All Forum Posts by: Alejandro Flores

    77506 Pasadena, Investors are buying multiple houses in that area.

@Angel McClinton

@Jason Hirko, if I don't have the experience but if I had all the numbers with the very reasonable details of the rehab of the project. Since it's a complete gut, which is not my first time doing but I'm still new at it. Would that be a reasonable way to get it accepted by a lender?

Thank you.

I need help with funding this property, my first private lender was not able to help me out since they are having some issues, so I'm writing this for to find help or tips on what to do.

Where I'm at:

I just started my realtor career so my tax will not be able to qualify.

 I have done one fix and flip made 8k 

Work as well at family business (beauty supply store)

What I have done to find money for this deal: 

• Home equity line of credit - wasn't able to qualify since the tax returns show's poor return. I and my family own a beauty supply store that cash comes in 14k-17k a month but don't report it everything which we will this year. 
• Bank loan on a conventional - neede 30k and I do have but tax return will show poorly
• Went to my lender and couldn't fund my deal this time

The deal:

2bedroom 1 bath 880sqft with a detached 2 car garage (350 sqft). selling at 55k will buy it at 45k very sure. 

Will make the garage in to a livable home 1/1 will add 300sqft space.

the primary house will be 3/1 at 1100 sqft (if budget allows it) 

Rehab: 90k  

Arv for a duplex: 165k  

Initial equity: (30k)

Monthly rent: 2,000-2,150$(monthly)

Gas,water,taxes,repair : 350$(monthly)

Would like a 30-year loan

All I need is to fund this and would like to get some insight in how to do it. Will not be able to refinance since the tax return shows low. 

Quick Question, does FHA lend on a 3-4 unit loan? Having only to put 3.5% in Houston.

I'm asking since one lender told me FHA would only allow up to 2 units.

Barbee T. In Florida? Why do y'all have more freedom ?

Got it! Then I'm good to get my license then. I was worried that if I had license there was no way of me paying a fee to that person that found me the deal (Investing). But if it was a something I would have list on the mls and help the seller sell their home at retail value then I wouldn't pay the person that brought me the deal, I mean I can but it would be under the tables. Rocky V. Barbee T.

@Rocky V. So pretty much you pay the guy/girl cash at the end, even if they brought you deal.

So pretty much you pay the guy/girl cash at the end, even if they brought you deal.  

@Rocky V. I'm the investor and I want to see if it's legal If I can compensate somebody if they bring me a potential seller. 

Jim Cummings ok so let's say I'm going to put a market stall saying that " if you know anyone that wants to sell their property for x reasons and I would then pay you this much if I close. " in between I would get good leads for to wholesale, or to keep for my self. But if I had a license I could not pay that other person right?