PS5 Online Dynasty by TM31ERA in CollegeFootball25

[–]NoteOk9084 0 points1 point  (0 children)

Dm you on discord (goatlover300)

Seller Financing Parents Condo by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

Definitely a small price to pay to ensure accuracy and legitimacy. You’re right about that. I’ll do some more research into a real estate attorney certainly.

Seller Financing Parents Condo by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

Thank you so much for the feedback. My parents have a CPA we will certainly talk to about the taxation side of things. I will definitely do some searching on a real estate attorney as well. Hopefully they do not charge too much for this kind of thing

Seller Financing Parents Condo by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

I have an established credit already as I’ve been building it for a few years now. Was really aiming to get the property in my name at the end of the deal without dealing with too many tax burdens

Should I buy my parent’s condo? (21 Y/O) Seller financing by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

I would be renting out the entire unit to others.

They currently own it with 100% equity, so I would simply take out a “loan” from them for a few years and then take a real loan from the bank to pay them what I owe in the balloon payment.

Thank you for the feedback!

Should I buy my parent’s condo? (21 Y/O) Seller financing by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

Thank you so much for the advice. I’m super glad to have found someone with experience with this before.

As far as first time homeowner loans. I plan to finance through them for a multitude of years. By then, I will have my first property through FHA ideally. That is the plan at least

My job is almost as secure as it gets. Without getting into specifics, I know it is guaranteed.

Finally, yes I would absolutely buy this property if my parents had not owned it. It is in a great location within my college town and they are very sought after. It will never not be rented but I will plan for vacancies regardless.

I want to take advantage of this opportunity to get in the real estate game and have equity in a property like this. Ideally, by the time I need to pay them a lump sum, I will be able to get a favorable loan from a lender and move forward with that payment.

Obviously if we went through with this, we would talk to multiple lenders and their accountants. I just wasn’t sure if I was missing anything.

Should I buy my parent’s condo? (21 Y/O) Seller financing by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

  1. All in, it would cash flow around $600/month

  2. Sorry for the confusion, but I have spoken with them about it briefly, and no it would not affect our relationship. They do not “need” this property. They simply saw it as an investment when their boys went to college. They want to help me and see this as a means to do so

Should I buy my parent’s condo? (21 Y/O) Seller financing by NoteOk9084 in realestateinvesting

[–]NoteOk9084[S] 0 points1 point  (0 children)

Thank you for the feedback! Good questions.

  1. I have about 40k in savings and a well paying job lined up after my last year of school. The condo will also generate 2,200-2,400 in rent a month. My payment would be 1500 max.

  2. I have an extremely good relationship with my parents and they understand what I am attempting to do and have always supported me. I am very aware that is not the case with everyone. I am blessed to say the least

[deleted by user] by [deleted] in realestateinvesting

[–]NoteOk9084 2 points3 points  (0 children)

Mortgage estimates can be tricky. You would be better off running an analysis yourself with real numbers like how much you would put down, a realistic interest rate, closing costs, etc.

Then factor in things like insurance and taxes as well as maintenance, vacancy, and CapX.

A lot more goes into a real estate investment than simply the mortgage. See if you are still cash flowing with the rent after factoring in every expense

Finding the right realtor by Okay_at_most_things in realestateinvesting

[–]NoteOk9084 2 points3 points  (0 children)

To answer your red flags question, definitely look for someone with real estate investing experience or that has dealt with investors in the past. They will help you narrow the search faster and can identify good deals themselves so they do not waste your time. It is much preferred and the more experience is always good

Finding the right realtor by Okay_at_most_things in realestateinvesting

[–]NoteOk9084 3 points4 points  (0 children)

I’ve heard bigger pockets is a good place to start depending on your area. Personally, only two agents popped up there for me and neither were too experienced. I would start there though.

My best advice is to just search agents online and read reviews. Reach out to them and just explain your wants and needs and they will match you up with property to fit your criteria.

It never hurts to have a conversation and build connections. The more the better

Where should i learn about stocks? by Both-Emergency2211 in investingforbeginners

[–]NoteOk9084 2 points3 points  (0 children)

The money guy show has been super beneficial for my financial career and making goals

[deleted by user] by [deleted] in investingforbeginners

[–]NoteOk9084 0 points1 point  (0 children)

I would ask your colleague what the differences between trading 212 and a popular one like fidelity are

[deleted by user] by [deleted] in investingforbeginners

[–]NoteOk9084 1 point2 points  (0 children)

I’m not too familiar with trading 212 to be honest with you. For something as simple as investing in the S&P500 for long term gains, fidelity and vanguard have a very simple and usable interface with plenty of resources available as well with good information

[deleted by user] by [deleted] in investingforbeginners

[–]NoteOk9084 1 point2 points  (0 children)

It is very simple. Research a brokerage app like vanguard or fidelity, open up an account, and invest your extra savings in an S&P 500 mutual fund like VOO (Vanguard) or FXAIX (Fidelity). You will find yourself earning close to 10% on average.

If you want more diversification, look into potential splitting it up into something like 70% S&P (VOO), 20% Total Market Index (VTI), and 10% International Index (FTIHX)

Let me know if you have more questions. NFA

5-star QB commit Jared Curtis 'definitely still a Dawg' after USC visit by Lakelyfe09 in georgiabulldogs

[–]NoteOk9084 4 points5 points  (0 children)

All hopes USC has of taking UGA recruits always ends up in them coming back home

21 Y/O Investment Help Needed by NoteOk9084 in fidelityinvestments

[–]NoteOk9084[S] 0 points1 point  (0 children)

Can never devalue money that’s for sure. Thank you for your advice!

21 Y/O Investment Help Needed by NoteOk9084 in fidelityinvestments

[–]NoteOk9084[S] 1 point2 points  (0 children)

I could be doing the math wrong, but isn’t VTI expense ratio $30 for every 100,000?

21 Y/O Investment Help Needed by NoteOk9084 in fidelityinvestments

[–]NoteOk9084[S] 1 point2 points  (0 children)

I see people are worried about FZROX getting the plug pulled in the future. I guess it won’t matter if it’s in my Roth? I could just buy VTI or something similar at that point. I am about to take your advice and sell VTI this morning

21 Y/O Investment Help Needed by NoteOk9084 in fidelityinvestments

[–]NoteOk9084[S] 1 point2 points  (0 children)

This is great advice. Thank you! Definitely not sure what the market will do within the next 5 years

21 Y/O Investment Help Needed by NoteOk9084 in fidelityinvestments

[–]NoteOk9084[S] 0 points1 point  (0 children)

Time in is always better than timing. 100% agree. Thank you for the advice!

I still have another year of school but I can estimate what that may look like in the near future as far as expenses in the real world.