a more expensive property (bigger commission) but he was looking out for what was best for my scenario and my family.

My life is absolutely crazy now. Working full time, in school working on my master’s degree, and with a growing family, I literally have no extra time at this moment, but at the same time, I want to work on growing my portfolio.

My RE agent approached me about a month ago and brought up the idea of us partnering since he has all the time, knowledgeable of all of the laws and market, and very handy (which I am not).

Although I like the idea of partnering for my next deal, I hate the fact that I will have to split my profits since I will be the money partner.

Although I like the idea to have my agent manage, I do think it’s a valuable skill to learn how to manage properties.

Part of me wants to get a property manager until I finally have the time to manage the properties.

I am curious to know how you all view partnerships. What are the do’s and don’ts of a partnership? Can anyone provide a sample of a partnership they used? What would you do in my situation? 

Thanks for the clarification @brent coombs. Here is what I did 

I had an accepted offer on 2 4-fam property (total of 8 units). I eventually backed out of the deal but if I went forward with it, I would have put down 25% on each property and wouldn't have much to buy more properties until I built my savings again. Investors are buying properties at a fast rate and I just don't know if I can do it as fast as them. I know I'm missing something but I don't know what.

Hi everyone,

I was fortunate enough to buy a foreclosure property in 2012 and then selling it 9 months ago and was able to make a decent amount of money. With the profits of the sale, I was able to put down 3.5% on an owner occupied 2-family home in a more affordable market.

Now I have this extra cash and want to make the most out of it while investing in Real Estate. During the podcasts, I hear the guests having some cash and they are capable of increasing their portfolio drastically. How can one like me increase my portfolio? I hear on the podcasts the concept of leveraging cash. I tried to understand this concept but I cannot. Any advice? What does leveraging cash mean?

How can one start to build their portfolio when one already has cash?

Thank you all

Tarcizio

@Robin Boyer, I don't know where to find a a cheap or a foreclosure property. I know Rhode Island has auction sites but I havent had a chance to explore it. I think if you find off-market deals you would be better off. I started pursuing those but haven't had a deal yet. 

thank you all for the valuable insight. I have asked for a termite inspection. Hopefully it will work out. I will let you all know what the result of the inspection is

Thank you again

Hi BP community, 

I had a home inspection yesterday on 2 investment properties that I am planning on buying. Both properties are 4-family building for a total of 8 units and they are right next door to each other. It was discovered that both properties currently have termites. One of the properties was treated at one point for the termites but they came back (or they never left). As soon as I hear the word termite, automatically I want to run away from the deal. Since I am still new to REI, I am not sure if I am over reacting or not. I know I can ask the current owners to treat the house again before we move forward but I was thinking of walking away from the deal. If I ask the owner to treat the property, I'm not sure if he is going to cut corners to threat the termite issue or not. Investors, would you take on a property with termites?

Thank you

@Roshan K.I opened an account with Cozy because I am closing on my first investment property by the end of August. Haven't put it to the test yet. 

@Aaron Curley and @Kyle J.  do you mind if the tenants see the balance on your account? When you make a deposit, you can ask for the balance. Are you ok with giving them the account number? Also, if you have multiple rentals, how do you keep track of who paid and who didnt? 

Thanks

Thank you @Brian Otteson and @Steve K.. Great insights. I really appreciate all the help