All Forum Posts by: Allen Ramirez

Hello All!

I am looking to see if there is a services website (or maybe this is the website) where I can offer my engineering labor services in exchange for some ownership (equity) in potential deals? 

I got the idea reading through several books, specifically the J Scott / Dave Meyer book Real Estate by the Numbers. Which is an excellent book by the way, especially if you’re someone who loves numbers.

Let me know if anyone has any advice in going down this path!

Thanks!

Allen Ramirez

Hi All!

I am looking for some advice from all the smart people on this website :)

I have a family member that is offering to transfer over their home title to my wife and I. Giving some rough numbers, let's say the interest rate when they purchased was around 3% and they offer to sell to us for $100,000 cash. 

Original price was around $270,000 but right now I would say it's worth around $390,000 for some rough numbers.  

The other route I was thinking is to buy straight out using a FHA loan since this would be our first home. The goal is to use this property as a rental property though. And I know you can't use FHA loan on rental property, but let's just say it's possible for the sake of argument. (I already discussed this with a loan consultant)

Going with scenario one, the pro is that I can charge a renter a reasonable amount seeing as the monthly is fixed at the lower interest rate. Therefore, the cash flow each month will be much higher than the second scenario.

However, the second scenario is MUCH LESS out of pocket. Where technically I am not making payment to my mortgage, renters are. The con of this though is that the monthly payment is much higher, thus reducing my cash flow significantly (if anything).

Since I am somewhat new to real estate, I know there are more variables to consider like appreciation, or refinancing or HELOC down the road. But I just wanted to see if there was some advice like one way is DRAMATICALLY better than the other? OR if it just comes down to specific numbers that I may not be including here. :)

Thanks for you advice in advance!

Allen

I'm looking to collaborate on some long term rentals with great people! I am currently thinking of the Crestline and/or Lake Arrowhead area since I currently have a piece of land there (Crestline). I figure it's easier to have my first properties located in a common area. Plus my parents are retired and living in Crestline so they can help out if needed. But am willing to discuss other areas too.. What I lack in experience in real estate (and up front funding), I make up for in my organizational skills. And the fact that I am a licensed Structural Engineer in California and 47 other states. Therefore I can help contribute when my services are needed once given the opportunity. Please message me if you're interested, or if there is anyone needing an engineer on a project too, let me know!

 Hi Bradley! Thanks for the insight. I will definitely keep NV in mind seeing as it's somewhat close but has a better pricing market compared to where I live :) 

 Thanks Julio! 

Hello BiggerPockets Community!

I am new to this forum. I have been reading a couple books on getting started into real estate investing and they both recommended this website, so here I am!

Currently I don't have any investments, which is why I am here. But I DID recently purchase a vacant lot from a family friend in Crestline, CA. I plan to build a small residential house (~1800 sqft) in the next coming years. Then rent it out after it's complete, unless knowledgeable people tell me otherwise. 

Quick background on me, I am a licensed structural engineer in the state of California and 47 other states. So I know a thing or two about design and construction, just lacking the real estate side of things. 

Next year in addition to starting to plan for my vacant lot, I plan to also purchase something. I am thinking of a house in the Crestline, CA area since prices are reasonable and most houses are older where some cosmetic upgrades can be made. I then plan to rent it out to receive a small cash flow and let it appreciate over the years. 

I am hoping within the next year after I will be able to get into multi-family unit purchases. 4-duplex and under. I do see the great potential with those but I am just lacking the upfront costs and knowledge to start those just yet. 

Ideally in the future I will have money coming in where I don't have to work AS MUCH. I still love what I do which is being an executive director of the structural engineering department of an international company (shout out to BASE4 International!). But I WOULD like to spend more time with my 3 kids and travel more with my wife. Also, I'd like for my kids to not struggle with money as I did growing up with my parents. 

If you made it this far through my post, thank you! And I hope to learn from everyone here!

Thanks,

Allen Ramirez