All Forum Posts by: Alberto Camacho

In reviewing HMLs you want to compare

• Approval process
• Rates
• Loan to value  amount
• Origination fees
• Points - front and back end
• Draw fees
• Draw process
• Inspection requirements
• Appraisal fees
• Seasoning

I think that's most of it. As mentioned local REIAs are a great way to interview a few at once. You situation may call for just some of the above but we all know its all about the details.

Sure, join a toastmasters meetup and participate. Make this a priority.

Bienvenidos, mucho gusto en conocerte. 

While FHA may not be suitable right now that doesn't mean there are no other options. Look for the smaller banks and credit unions. Speak to the lender that helped with your first place. They may have a program that fits your needs.

 You might have some success by networking with the local brokers. Look at the multifamily investing associations to find those players and work out your google fu from there. 

 Welcome to BP and thank you for your service. 

1. Speak to agents - try to find someone that works with investors. Not so much for buying but you will want to have a relationship with someone for marketing and listing flips. If they can bring you a smoking deal even better. If an agent brings me a good deal I give them the listing. 

2. HMLs are everywhere. Money is sooo cheap right now. Find a lender that makes sense to you and continue to look to improve on the money network. Eventually your will come across private money. 

Since your starting I'd recommend networking aggressively. Get some business cards and start attending REIAs. Arm yourself with enough information so you can get through a deal. For everyone that is different. Just don't get stuck in the analysis paralysis. Start building your team.

Be it a homestead or rental when you buy with your heart your bound to overpay. This explains why most get into trouble. Not so much because it wasn't originally thought of as a rental. We've all done it at one point. I know I have. As investors we look at properties very differently than non-investors. Of course there are exceptions, a 20 room home won't make for a good rental if it's in the wrong spot.  

I've successfully rented one of my residences. It never made me a fortune but it didn't lose money either. 

A credit sets you up for other concessions later on, fix the thing and move on. Use the money you would have lost to the tenant credit to pay off the credit card bill.

Set up your key word alerts for notifications on topics of interest. "meetup" might help you find some of those get togethers. Another option in the meetup web site. A quick search of local REI groups for Dallas will have you networking quickly with local investment clubs. Spend a few bucks on business cards and your off. Welcome to BP and enjoy your stay.

This "JV" is a strategy that I use sparingly because of the risk. The only way I take this on is when I can control of the property, rehab and selling decisions. Most sellers get scared off when this comes up. Problem is if you don't control they may kill a sale because the offer doesn't meet their valuation. Another situation is when a house won't sell, we lower the price quickly. A seller may not agree with this approach. Most owners don't worry much about holding costs. For us it could be a huge deal. Holding could kill the profit.

My JV normally has my profit first and the rest is split 70/30 in their favor.

I know this isn't always the case but I suspect if it's not selling in this market it's just priced wrong. The expectations of those sellers may not be in line with what we feel a property is actually worth. Which adds another point of contention. Not trying to discourage you here just be smart and step carefully. Home owners typically are not seasoned investors.

While I'm not opposed to doing deals with family, I prefer when there is one decision maker in the deal. I'm liking the approach Kelly described. Not sure if your in the position to do something like that. 

Bank is going to want to see a regular check so you will need to sign on the loan. Have you considered opening a equity line of credit?