All Forum Posts by: Andrew Barajas

I just bought my first house and took the first steps to creating my financial freedom. I bought the house close to the end of September during peak market (I know not the best idea.) My goal with the house is to rent it out long term and get cash flow because I know I bought at the high end so the house might not appreciate even though its in California.

Okay time for the number break down! I ended up getting a decent interest rate of 3.2% ( I could have gotten lower but they offered me a grant program that gave me $7K for my down payment and $7K for closing costs.) Final purchase price was $262,500, with a down payment of $13,125. So final loan amount of $249,375. I ended up finding a good rate for homeowners insurance, so PITI a month is $1,450.50.

When I analyzed the property back in September, rent for this 3 bed 1 bath was running for about $2,300 a month and it seemed like a no brainer because the house was already fixed up and needed virtually no work. HOWEVER, most rent info I've gathered for the area right now is telling me that potential rent has dropped down to 1,750 :/. Even if I could get 1800 a month, id be losing money.

THIS is where I need your help, guys. My bank is allowing me to turn this property in to an investment property in 6 months time. What can I do to get this property to cash flow? i know rent might be higher in half a year but i don't only want to hope on that. what do you think? I AM OPEN TO ANY AND ALL IDEAS

If you can structure deals with little to no down payment and with out loans then.. I NEED YOUR HELP!

My neighbor across the street owns two homes. One here in Palmdale and one in LA. He expressed his interest in selling the home to go live in la and that he is willing to sell the home for what he bought it for a couple years back. The home seems to be in great shape since he was never really there and is worth around 330k. He bought it for 285k and just wants to see what he can get. I would jump all over this but I just recently bought a home under my name and have a loan. I used most of my cash getting this new home. He’s a good person and seems interested in working with me.

Here is what I need help with. How do I structure a deal with this man that is beneficial to both of us? I cannot buy his house through the traditional means with a loan and down payment. I do have some money to help entice him for a sellers finance or something along those lines. I’ve never done a deal like that but I am willing to try! Maybe a “subject to” deal with some money up front would work? What other options might I have? Maybe a lease that gives him a monthly cash flow from me to own some rights to the home, rent it out, give him his payment and pocket some cash flow on top?

Any advice or input in appreciated!! My dm are open!

Hi everyone! I’m finally in a position to start looking at my first purchase. I want to leverage my savings,which is about 16k, and get a multifamily property that I could house hack. I know a 4 plex qualifies for a fha loan but how do I calculate my buying power to narrow down what I can actually afford?

I appreciate any and all feed back! Thank you everyone.

@Angie Syphers Hi Angie, I’m from Palmdale Ca and looking for land or homes in the area. What are the details?

@Ivan Sing Hi Ivan, have you gotten any feed back on your situation? I do feel that a recession is near and putting that equity to work now might be best. I'm new to REI and looking to meet with other investors in the area. Maybe we could work together!

@Earl Anderson is this forum still active? Looking for people to bounce ideas off of.