All Forum Posts by: Lucero Sanchez

haha! well my first post was published before I even pressed submit. But what I was trying to say was that you need to be patient it takes time to grow in this line of work. It's like this: If you try to rush on a rehab you most likely will mess up somewhere right?, the same thing with marriage if you try to rush things in a marriage you will mess up somewhere in your marriage. In your case you want to rush your husband in doing something he is not familiar with and if he is not familiar with it he will most likely be uncomfortable with it. So this is where "love is kind love is patient" comes in. You need to teach him in a loving way. You have the time. During that time focus on your child as well. Don't worry about rehabbing just save money for when your husband finally understands how much real estate investing means to you. House hacking is no longer for you because you have a child coming a child that you will need to protect for the rest of your life. You might not understand now but once that child is born you will see just how much attention and protection that child needs. I knew a young couple with 2 little girls who were 6 and 8. The couple wanted to save a few hundred dollars by house hacking. They rented out a bed room to a young couple with a small child, since the mother of the 2 girls worked they decided to have the roommate be the sitter, after a few months the 8 year old girl started to act strange she would wake up crying at night she would pea in her bed. Mom didn't think anything of it. One night mom and dad where having a few beers outside their bedroom patio like they always did on the weekends, dad needed to use the restroom but the patio doors had somehow locked so dad went around the house and used his key to open the front door, as he walked towards his bedroom he heard a man's voice coming out of his daughters bedroom, he walked towards the room and quietly opened the door, there he saw his roommate molesting his 8 year old daughter. Dad beat the living Hell out this guy dragged him to the bathroom turned the bath water on and drowned the guy. It turned out that the roommate had been molesting the 8 year old for months and his wife new about it but she didn't want to loose this monster she was married to. So dad is in jail and the guy is dead. The couple that did the house hacking not only lost everything they had worked for so hard but what ment the most which was the child had now been broken and the family fell apart. This is a true story they were my neighbors. Moral of the story house hacking is not for a growing family. Your husband I'm sure feels it is his responsibility to protect you and the child but if you bring in people into your sanctuary, whom you don't know their dark side, how can he protect the ones he loves. Take it one step at a time before you know it time will fly by and things will fall in place. Oh yah bad idea on getting a puppy when a child is coming believe me you don't want to much on your plate. Take care.

@Natalie Vane Hello Natalie, you are young and passionate you have the thrive and ambition you are a good women but you need to slow down. Marriage and real estate are very similar: For both you need: Attention Time Patients Attention and love

@Seth Sherman Wow! Seth that is an awful thing to say. With the response you gave I know what kind of person you are. The reason other investors share there knowledge is because; now remember this, successful people help others succeed. I really hope you learn something on this website. I seriously wish you success in all aspects of life.

@Stephen watt

http://homeguides.sfgate.com/can-borrower-two-fha-...

Here is a link that can give you more info, but I have read here on BP that you can get up to 7 FHA loans but I have not been able to find that forum. Every time we try to get another FHA loan we are told we can't it's only a one time thing for first time home buyers. Unless you had a foreclosure and 3 years have passed than you can get another FHA (I believe it's 3 years). I'll see if I can find that thread and send to you.

@Fernando Landeros Hello and welcome. In this line of work (real estate investing) it takes time, patients and money. You have some money and if you move your pieces right you can make more but it takes time. If you have experience in remodeling or are good with the hammer or have connection with people that can do it for you than you can become a flipper and use a Hard Money Lender (HML) or you can become a live in flipper and move every 2 years. I honestly don't know how the market is in your area so do your research first. Contact a real estate agent that is familiar to the area you would like to invest in and you can also us Zillow as a guide (it can give you an idea) . With HML they usually lend 75%and you put the other 20% but they usually let you barrow for 6 months, with some you can request extensions.When you are done remodeling you sell the property. So you start to accumulate capital using equity from these properties. Once you get a hang of that than more doors will open and you will have more options. For now you will need to do some sacrificing. If you decide to do this don't pay off your credit dept just continue making your payments to make your credit stronger for future real estate loans. If you can't get anything yet with your 35k than continue saving and saving adding to your 35k. Even if it means a second job, less night outs, less steaks, less toys. Do what you have to do now so you can have freedom later, if not than you will always be a modern day slave. Remember patients and perseverians. Good luck.

@Keith Ledesma besides reading books and getting all your questions answered , you need good credit and money, now this is if you want want to get involved in flipping, so if you want to flip you can start like this; you will need at least $5000 to get your foot in the door. Now remember if you want to become a real estate investor it takes patients, time and perseverance. You probably already know this but here you go: the $5000 and your good credit will get you your first house/home, you buy it below market value (so it's going to be an outdated house most likely ugly but with potencial, remember location, location, location.) You wait 2 years (to avoid capital gain with uncle sam) before you sell. Mean while in those 2 years you are fixing the property makeing it beautiful (but make sure you don't over do it check around your area and see how the market is and what you are selling against). Once remodeled your house now has equity you have to at least be getting back $40k from the sale, this is why: you will no longer qualify for an FHA (unless you fall into there requirments) but lets say you can't anymore so you need to now get conventional loans that require 20 percent down. You can now buy 2 properties you live in one and rent the other but again buy below market value. Once the 2 years have passed (remeber uncle sam) you can sell the property that has the most equity or you can buy only one property with 20 percent down below market value live in it for 2 years and sell after 2 years and you keep moving every 2 years till you have at least $60k in capital. That is how you start to make your money grow a lot will be sweat equity and cutting down on stuff you don't need to buy, but it will be worth it. Once you have done this and have about $60k that is when you start to flip more often and us hard money lenders. They usally require the barrower to put 20 percent and they do 75 percent. So make sure you have the 20 percent and the funds to fix the property. i hope this inf helps.

@Tavaris Little let me know if you have further questions I'll try my best to help. keep us posted. Good luck.

@Tavaris Little

@tavarislittle Before your buy see how much homes rent for in the area you are targeting and check if that area has potential for rental amount increase of at least 5% every year.

With and FHA you will most likey be putting 3% down so your monthly mortgage will be very close to what you will be able to rent your property for maybe the first year or two you wont be putting money in your pocket. But that's ok because the mortgage is paying it's self off and your rental income will increase every year and your property will increase in value aswell. Now make sure while you live in it up till its time to put it for rent you leave the house in great shape that way the tenants won't be bothering you for a long time.

The best way to buy and hold and put $300, $400 a month in your pocket right away is by putting 20 to 25% down. Now the FHA property will open the doors for you, let me explain how:

I'm sure you have heard of it here on BP the BRRR strategy. Buy, rehab, rent and refi but for you and the FHA loan you can BRR than SELL after 2 or 3 years just depends how much the property has in equity with in that time, than with that equity money (after the sell of the FHA property) you put 20 or 25 % down on your next rental maybe this time you can get 2 properties. So know you have 2 properties from the sell of your one property. After renting both properties for a while and assuming they both increase in value, you now sell the property you have had longer or has the larger equity or sell both (if they both have a good amount inequity) you now get equity money from the sell and you repeat, but know you might be able to get 4 properties from the sell of 2. That's how your capital grows using equity money. The more money you accumilate the more options you start having. But this works if you buy below market value, leave the properties in great shape and if you are patient. You don't become rich over night in this real estate business it takes hard work and time. So be paitient you will get where you want to be little by little. I hope I explained this right I'm really bad at explaining and I hope this helps and guides you in the direction you want to go.

@Frank Chin hello what does "NNN" stand for?