All Forum Posts by: Angie Ruiz

Thanks. I'll check out the book. I agree, one deal would be a good start. What is a JV agreement?

Investment Info:

Single-family residence fix & flip investment in Chicago Heights.

Purchase price: $30,000
Cash invested: $80,000
Sale price: $135,000

First rehab. Scarry but fun! Single family 4 beds, 2 baths, attached 2 car garage, Complete gut rehabbed. Sold for $135K.

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

Through the HUD website

How did you finance this deal?

Cash, all in.

Lessons learned? Challenges?

Budge for unexpected repairs. Have a cushion of at least $10K

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $75,000
Cash invested: $85,000

Single family. Turned into 4 beds, 2 baths. Reframed entire first floor to due previous fire. Finished basement with an added bedroom and enclosed laundry area. ARV in 2022 was $225K. Refinance after project, cashed out and continue to receive positive cash flow.

How did you finance this deal?

Hard money lender

I'm have been asked to enter into a partnership with an experienced investor, and I'm not sure how to or the best way to structure a partnership. Any advice or resources you can point to? I'd like to double my units in the next year and the best, more feasible way to do it is with someone that has done for over 40 years. I've done my projects solo so far and it has worked out for me, however, it is time consuming and not in the position to invest all into one deal. Partnership seems like a good idea. Any suggestions? Thanks! 

Thanks. Yes, I have an LLC. @Sam Levin My concern is when it comes time to file taxes, I want to show that not all the proceeds were ‘profit’ if I had to pay off credit cards/loans. @Michael Gessner I like that suggestions of using my business account to pay off personal credit cards to show as expense. 

Also, I’d like to know the best way to do it moving forward as I will be looking for my next flip,

thank you,  

Hello, 

I’m in process of selling my fix-flip property and I wonder what is the best way to receive the sale proceeds. I used personal and business credit cards for part of the materials. Does it make a difference if I pay for those credit cards at closing or after the sale?

 Any advice will be appreciated,

Thank you,

Angie 

Thanks for your assessment. I’m glad I can find people knowledgeable in this forum. For a moment I thought it would make sense but now that you mention, is true. I don’t see lots of people looking for short term rentals in the city of Cancun, and buying in the hotel zone is way out of my budget. I will do some more research and find something in the riviera Maya and perhaps even in other places since I think Cancun is getting over crowded and there are plenty of beautiful cities around the cost that can be cheaper.  Being Mexican is giving me the option of obtaining financing from a Mexican bank up to 90% so I think this sounds like the best way to go, I just have to find the right place that will def make the most of my investment. Again, thanks for you feedback 

I didn't inspect my first deal. For the looks if the property I assumed it was a total gut rehab, and it was. Bought cheap $30K sold for $135k. I was aware and had the budget for all major components, if you are ok with that then go ahead without an inspection, the thing that would stop me the most is the ARV, that's the biggest issue for me. Rents are not a a problem, but if I'm not able to get my money back in form of equity, is no deal for me!

Thank you for your reply. I’m looking to buy in Cancun city, single family. Do you have any lenders you can recommend? Yes, I spoke with a Mexican bank yesterday and the interest rate is 10% wow! Lol compared to the 3.8 or 4% you can get here in the US but I don’t see that as a problem if the house will be rented (hopefully) most of the year. 

Hello all,

I'm looking to purchase a house in a very touristic location in Mexico and wonder if there are any lenders that finance properties there. I would like to list house in Airbnb and similar sites, and title under my LLC if need be. Any suggestions on where to start? Thanks!