All Forum Posts by: Raul Ruvalcaba

@Chris Manson- If you were me, would you opt for the cash purchase, fix it up and cash out refinance it to purchase additional properties? The house is currently rented bringing in $750.00 a month. 

Hello everyone, 

I need some advice as to how to proceed in my investment quest. I currently have 4 mortgages. I been saving up for awhile now... I been able to saved approximately $50k. 

I thought of investing half and half into two properties. However, I got an offer to buy an all cash property for that amount. 

If I purchase an all cash property, would it be wise to buy it, refinance it and re-invest whatever I pull out of the property? I don't know if loan wise, considering I have 4 mortgages already, it might make things harder with the 5th and 6th loan. 

Any advice would be greatly appreciated. Thanks in advance.

The above was done until they knew how the properties would be split

It's a long story, but I'll keep it short:

When they separated, my mother kept collecting rent. My stepfather wanted half of the rent. The court granted him control of the properties with the condition that the rental income be place in a trustee account. His attorney was placed as the trustee. Money was to be kept aside for property insurance and taxes. 

During this time, my mother was not granted access to the property. We asked several times for a duplicate key for the property. She was denied access to her building.

2-3 years later, the commercial building had some apartments in the back. They got burned down. My stepfather and his attorney failed to pay the insurance and the property taxes. 

Our attorney isn't sure if we'll be able to get money for the damages to the property and lost rental income... since he never tried to rent the building. It just sat vacant for 2-3 years. 

I am sure my mother would have rented the building. It was paid in full and rented for $2,000 when my mother was collecting rent from it.

 Yes. They been in court for the past 5 years. They finally had the trial yesterday. The only issue at this time is trying to solve if there any credits owe to either party. 

The other party failed to rent the building. Claims the building was not in rentable conditions. But my mother was never informed nor given access to the property for inspection. They always refuse access to the property.

Yes. The ex-spouse. 

I just wanted to see if anyone had ever been through a situation similar to this. Where one spouse refuses to rent the building/property. Since its community property... there is a 50/50 interest in the property. 

Hello,

Although this forum discusses success stories of investing, I bet there are some with a bad side to it. That's way I seek advice to this issue. 

My mother and stepfather have a rental building. When the court gave control of the property to my stepfather, the tenant left the building and he never rented the building again. He claims the property was not rentable due to its conditions. However, throughout those years, we were never granted access to the property. Now 3 years have passed. We got control of the property once the back apartments burned down. But now... the building is totally not in rentable conditions. 

Has anyone ever been through something like this? Is it possible to recover loss rent and damages for the burned building? 

Thank you 

Raul

Hello, 

I currently have 4 conventional loans. They are all investments. I contacted the loan officer who had helped with those loans to try and get a 5th investment. However, she advised me the rules had changed and I had already reach my limit. 

I read some guidelines and I kinda understood it depend on how the loan was underwritten. That it was possible to have 6 to 10 loans. 

As the rules and guidelines stand, how many mortgages loans can a buyer have? 

I searched the forum and the posts I found go back 12 months. But I guess the rules recently changed. 

Thank you in advance. 

 I don't follow the percentages for all the unforeseen expenses since I really heavily on my job for mortgage payments and what not. 

My mom had a couple rentals as well... but I as soon as I got a source of employment and my real estate license.... I took the investment to a whole different level. Now I just wish to own 20 properties before I reach the age of 35. Lets see what happens.

Thanks for the help!

Hey guys!

Well, its a positive cash flow that's for sure. The three rentals I have generate $ 2,600.00 per month minus mortgages of $1,415.00.... Which leaves me with $1,185.00 per month. But I pay all mortgages with money from my full time job and deposit the $, 2600.00 into my savings account and save up again for a down payment.

I am able to do this because 1.) I live at home with my parents 2.) Have no car or mortgage payments of my own and 3.) All my debt generates extra money for me

The mistakes I made have been a result of purchasing a little high. But I reason... any type of real estate investment is a good investment. I rent at an average price... not to high to make it hard on tenants to pay each month.

However, I don't follow the rules several have about saving for this and that since I really heavily on my job to make the mortgages payments. I just keep saving and saving. I know in 4 months I'll have enough for another down payment. But I don't know if I should pay a property and then move on. My mortgages are as follows 2 under 60k and 1 under 92.

Thanks for your help guys. I will consider all the input.