All Forum Posts by: Xavier Navas

can you share the BLOC provider you work with?

HI Pete

I'm pretty much a noob myself, but would you mind sharing the broker that will let you carry 10 mortgages at a time.

Thanks

My 2 cents:

1) Read RE books and self help/personal development books and listen to motivational speakers to BUILD YOUR CONFIDENCE. There are many good books out there but I like this one a lot:

a) Book: 177 mental Toughness Mental toughness Secrets of the World Class by Steve Siebold.

b) Speakers: Jim Rohn, Tony Robins, etc etc

2) Think long term, not short term, basically delay gratification. Good things take time.

3) Learn to be patient with yourself, I am 28 years old, and sometimes I want things to happen yesterday, but just trust the process and develop the skill of patience. It is ok to Fail, just fail fast and as early as possible, This will build your self confidence your character and it will make you more resilient.

4) Define what you want and focus on that. Do you want to flip a house and resell it for a profit? Do you want to wholesale? Do you want to buy and hold and rent it out for cash flow? Find that, and just dedicate your time to achieving that.

5) Once you define what you want from 4 above, try to find someone who has done what you are tying to achieve and pick his brain and learn as much as possible.

I could tell you many more things, but item #1 would be the most crucial one. Without self confidence and self belief you won't have the guts to move forward. Think of world class athletes, their inner talk, self reliance and self confidence is extremely healthy and that is why they are able to perform at those levels. You can have all the skills in the world, but if you lack self confidence, you will live a very limited life.

The mortgage rate right now at BFCU is 3.375%, i feel that 4.625 is too high given that rates are still under 4%, but it also depends on your credit score. BFCU also lends out of state, based on what my mortgage banker told me. Just so you know i got my property with an interest rate of 3.625 when interest rates where hovering in the 3.5-3.750 range around may of last year.

I would suggest you shop around, credit unions are more customer friendly than big banks. Again, if you need help do let me know i can share the contact info.

Just an FYI , mortgage rights increase by 1/8 everytime they do. For example:

I've used bethpage federal credit union here on Long Island. I know a very good mortgage banker if you are interested in talking to him

Have you considered using a credit union as opposed to a big bank?They tend to be more flexible and might require a smaller down payment. Also do you mind telling us the price fo the multifamily in PA

I'm not sure if this meetup ever happened, if not, i'd be interested in attending.

Hi Frank 

I am a new real estate investor from Centereach (1 rental property under my belt) looking to build my network in NY. I'm not sure if i can be a mentor to you, but if you do have any questions or if i can help you in any ways let me know. This year I'm not buying any properties, but next year i probably will so lets keep in touch.

if this is a rental property i would consider the following criteria before buying:

1) amenities within 5 miles: starbucks, malls, strip malls etc etc

2) how good is the school district? 

3) crime rate in that area (go to local police station or crimereports.com)

4) any hospitals within 5 -10 miles?

if the above look good, then just run the numbers. if you are renting it, would you be ok with making $100,$300,$500 month cashflow after all expenses are paid? 

a) principal+interest+PMI (if it applies)+home insurance+taxes = X
b) maintenance costs = 10-15% of a per month

What if you only cashflow 50 bucks?

That decision is entirely up to you. 

Hope this helps!

Don't you have to pay taxes on the Total Net Profit: $73,191 ?

my understanding is as follow:

1 )If you sell within the first year you get short term capital gains tax. (28%)

2) if you sell after the first year you get long term capital gains tax (15%)

3) If you buy and hold for 2 years the IRS considers it your primary residence and you get no taxes up to 250k if you are single and 500k if you are married

Could you elaborate? 

Thanks