All Forum Posts by: Angel De La Mora Ovies

@Scott Wolf just do a live & flip... it is win - win - win situation in the ling run

Based on this year national report Winston-Salem made the top 10 of rent increases. I’m looking for any real estate or investors who are familiar with the area.

https://www.abodo.com/blog/may-2019-national-apartment-report/

Thank you all for your answers, I agree it all depends. Seems for me the goal is to get cash out to invest in more properties and also increase my leverage.

David do you still any help? still looking to house hack? I'm just started investing in real estate but I'm willing to help you, so far I have purchase 9 single family house and currently I'm doing a live & flip. DM if you have any questions or need any help.. also a good tip the best houses and deals are not in MLS or with real estate agents..

What is your view or rule of thumb on refinancing a rental property after you have gone thru BRRRR strategy? again is it 40% equity vs loan? or 30% equity vs loan? again I'm looking for some insight as I have several properties I have some equity and I don't know to refinance to reduce the mortgage, cash out to reinvest or leave as it is for now?

Looking forward to this event!!! I'm interested in finding creative ways to accelerate and expand my current portafolio

I have closed the agreement, my plan is to keep the property as it is and wait 5 months when the current rental agreement expires so I can  start any rehab. My plan will be to use hard money to finance the rehab project and then keep the house, increase the rent and refinance so I can pay for the hard money loan.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $42,000
Cash invested: $42,000

Very cozy 2 bedroom home within minutes of the Charlotte Airport. This home features a large yard to do what you will, a front deck and also conveniently located on a quite dead end street. The house comes with ceiling fans, refrigerator, stove, W/D hook ups and central A/C.

What made you interested in investing in this type of deal?

Currently in that same area other houses are being flip and they are being sold at 80-90K so this can be a good option to do the BRRRR strategy.

How did you find this deal and how did you negotiate it?

The property Management company I work with

How did you finance this deal?

Cash- Savings and short term hard money loan

Lessons learned? Challenges?

Take a chance and don't over think it, real estate investment is long term strategy with short term risks.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

MW Properties best Management Company in North Carolina

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Charlotte.

Purchase price: $71,500
Cash invested: $23,000

Two single family homes on one parcel.

What made you interested in investing in this type of deal?

Good price with little vacancy, tenants have been in the units +30 years

How did you find this deal and how did you negotiate it?

Via Realtor

How did you finance this deal?

Conventional Bank Loan with 25% loan

How did you add value to the deal?

I brouhgt in a partner for the down payment to get him familiar with how the rental properties work and he can get interested in future deals.

Kasan it all depends on how much money you are going to need, for Newbie the biggest struggle will be to build trust. So you will have to present and extremely good business case ROI (good return in less than a year). My suggestion is to get the money from Family and friends, and use the property as collateral so in case the deal goes bad worse case you sell the property and they get their money back. The key is for you to find the right property and provide detail plan of the costs you plan to incur and the expected savings. A lot of research has to be done and detail analysis. Without a good credit score history or good income you will struggle to get your first loans with a Bank or Online Money lenders.

So go with friends and family!!!

good luck!!