All Forum Posts by: Ugochukwu Opara

Yeah @Joe Butcher . I'm going to side with @Wes Eaves here.

1. Find out the cost to resolve foundation issue + termite issue

2. Find out cost of bringing payments current

3. Deal analysis: If numbers work, then assume the mortgage (if applicable)

3.5 If not assumable then just draft up paperwork to purchase the property with seller financing in place (original mortgage).

Hope that helps. Keep us posted buddy. Cheers

@Leslie Keesee Good question.

To my understanding, there is a loan call an 203(k), which bundles up you renovation cost along with your purchase cost into a mortgage. So you can buy distressed property via FHA but there are still guidelines to adhere to.

Also the ability to refi out of a property for FHA and conventional to my knowledge, can only be done after 1 years time.

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Why not go hard money lender for a short term loan (6 months) then refi out. Then using your money to go FHA 203(k) for the place you do want to live in for more than a year. This way you can refi out the FHA in a years time. Let me know if this helps. Cheers.

@Joel Owens Hey buddy, thanks for the feedback. I thought over what you said but wouldn't switching to commercial real estate just be transferring my 9 to 9 into another avenue? How would I be able to passively net $5,000 monthly?

@Fred Makaye Hey buddy. Glad to hear other have gone through what I am going through. I want to clear thing up, when I say I've done flips, I mean I've documented flips or I've bird dogged for someone who has let me see the entire flipping process. Cash wise I don't have the money in the bank to finance a flip. Nor the cash reserve to run with hard money lenders. Have you hit the $5k net monthly mark? How did you get there? How would you get there now?

Hey,

My goal with real estate is to net $5,000 a month from rental income in the next 10 years. I'm currently a real estate agent in the Philadelphia area and I also do flips. The pay is great but its basically a 9 to 9 job. I have no problem with working hard and smart. My current problem now is that once I leave or take a vacation ... so does my income!! Which sucks. I'm only 23 but I'm thinking of when I get older and have kids and I'm missing games and birthday because I have to chase that dollar.

QUESTION:----->

How does one go out there and build a portfolio of rental properties where you NET $5,000 a month in 10 years time or less? Please be a detailed as you possible can! Thank you so much.

@Lynne M. Yeah I agree with @Harry M. Just give them a call and ask them what's up. Sec. 8 does adjustments from time to time however, it mainly only affects the tenant and not the landlord. The agreed upon rent will be the agreed upon rent as @Harry M. mentioned.

@Zac P. I haven't done this before but this sounds like a great idea. Please keep me posted with what you decide to do and how things turn out. I'm in your corner

@Account Closed

@Dawn Anastasi Great Job! The cabinet looks great lol

@Chukwudi Motanya Wow! I think its great that you have all this mapped out in a business plan and your goals clearly defined. Well done sir.

I plan on taking a trip to Atlanta in January to survey the lands. I am thinking of diversifying and picking up property in and around that area.

But kudos! Stick to it and you'll be fine!

@Kevin Dolan Whats up buddy! Welcome to the club!

I want to say congrats! You've already had some massive experience landlording for 5 years and you even dabbled with renovations! Bravo!

I've never been to CA but practice real estate in and around Philadelphia. Feel free to ask questions. You've found the best site. Cheers