All Forum Posts by: Xeniya McBroom

Hello Pablo and Amy, Welcome to BP! I love your story and the evolution of your financial strategy. You are so great at sticking to the budget that a little "good" debt will not hurt you! You will see the benefits of it soon enough. I, on the other hand, just love debt, or that's what it might seem like to anyone looking at my credit report, however, what I really love is the cash flow that allows me to pay my monthly debt and have money leftover to save even faster than I would've been able to had I had no debt. When people ask me if I'm saving money, I always say "no, only spending". At this point of my beginning stages of real estate investing, I use every penny I save to reinvest in the next flip or rental. Good luck! You're on the right path!

Hi Iniabasi, welcome to BP and congrats on taking the extra step and becoming a PRO Member!

I also work a full-time job and I am a part-time Realtor and investor. Since you don't have much time to invest, then it depends on how much money you have to invest. Turn Key rentals are good if you have the money for downpayment, otherwise I suggest partnering with a more experienced investor on a flip and generating more income that way. That is my strategy right now - alternating flips and rental deals. Fell free to connect if you would like to know more. Good luck!

Hi Adam, welcome to BP and to investing! I'm an investor and a Realtor in Tampa, FL. I would be happy to connect and discuss your opportunities. I will be sending you a colleague request shortly.

Hello, I made an offer on a property and put 10% for EMD just like they requested in the MLS. I called to check on it a few days later and was informed that I have to wire EMD with the offer, so before the offer is accepted and way before the contract is executed. They did say they would wire my money right back if the Seller didn't accept my offer. I researched the title company that is on the wiring instructions and didn't see any red flags. Has any one of you ever encountered this before and what else can I do to protect myself?

Hi Whitney,

Welcome to BP! I think you should keep your options open, so to speak. Just do all of those things he expects you to do as an assistant and search for deals for him and for other investors as well. As a wholesaler, you need a long list of investors to market properties to. But you can start with a few. Also, I realized through trial and error that wholesaling is not 100% "no investment capital required" business. Almost in every deal you would need money for the escrow within 3 days, but it depends on how good you are at talking to the sellers and getting them to sign a contract with you with no deposit.

In my professional life I mostly deal with realtors who protect their clients and would not advise the seller sign a contract with no EMD (earnest money deposit), just like they would not advise the buyer to sign a "no contingencies" contract, which means if you back out for any reason you are sure to lose your EMD.

As a realtor, I find properties for my clients on the MLS, where the sellers are usually represented by other realtors. I was successful at finding a duplex for my client just a few months ago that was qualified for FHA financing. His funds to close were less than $4,000. Also, his monthly mortgage payments are completely paid by the tenant in the other unit making his housing expenses $0.

I also bought my first rental duplex last year with a private money loan that cash flows $500 every month.

Let me know if you would like to start looking for your houshacking deal. You do need to qualify with the lender by providing them your last 2 years of tax returns, w2s or 1099s, bank statements, etc. It is quite a process.

Good luck with everything!

Hi Mindy, welcome to BP! I'm interested in learning more about your condo in St Pete to see if I can help you in any way with that, or any other potential deal. I will be sending you a colleague request shortly. 

Hello Thelmo, from my personal and professional experience, I know for a fact that you have quite a few options with the credit score, the downpayment amount,  and the income that you have. Also, if there is a lease for a year in place, lenders can use that rent towards your qualifying income. I can recommend a few lenders and I am also a Realtor if you need help getting up to date info on listings, sold comps, or need to see a property that is for sale. Send me a colleague request and I'll be happy to help.

Thank you Michael Sato! I also sent a message to the BiggerPockets FB page and they gave me a YouTube link. I am trying to avoid this problem in the future. Is there a place I can get the link while the Webinar is in progress? Is it available on YouTube when in progress? I usually watch every Webinar, but I forgot to register this time and couldn't believe there was no way to join it 5 minutes after it started.

Can any kind person please give me the link to the webinar that is happening right now? Thank you! @BrandonTurner

Welcome to BP! And welcome to Florida! I would be happy to help if you needed a Realtor at some point.