All Forum Posts by: Zak Marinko

@Alex Ferraro

Awesome thank you for all these links! I will look into it and get started on meetup as well. I appreciate it

Any REIA's or meetups in Chicago or the surrounding areas?

@Zeke Tessmer

I really like those 3 criteria for an out of state market. Going to continue to use that. Thanks!

Any positive or negative reviews on selling/listing with Redfin?

My brother is selling his townhome and is talking with a realtor on Redfin. The closing costs are relatively high, about 13k for an $170,000 listing.

We are both very new to real estate, so just wondering if that price is high because it’s on Redfin. If that’s the case he will look to list another way.

Lastly, if that closing cost value is reasonable, let me know as well!!

@Rocco Swinney

Thanks for the reply. That’s good to hear that you can use a “gift” for down payment on a primary residence. My first property is going to be a primary residence, but also hoping to turn it into an investment through househacking.

Also, people definitely get money loaned for down payments, and I think it’s often with hard money or even private. I know a lot of investors on the podcast that do not put their own money down. So, one way or another, it’s definitely possible. I think it depends a lot on the bank. A big bank like Chase might deny you if your money is a gift, but a local bank or credit loan place will take the deal

@Zak Marinko

I guess not 😂 starting to get a feeling that real estate investors think day trader is a myth. I guess I’ll find out if it works soon enough

Just wondering if anyone in this community is also a day trader. Since most people are passionate about financial independence, I figure at least some of you may be interested in day trading! Would love to hear some encouragement from someone successfully day trading while investing in real estate.

I’m a college student so I’ve been day trading for some time now, but I know it will be almost impossible with a traditional 9-5 desk job. My ideal future is to “retire” from a 9-5 job as soon as I can, and be a full time investor/day trader!

@Whitney Hutten

Will do, thanks for your input!!

One of my partners mentioned that in order to be approved for a loan, your down payment cannot be a “gift.” In other words, you must have earned the capital through some legitimate means.

When hearing this, I was confused because I know people use private money when purchasing a property. Can anyone clarify that my partner is incorrect, and you can use private money to pay for a down payment?

Thanks!

For good measure, I wanted the discussion title to be "BRRRR Investing with an FHA Down Payment"

Should have proof-read before posting!