All Forum Posts by: Raul Ruvalcaba

Hey guys!

I am 26 yrs old... I think I am an addict to real estate. Last year, I made it my goal to purchase 4 properties in a year.... I only got 3. This year, I have the same goal, I might close a deal next month already. 

If everything works out, I would have hit the 4 finance properties. I will owe in mortgages approximately 272k. I made a few mistakes along the way though... pay to much for some properties... But I am not into flipping. I just want to buy and hold. 

I know in a few months, I would have save enough to obtain financing again. But, I also know I could pay 1 property in a year if I wanted to.

But in my mind I just hear... Save money and buy. Save money and buy. It might sound stupid, but in my mind, I want to be a millionaire. 

What is the best strategy? Would it be better to pay one mortgage off or continue buying and getting in debt? 

Thanks! 

Raul

Rick, 

Is it worth it to pay the $500 to file a motion for summary judgment? The property was recently paid off. So, I don't know if its worth the additional expense. Have you file a motion for summary judgment? If so, what are my chances of beating this before trial.

It's a sad sad day. He responded to my complaint. 

Good morning, 

I did the unlawful detainer process several years ago, but I can't remember the exact process. 

I submitted the summons and complaint. They failed to respond. I went to court and was advised to file a Request for Entry of Default and Proof of Service of mailing. 

1) Do I file the Request for Entry of Default and mail later? Or do I send the Request for Entry of Default without being file with the court? 

2) When I file the Request for Entry of Default can I immediately seek to obtain the Judgement- unlawful detainer and Writ of Possession? 

Thanks for the help.

Hello,

We try to aim for properties around 80k... I give 20% down and get monthly payments of approximately $350.00 without tax and insurance. I am left with a debt of approximately 60k. 

However, I am not convince that this is the best strategy... In less than a year, we have acquired 3 properties... with the following mortgage payments 1) $350.00 (Rents for $750), 2) $333.00 ( Rents for $750), and 3) $515 (Rents for $1,100.00). 

For some reason, I feel like I over pay sometimes... However, I feel its better to have the money invested and earning money... In the long run, we will recover what we over paid.

The property taxes and insurance are paid with all the rents collected.

I am preparing to purchase another property... I just want to make sure I am not making serious mistakes along the way.

Is this the only investing strategy? What can I do to improve and make it better? 

Thank You

@Mehran K. thanks for the help. I read and someone told me about the 50% rule. I haven't really applied it yet. However, I understand that in order to get to the 5th or more financing, one has to be more organize...so, I'll have to apply it sooner or later. What I usually do is merge the rents together... from there I pay the property taxes or insurance or any other expense.

I'll see what happens during the month...

Thanks again

Hello,

I been more and more active around here asking and learning from experience real estate investors. I posted before my goal was to buy 5 houses this year.... I'm about to close 1 deal next week. That will leave me with 4 houses... I'm pretty much set for my fourth finance deal... I know after the 4th, things get harder. I'll deal with the 5th finance once the type comes...

Here is my dilemma:

I have 40k to invest with. I'm looking at properties between 70-85k. I know I could make around $400 bucks after mortgage per month on a single family property. (I would have to make a 20% down) My debt and mortgage payment would be less as well... I could also buy another property, assuming I can find a bank which would finance the 5th deal.

I have also been looking at a triplex that cost $150k. The triplex is currently rented and produces $1,600 per month. I assume the mortgage would be around $800.00 plus $200 in water and trash service. ( I would have to make a 25% down). However, I would have to save a little more to make the down payment, meet the reserves requirement for all 4 properties and also for closing fees.... I would be left without a "cent" in my account--- Only reserves. The triplex has been on the MLS since last year....

I know it's not a lot, but what would you guys do if it were your money? What is the best alternative? I would really like to get the triplex and 2 houses, lol.

I estimate both rental properties ( the one I have and the deal I'm about to close will leave me with $1,000 after both mortgage payments plus $800 from the deposit)

I'm still learning.. And really, I'm into renting not flipping.

Thanks again...

@Jon Holdman, thank you. I hadn't look at it from that point of view. We have always been saving the 20% down for single family homes. And as you know, tenants take care of all of the utilities and lawn service.

We have only evicted 2 tenants in 10 years. But then again, those apartments are located in a bigger city... so, I assume tenants know the process well enough.

Thank you again, appreciate your help.

Hello,

For years I been trying to convenience my mother to invest in triplex or a small apartment complex (5 units). However, she has always said we aren't ready for that type of investment... mostly investing a single family homes.

Yesterday, we sat down and saw some multi units and apartments online. Most of them are located in the not too good side of town... We started calculating approximately that one unit might used to pay the water and trash... another unit or 2 to make the monthly payment and the rest would be profit. I know it all depends on the number of units.... but I figured tenants at those types of apartments pay around 500-600 per month.

I am currently looking at a 6 unit complex. According to the listing agent, 5 units are rented. 2 units rent for $500 each and 3 for $450= $2,350.00 per month. In that side of town, it might be the highest tenants might pay. Maybe $550...

The 6 unit complex is for $160k. We have the 20% down. That would leave the payment of approximate less than $700.00.

For this type of complex, approximately how much would the landlord be expected to pay for in utilities? Water and trash service? I know it's hard to estimate... but an approximate figure

What I don't understand... why aren't other investors jumping into this deal? It's been in the market for 3 months.. lol.

Thank you

@Wendell De Guzman thanks for the advice. I tried #3, but according to the loan officer, the funds had to be mine and couldn't be gift... Is there a way to legally borrow from friends and family?

Thanks for the help