All Forum Posts by: Vincent Dych

so I have a business idea I'd like to get some input on.

the idea is to buy corner properties (preferably already permitted for mixed use) rent out the upstairs into one or two apartments, and operate a mini market, or a mini market/ hoagie shop on the bottom. the plan would be to sell the business after it gets it's legs as a turnkey business, use that money to pay off the mortgage and hopefully have enough to then have a down payment so I can rinse and repeat the process.

question is, would anyone want to purchase a turnkey business that they then have to pay rent for? I would want to remain in control of the whole building, so that I can eventually retire off the rents. Ideally, I'd like for the upstairs apartment(s) to be able to cover the operating costs of the building, in case the business were to go under. And correct me if I'm wrong, say I want the business to expand before selling it, would I then be able to "write off" or offset my taxable income, if I were to purchase it under the business name?

long story short, the ultimate goal here is to obviously own and control real estate, but using a business entity to accelerate the process while hopefully getting favorable tax incentives in the process.

hopefully I'm on the right track here lol

@Jim K. I immediately turn it into 68+7

How does everyone save for their nect property? Do you take all your cash flow and dump it into the principal, so that you can get a loan on the equity? Do you invest in gold? Do you just save it in a poor interest rate bank account? Curious to hear what others do..

So I found this guy on Facebook who's willing to lend money on deals at a pretty decent rate. I saw a post he made on an investor page and reached out. What questions should I ask to see if he's a good fit? I have yet to get my first investment property, so I'm super green on the subject. Appreciate any input.

Thanks, Joe! I'll definitely try to make it work myself then. definitely want more loans than less, ultimately lol

Looking to get into rentals and I'm wondering if I should apply for my pre approval alone, or with my wife. Our home is solely under her name.

What's my best move?

Do I apply myself?

Do I apply with her?

Do I get my name on our home first, then apply together?

Is there other questions I should be asking?

My credit score is roughly 630.. Still working on it, and it's slowly getting better.

She's well into the 700's

If I apply with her, will she bring down what I could possibly get, being that we're (technically her) like $200k in the hole for our personal home?

Any info is appreciated. Thanks!

@Pat L. What is Amp?

sorry I'm a little late.. I went to check out this property and it was a total piece. description says its a shell... not the case at all. needs a total demolish! too much for me on my first deal. shame, could have been a real money maker. 

@Niels Bjørn Toppenberg

Brrrring would be great. And to be honest, I kind of guessed on the arv and the reno. The place is already a shell, and around the corner like 3 blocks are highly appreciating homes and luxury condos going for like $300-$400k I figured $160k was pretty conservative. I definitely need to learn how to evaluate more precisely. Sorry for the late response.

@Max T.

Does getting it under contract lock me into the deal? Sorry for the late reply.