All Forum Posts by: Allen Ramirez

@Andrew Syrios Thanks Andrew! That does help. Yes that's what I keep hearing. And I don't want to waste time putting a team together if I can't even get reasonable numbers in the location I'm pursuing. This gives me good direction , much appreciated Andrew!

@Dan H. This is all great info Dan thanks!! I do agree that trying to find a "cheap" market isn't the way to go, and is not necessarily what I'm looking for. I'm looking for "decent" areas that are up and coming where the house prices are somewhat moderate, like around the $200-300 range. And this doesn't work for me, especially living around Rancho Bernardo. I'm limited to the down payments for conventional loans or even hard money loans. This is the reason of me wanting to look elsewhere. So right now, I'm trying to find different ways and avenues to start to put together a good team to work with. Just trying to find the ideal location that works for me and my current situation haha.. but all the info you gave is incredibly valuable, thank you! 

@Eric Gerakos Awesome Eric thanks for the inputs! Riverside isn't too far from me so that's good to know that it's possible there. That gives me another area to look 💪🏼👍

@Benjamin Aaker Great info Benjamin thank you! Yes agreed, deals can be found anywhere and that does give me some hope. I'll have to do some networking to see what areas around me may work for my strategy. Thanks!

Hello Awesome BiggerPocket peeps! I live in San Diego and am trying to find local areas where I can BRRRR. I'm familiar with the Crestline/Lake Arrowhead area where I'm trying to find run down places to add value to but I'm still running into numbers that aren't the best. I'm wondering if buying out of state is the way to go. Any advice, guidance, or next steps would be helpful! I can also help if anyone needs a Structural Engineer for any remodeling or renovations! I'm licensed in 48 states so I can help most states 👍 thanks! 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!