All Forum Posts by: Account Closed

http://www.nyrei.com

Hey BP, I recently came across this site when I was doing a search on seminars in my area. It's called New York Real Estate Institute. Is any here familiar with them ?. I added the link above.

Hey Bp,

A lot of people here on BP suggested that I started writing what I wanted to accomplish in real estate , my plans , and many other things. I've read the beginners book provided by BP which suggested the same. I recently purchased a note pad to start writing these things down but I'm stuck. Is there anything anyone would suggest a starter have written down ? Thanks in advance.

Never considered that option. Good point Kelli.

I definitely agree with you Alex , I've beenn given this advice before.

Thanks a lot guys

Does Anyone Know A Site That Provides A Free Good Faith Estimate ?

That's exactly what I planned on doing , referring to joining my local REIA. I also plan taking courses and going to seminars. I'm giving it 2 years because the amount of money I plan on saving. My credit I can probably also clean up in a year as you stated for yourself. But overall I'm just really big on knowledge before anything. And I agree I think it's time I invested in a notepad and started writing these things down.

Hey , Bp I have a quick question. I've been reading and studying the real estate investment field for about two months now but I plan on acquiring knowledge for 2 years before my first purchase. The reason I've decided to do so for 2 years is because I also plan on building my credit and saving money. My question , Is 2 years a pretty long time of acquiring knowledge before getting started ? And how long did it take you ?( btw I've kept in mind you'll actually never stop learning in this field.). Thanks

Gotcha. The example was simply an example but I do understand what you stated. And I'll definitely check that out. Thanks

Hey bp , I recently had a conversation with a friend who recently became a realtor. He was informing me that the int. rate on a mortgage loan might possibly reach up to 7-8% in 3 years. We also discussed my goals and plans in REI. I formulated a 2 year plan to save 20k , improve my credit and acquire all the knowledge I possibly can. My plan is/was to purchase a tri plex or quad plex and occupy one unit and rent out the remaining units enough to live rent free, cover expenses , and still have a positive cash flow.I plan on financing this purchase with an fha loan which to my knowledge only requires a 3.5 % down payment. I also kept in mind that even though 3.5 % is only due I still have a closing cost assuming I won't be getting a loan that has a no closing cost fee which would increase my int rate. I also understand that my cash flow may decrease to due pmi. I planned on opening an escrow account to avoid writing a big check for taxes and insurance when that time ia due .So say for instance I purchased a home for 100k with an fha loan 3.5 % or $3500 will be my down payment. Factoring in closing cost which consist of attorney fees , application fees , appraisal , carrying cost ,points ,.etc. I'm possibly looking at maybe another $3000. Which brings my total to $6500 and I haven't included possible rehab cost. After purchasing my first home and 2 years have gone by and I've learned even more ,I plan on flipping one to two houses a year. I planned on using the cash flow I've saved with my first purchase plus earned income for the down payments. I've been interested in rei for quite a while now but I've recently decided to start reading and studying rei. I on plan taking courses and going to seminars soon. If anyone has any advice or anything I should incorporate in my plan please free to share. And to add I'm an autodidact so I enjoy the pleasure of learning. Thanks

I apologize for the errors , I'm in the restroom at work typing this on my mobile phone.

Hey bp , I recently had a conversation with a friend who recently became a realtor. He was informing me that the int rate on a mortgage loan might possibly reach 7-8% in 3 years. We also discussed my goals and plans in REI. I formulated 2 year plan to save 20k , improve my credit and acquire all the knowledge I possibly can. I plan is/was to purchase a tri plex or quad plex and occupy one unit and rent the others enough to leave rent free and cover expenses and still have left over for a positive cash flow. I also understand that my cash flow may decrease to pmi. I planned on opening an escrow account to avoid writing a big check for taxes and insurance when that time ia due .I plan on financing this purchase with an fha loan which to my knowledge only 3.5 % down payment. I also kept in mind that even though 3.5 % is only due I still have a closing cost assuming I won't be getting a no closing fee which would increase my int rate. So say for instance I purchased a home for 100k with an fha loan 3.5 % or $3500 will be my down payment. Factoring in closing cost which constant of attorney fees , application fees , appraisal , carrying cost ,points ,.etc. I'm possibly looking at maybe another $3000. Which brings my total to $6500 and I haven't included possible rehab cost. After purchasing my home and 2 years later when I learn the ropes I plan on flipping one to two houses a year. I planned on using the cash flow I've saved with my first purchase plus earned income for theDown payments. I've been interested in rei for quite a while not but been reading and studying for about to months. I plan taking courses and going to seminars soon. If anyone have any advice or anything I should incorporate in my plan please free to share. And to add I'm an autodidact so I enjoy the pleasure of learning. Thanks