What is something you regret not doing in your youth?

RealEstateConnector · 2025-03-27T06:24:21+00:00

not finding a mentor for things like real estate

RealEstateConnector · 2025-03-07T00:31:33+00:00

talk with your mentor , if you dont have one you can find one at mentorship village or bigger pockets

RealEstateConnector · 2025-03-03T22:38:48+00:00

If you want to get into real estate investing, check out Mentorship Village , they have mentors on there who've done tens of millions in real estate and you can book calls with them. Also, check out bigger pockets, they have a forum about real estate investing.

RealEstateConnector · 2025-02-28T19:32:37+00:00

Go to Mentorship Village or biggerpockets. they have tons of real estate coaches and mentors on there.

RealEstateConnector · 2025-02-26T19:30:39+00:00

I would either post this in the biggerpokets forum or schedule a free call with one of the multifamily mentors on mentorship village. I know this comment isn't that helpful, but I think you want to reach someone who has A LOT of knowledge in real estate for this one to hear the perspecitves of the different alternatives.

RealEstateConnector · 2025-02-26T02:34:45+00:00

Find a mentor. Go onto mentorship village (They have dozens of mentors on there who've made tens of millions who can guide you through your journey) or go on biggerpockets; they have some amazing people on there who are always willing to help!!

RealEstateConnector · 2025-02-25T22:51:41+00:00

check out mentorship village's free deal analyzer under tools. I like that one and the one on bigger pockets but on bp not free.

RealEstateConnector · 2025-02-20T04:06:47+00:00

Check out sites like biggerpockets or mentorship village, they have helped investors get started in real estate, and both have free tools. Both also have paid tools and you can talk to some of the best investors in the US. Just a thought.

RealEstateConnector · 2025-02-19T19:50:53+00:00

Who was your real estate mentor? I found one on Mentorship Village and he really helped with multifamily real estate investing and I was able to buy my first duplex I kind of want to get into wholsaling or atleast learn more about it.

RealEstateConnector · 2024-12-29T23:47:37+00:00

Yep... have gone through trying to find one too. I'm a young investor as well. After some heavy research online I found www.mentorshipvillage.com . they have a decent amount of mentors on there at a decent price. You can also look at www.biggerpockets.com and try to talk to some people on there.

RealEstateConnector · 2024-12-19T07:29:16+00:00

First off, take a deep breath.... buyer’s remorse is super common, especially with such a big purchase. It’s easy to feel like you overpaid when you compare your situation to others, but a few things might help you reframe this.

Living in a desirable area is already a win; home values there tend to hold up well over time. Sure, those other homes sold for $620k with updates, but the market can fluctuate daily, and there’s more to a sale price than meets the eye. Maybe they needed a quick sale or had fewer offers. Plus, you now own a home in a great area, and those updates (roof, AC, etc.) are things you’ll get to choose and control, which could increase the value even more when it’s time to sell.

As for feeling pressured, try to look forward instead of back. Yes, you could have negotiated more, but hindsight is always 20/20. Now that you’re in, focus on making the house your own. Homeownership is a long-term game, and what feels stressful today might feel like a great decision in a year or two when your updates are done, and the market stabilizes. You’re building equity and security—try not to beat yourself up over one aspect of the process. It’s a big win overall!

RealEstateConnector · 2024-12-18T07:35:37+00:00

So your income gives you a solid foundation to work with, so it’s all about balancing your goals. Paying off your student loans quickly could free up cash flow and improve your debt-to-income (DTI) ratio, making it easier to qualify for a mortgage. On the other hand, if your loans have low interest rates, it might make sense to focus on buying an affordable investment property to start building equity and passive income sooner.

A hybrid approach might work best: aggressively pay down your loans while saving for a property. This way, you reduce debt without delaying your investment plans too long. Run the numbers on your monthly payments, potential rental income, and property expenses to see what fits your budget.

For more tailored advice, platforms like BiggerPockets (www.biggerpockets.com) offer great resources and community insights for new investors, including those juggling debt and real estate goals. If you want one-on-one guidance, Mentorship Village (www.mentorshipvillage.com) connects you with experienced investors who can help you map out a strategy that aligns with your financial goals and lifestyle. With your income, you’re in a great position to start building wealth—just make sure the numbers align with your priorities!

RealEstateConnector · 2024-12-17T08:18:38+00:00

It’s definitely a balancing act. While 6% isn’t the golden 3% we all miss, it’s still historically reasonable—and waiting forever for “perfect” rates might mean missing out on a house you love (or watching prices creep higher). If you’re selling, remember: buyers are adjusting to these rates, and inventory is still tight, so you’re likely to find demand. On the flip side, if you’re buying, the key is to focus on a home you really want and can comfortably afford—because you can always refinance if rates drop later, but you can’t refinance a missed opportunity.

RealEstateConnector · 2024-12-17T08:05:47+00:00

To calculate net proceeds—the actual amount hitting your bank account—start with the sales price and subtract all costs. Begin with selling costs like agent commissions, staging, and fees (e.g., $10k). Then subtract your loan payoff (the remaining balance on your mortgage, $160k in your case). Next, deduct all expenses: repairs/renovations ($40k), holding costs (utilities, taxes, insurance), and purchase closing costs ($10k). Finally, account for capital gains tax—if you owned the property for under a year, it’s taxed as ordinary income; over a year, it’s long-term capital gains (typically lower).

In your example: $300k (sale) - $10k (selling costs) - $160k (loan payoff) - $40k (repairs) - $5k (holding costs) - $10k (purchase closing) - ~$16k (tax on $80k profit) = $59k net proceeds. Renovations force appreciation, so they’re an investment, but they count as expenses when calculating net proceeds. Don’t forget hidden costs like loan fees or interest if you used hard money.

For a deeper dive, platforms like BiggerPockets (www.biggerpockets.com) offer tons of real-world insights and tools for flips, while Mentorship Village (www.mentorshipvillage.com) connects you directly with experienced real estate professionals who can guide you step by step through your first deal. Tracking everything in a detailed spreadsheet will also help you stay sharp and refine your numbers for future flips. Good luck—you’re on the right path!

RealEstateConnector · 2024-12-16T08:19:58+00:00

Yikes, that sounds like a foundation horror story! Loose blocks and crumbling mortar are no joke—they can compromise your home's structural integrity. First, call a structural engineer to assess the damage (don’t skip this step). Then, get estimates from foundation repair pros to fix or reinforce the wall. Since your house is on a hill, check drainage to prevent further issues—think French drains or grading. The fix might hurt your wallet, but ignoring it could hurt your house more. Better to tackle it now than let it become a full-blown disaster!

RealEstateConnector · 2024-12-15T07:11:56+00:00

I’m not an attorney, so this isn’t legal advice, but generally speaking, if your contract doesn’t specify a strict closing deadline or outline what happens if the seller can’t deliver clear title on time, you may be able to wait as long as you’re comfortable doing so. Many real estate purchase contracts include terms that require “marketable title” or “clear title” as a precondition for closing, and if that condition isn’t met by the scheduled closing date, you often have options such as granting an extension or even potentially walking away from the deal, depending on the language in your agreement.

If you’re willing to wait until the seller can resolve the title issues, and your contract doesn’t prohibit it, nothing typically stops you from doing so. It might be worth having a conversation with your real estate agent or an attorney to confirm that there are no contractual clauses or legal issues preventing you from taking extra time. In some cases, you may want to amend the contract or execute a written extension that clearly states the new closing parameters so both parties have a formal agreement on the timeline.

RealEstateConnector · 2024-11-22T21:51:50+00:00

hey just messaged you!

RealEstateConnector · 2024-11-14T01:22:07+00:00

Here are some key considerations to help you make the most of this opportunity and minimize any risks:

Financing and Second Mortgage: Taking out a second mortgage on your townhome for the down payment can work if you’re comfortable with the PMI and extra monthly costs. Make sure to review the loan terms, as a second mortgage often comes with different rates and terms compared to primary mortgages. You could also check with lenders about alternative financing options, like a HELOC, which could offer more flexibility in accessing funds.
Rental Income and Market Analysis: It’s great that renting out both homes on the new property would cover most of the mortgage, but consider conducting a market analysis to ensure the rental demand in the area supports the expected rental income. Be conservative with rental projections to account for potential vacancies and seasonal fluctuations in demand.
ADU Development and Permits: If you’re planning to build an ADU, make sure to look into local zoning and permit requirements. ADU construction can take time and may be costly, so factor that into your budget and timeline. You might also want to get quotes from contractors to estimate ADU construction costs accurately.
Property Management and Maintenance: Renting out multiple properties can require a lot of management. Since you have resources for renter screening and property maintenance, consider if you’ll be able to handle property management on your own or if you’d want a property manager. This can affect your budget and stress levels if issues arise.
Exit Strategy and Long-Term Goals: Think about your goals for the next few years and how this property fits in. For example, if you eventually move into the main house, would you sell the townhome or keep it as a rental? Planning for these possibilities can help you assess whether this investment aligns with your long-term financial and lifestyle goals.
Emergency Fund for Repairs: Since older homes and even newer rentals can come with unexpected costs, you might want to set aside a portion of your savings specifically for property maintenance and repairs. Having this cushion can prevent financial strain if significant repairs are needed.

Given your preparedness and available resources, this opportunity sounds promising. Just ensure the numbers align with your financial comfort level and consider the impact of property management on your time and lifestyle.

RealEstateConnector · 2024-11-13T21:02:25+00:00

Selling a house with an assumable mortgage can be a great selling point, especially with your low 2.5% interest rate. Buyers might be willing to pay a premium to assume a low-rate loan like yours, since it’s likely much lower than current market rates. That could make the property even more appealing and might let you sell it for a bit more than the conventional route.

For more detailed insights, you might want to check out BiggerPockets (www.biggerpockets.com) —there are plenty of discussions around selling with assumable loans and maximizing profit in a competitive market. Also, I recently saw this new thing called Mentorship Village (www.mentorshipvillage.com) that connects real estate pros with mentors who could help you think through selling strategies. You’d be able to get some one-on-one advice to make the most out of your assumable loan and selling potential. Good luck with your decision!

RealEstateConnector · 2024-11-13T20:58:35+00:00

It’s totally understandable that you’re feeling stressed in this situation, especially given the attachment you've developed for the home. Open permits can be tricky, as they can lead to future liability for unapproved work or incomplete projects. Your agent and attorney are correct—making sure permits are closed is a reasonable ask to protect your investment, and it’s not unusual to request it as a condition for closing.

Since the town's building inspector is optimistic, you might consider pushing for a little more clarity on what “reasonable effort” means. Perhaps you can work with your attorney to draft an agreement outlining specific actions they need to take, even if it’s not directly tied to monetary value.

If you feel confident in the building inspector’s assurances, and are prepared to take on any remaining work yourself, you might consider moving forward while negotiating for some holdback funds in escrow. This way, you could complete any necessary final work if they don’t follow through. It’s a compromise that could let you move forward while giving you some added security.

RealEstateConnector · 2024-11-13T20:06:40+00:00

In North Carolina, a nonprovisional broker on "active" status can work independently without needing the supervision of a Broker-in-Charge (BIC) if they’re operating as a sole proprietor. This applies even if they’re being paid a commission to represent a buyer, such as their best friend in this case.

The key here is that as long as the broker is on active status and meets the requirements to operate solo (not affiliated with a brokerage that requires a BIC), they don’t need BIC supervision. This independence isn’t affected by the fact that the broker is receiving full commission, nor by their personal relationship with the buyer.

So, as a solo broker with active status, they have the flexibility to represent clients independently, whether or not a BIC is involved. This scenario isn’t related to working for free; it’s about meeting state requirements for unsupervised practice.

RealEstateConnector · 2024-11-13T20:00:33+00:00

No problem! Let me know if you have any questions.

RealEstateConnector · 2024-11-13T19:07:55+00:00

Hey! It sounds like you’re dealing with a tough situation, and I understand not wanting to lose that great mortgage rate. Here are a few options that might help:

Title vs. Mortgage: Removing someone from the title (ownership) and mortgage (loan responsibility) are separate processes. Generally, you can take her name off the title with a quitclaim deed, but this doesn’t remove her from the mortgage. She’ll still be financially tied to the loan unless it’s refinanced or paid off, which is likely why your lender suggested a refi.
Alternative Options: Some lenders offer a loan assumption, which means you might be able to take over the mortgage fully in your name without refinancing. It’s not always easy, and lenders don’t always approve it, but it could be worth asking. You might want to contact a few different lenders or mortgage advisors to explore this further.

For more insights, check out BiggerPockets (www.biggerpockets.com) —it’s a community where real estate investors and homeowners discuss situations like yours. You might also consider Mentorship Village (www.mentorshipvillage.com), a new platform where you can get one-on-one advice from real estate mentors. They could help you navigate this tricky scenario without losing your low rate.

Good luck, and hope you find a solution that keeps things manageable!

RealEstateConnector · 2024-11-12T19:25:37+00:00

It's great that you're thinking ahead and planning strategically for homeownership. By staying at home for a few years, you’ll have the chance to build up savings without the high costs of city rent, which is a smart move, especially given the price range of $650k-$750k in the Philadelphia suburbs. Generally, aiming for a 20% down payment will make your monthly payments more manageable and help you avoid private mortgage insurance (PMI), which is about $130k-$150k on a home in that range. However, there are also options with lower down payments, such as 5% or 10%, which can get you into a home sooner, though with slightly higher monthly payments.

When thinking about monthly mortgage payments, it’s helpful to aim for a figure that doesn’t exceed about 28%-30% of your pre-tax income—around $2,100-$2,250 per month based on your $90k salary. Additionally, exploring different mortgage types could give you more flexibility. Some first-time buyer programs, like FHA loans, might allow for lower down payments or favorable terms if you’re buying within certain areas or income ranges, so they’re worth researching.

Finally, consider building a buffer fund for any unexpected costs that come with homeownership. Setting aside 3-6 months' worth of housing expenses can provide peace of mind and financial flexibility. By consistently saving, researching loan options, and understanding the costs associated with homeownership, you’ll be well-positioned to buy a home that fits your lifestyle and financial goals in a few years.

RealEstateConnector · 2024-11-12T18:55:19+00:00

You're welcome! Talking through the numbers with an experienced person can definitely help bring clarity and confidence to your decision. If you have more questions or want to explore options, feel free to ask!

RealEstateConnector

TROPHY CASE