All Forum Posts by: Angel Velazquez

I am working on a new tool aimed at making real estate investment analysis a data-driven process. Our solution combines real estate data with the power of AI to help users analyze their deals faster and with more confidence to make better decisions and in turn buy better deals.

We're in the early stages and would love to hear from you. Your feedback and experiences could greatly help us fine-tune our approach.

0 Votes

Atlanta, Georgia

Hi Everyone -

We're in the early stages and would love to hear from you. Your feedback and experiences could greatly help us fine-tune our approach. If you're interested in helping shape this tool, we'd be eager to hear your thoughts and suggestions. Please comment below and I can reach out and we can find some time to meet or I can send an email with our survey.

Thank you everyone in advance for your feedback.

3 Votes

Hi Everyone -

My partner and I are investors in Texas looking to connect wholesalers. Looking forward to connecting with everyone!

0 Votes

Dallas, Texas

Quote from @Nicholas A.:

Hello,

I bought a home in the Bishop Arts area in December 2021, one street south of Jefferson Blvd. A really beautiful home that was completely renovated which included an additional 15-20 feet of home addition to the back of the house. A complete gut and rebuild. This home is currently a long-term rental. 1,900 sqft, 3 bed, 2.5 bath, currently renting for $3,400.00 per month.

Recently, after some conversation with my neighbor, they let me know that they desire to sell their home and move away. I told him that I wanted to purchase the home.

Home in Question: 1,996 sqft, 4 bed, 2 bath (duplex) / (Likely to adjust the bedroom / bathroom matrix to meet local demand). Will likely need to be completely gutted and rebuilt.

He text me the other day letting me know that he's ready to sell.

I want to creatively finance this deal. I have no experience with creative finance, but have an understanding of how this strategy is executed.

I have a few concerns / questions / thoughts:

1. How do I creatively finance a deal that will need major rehab?

2. I do not have capital for this deal, but can run / manage all construction etc, as I live locally.

3. I need a partner to compete this deal.

4. I have not presented creative financing as a solution, but I am confident that he would accept such a proposal if I could help him get what he wants.

I look forward to your input!

- Nick Aja

Hey @Nicholas A. I am in the Dallas area and me and my partner are also looking to work with other investors. Would love to get some more detaisl and see what type of funding we need. We have the capital and fincnacing available up to a certain dollar amount but having a hard time finding a deal so we may be able to help each other out.

1 Vote

Dallas, Texas

Quote from @Reid Chauvin:

Hi @Angel Velazquez - if you are planning on purchasing a primary residence that is going to require some rehab, then you should consider a renovation loan. You will only have one closing instead of several, reducing the various fees you will pay through the multiple loans you are proposing.

A renovation loan allows you to finance the rehab costs as part of the mortgage, and you can take advantage of the low-down payment (3-5%), with your payments amortized over as long as 30 years. Oftentimes the ARV ends up being higher than acquisition cost + rehab costs on these, giving you the instant equity you're looking for.

Happy to chat through this in further depth with you!

@Reid Chauvin Do you mean like the FHA 203K loan or Conventional Homestlye / Choice Renovaiton loans? Also happy to chat.

0 Votes

Dallas, Texas

Quote from @Eliott Elias:

I disagree with the idea of using your own cash to buy a home. Rent where you live and buy investment properties. You do all this work and put up all this money and risk to rehab a property only to live in it.

@Eliott Elias

That is someting we are also considering is continuing to rent and use the cash we would have used to purchase a home instead to flip or BRRRR and buy a home when we just want one vs using the home as a tool for investing if that makes sense.

0 Votes

Dallas, Texas

Quote from @William Harvey:

@Angel Velazquez I've not done it personally, but seen it done. We flipped a house a couple years ago and the couple we sold it to used hard money to purchase, and I assume they immediately refinanced. They did it because the market was super competitive then and it was a way for them to make a cash offer with no contingencies.

I think this is a great strategy as long as you buy the house right. If I were in your shoes I would analyze the deal as if it were an investment property though. Don't overpay simply because you want to live in the house.

@William Harvey What your saying makes alot of sense. Definitely do not want to overpay because that would defeat the purpose of what we're trying to achieve.

1 Vote

Dallas, Texas

Quote from @Luka Milicevic:

@Angel Velazquez

This is the exact strategy I used to start in RE, however; you will find it difficult to get a HML on a personal residence. Every hard money lender I have worked with won't lend on personal homes due to Dodd-Frank regulations.

You don't necessarily need one and I would recommend avoiding it actually. If you qualify for a conventional loan that is much cheaper and you can still buy a property that needs some work.

Once I had the equity needed in my primary I did a first position HELOC and used that to buy rentals "cash" and BRRRR them from there.

@Luka Milicevic Yeah that is another option we are considering but my though process is that to try and get homes at 80% minus repairs we would need a cash offer to be able to compete. Do you also think it might be better to continue renting and use the cash we would have used to purchase a home instead to flip and BRRRR and buy a home as just a home vs a tool for investing? How much equity did you have in your residence before you could put it to work?

0 Votes

Dallas, Texas

Hi Everyone -

Me and my wife are hoping to purchase our first home this year and I wanted to get some opinions in a strategy we are thinking of.

Our main goals are to

1) Have a home of our own

2) Build equity in the home we can use with a Heloc and have access to cash to invest in real estate

So our strategy it to get a hard money loan to basically flip or BRRRR a home in a sense but move in and get a mortgage on the home and pay back the hard money loan. Then utilize the equity for future investing through a Heloc.

So has anyone done something similar to this or have any thoughts and if any hard money lenders come across this I would love to talk.

0 Votes

Dallas, Texas

@Matt Stricklen Thank you for the advice about leveraging the skills I already have. I never thought about the idea you mentioned but will seriously consider it because it just makes a lot of sense. Thank you!

1 Vote

All Forum Posts by: Angel Velazquez

Angel Velazquez has started 4 posts and replied 23 times.

Post: Latest & Greatest Searching Tools --- AI?

Post: Introducing a New Real Estate Analysis Tool

Post: Connect With Wholesalers in Texas

Post: Creative Financing - Fix & Hold

Post: Using Hard Money for a Primary Residence

Post: Using Hard Money for a Primary Residence

Post: Using Hard Money for a Primary Residence

Post: Using Hard Money for a Primary Residence

Post: Using Hard Money for a Primary Residence

Post: New Real Estate Investor Quesitons. Looking to network.