All Forum Posts by: Antonio Figueroa

@Daniel Haberkost Time is not so much an issue, we all have 24 hours a day and I dont mind the hustle.  With my primary job  background 60-80 hour work weeks are not uncommon which actually is why I am pushing for that FI funny enough :)   My concern is the funding and balancing two projects I guess.  I have direction, a big "WHY" and a plan just feeling if others run into this scenario and what they have learned from doing 2 deals at the same time.  I figured out a large slice of the funding question and found a passive investor that wants to work with me.  Looking for another so if there are ideas on how to network that might be helpful also.

@Theresa Harris - That was what I was thinking.  Pushing the flip back so i can get the muli taken care of first.  The flip has been in the works for the last 3 months and only last week did the contract get signed because it was a pre-forclosure deal.  Worst case is my holding costs will go up but the positive note is the flip is not with hard money so those costs will be reduced.

@Daniel Haberkost 100% did my research and these are good deals based on the neighborhoods, rental rates, taxes, comps, appreciation, condition of the properties when I walked them.  I have been laser focused on these areas for a year now so got my finger on the pulse.  I have a FT job already and am doing this to help reach that FI level, step by step filling the bigger holes in my "financial spending bucket".  I have the crew I used for my previous rehab which turned out great with the exception the GM sucked so I picked up with everything.  That was not that bad because I already have that background and  am capable of doing a lot of the work on myself.  This will stretch me thin no doubt about it but at the same time I am not putting every penny in.  The investors that I am working with are all money, no "hands on" experience with renovations.  If I could find one more investor then this becomes easier so I wont have to swing the hammer as much and can focus more on the project management aspect.

I have been drinking the Brandon cool-aid and somehow followed the model of jump and then put my parachute on. In my quest to obtain 3 multi-families this year (1 down 2 to go) and my daily stares at my vision board I now find myself under contract for 2 deals. 1 is a buy and hold multi-family with great COC and cash flow and the other is a flip that I am getting at a good discount. The buy and hold needs cosmetic work while the flip is a little more extensive as there will be a new bedroom created with an attached bathroom.

I have hard money lined up for one and a traditional loan for the other - my question is do I cut one loose so I can focus my time and money to knock it out or do I partner up with someone who can bring money and time to help with the other?  I have several private lenders lined up which are looking to get in (so that helps with the money, more would be better). So is this a good problem to have and how would you proceed? 

T - 27 days to closing.....

started my day to this news about trailer park homes .....amazing!!!  I know Brandon has been public with his view this just backs it. Go get it!  I think the next leap will be housing in space or.....under the ocean.  

https://www.wsj.com/articles/t...

https://finance.yahoo.com/quot...

Investment Info:

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

Purchase price: $255,000
Cash invested: $72,000

2 Family BRRR buy and hold
1st unit 3 br 1 ba
2nd unit 2br 1 ba

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

My broker and I have been looking for months and he found this one for me.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Rehab the entire house

What was the outcome?

TBD

Lessons learned? Challenges?

So far find a contractor that is reliable and responds to you. If you need to constantly chase them, move on to the next contractor. Also have the draw schedule setup in a way that you are not paying a bulk of the project up front.

Hello BP friends - as I dig deeper into the REI world I keep looking for news and data regarding market health, locals and other things to improve my education. Part of my daily REI self-improvement I came across this, thank you google, which made me wonder besides the BP Forums and podcasts what other sites, tools, etc do you use to keep up to date?
https://www.attomdata.com/news/market-trends/attom-data-solutions-q3-2019-vacant-property-and-zombie-foreclosure-report/

Another good read can be found here.

www.marcusmillichap.com

I dont have any connection with these two companies, just sharing and learning.

Just found part of what I was looking for:

https://www.biggerpockets.com/...

@Mitch Hohlen just wondering what did you end up with. I am considering bringing in some private lenders and wanted to see some examples of how these deals can be structured so I dont short change the investors while not leaving money on the table for myself. Same question to anybody else - looking for examples / templates of deals between multiple private funding partners. Is it typical to give just a straight ROI or a % of equity or both and for how long would they get equity? Lastly how are the taxes done for each investor..... maybe this should be a discussion on it's own....hummm

Joe - yup that stuff is important and is being done it's the free spots between I'm asking.  Thanks for the feedback. 

Ben - thanks for the input, will work on presentation and definitely need to focus on the social aspect. Credit is Rock solid so not worried there.  Thanks for the feedback. 

Seth - 100% on the content idea, started posting that here and i am looking into making my "brand" including a Facebook page, IG and the famous business card lol. 

Hello BP universe

I have listened to 30+ BP podcasts and YouTube videos in the last 30 days (that is a part of my daily goals - 1 podcast, analyze 3-5 deals, read something, currently wrapping up the BRRRR book). In my most recent YouTube view Brandon talks about what I think he called "dead time" which is the time between deals.

I am currently working to liquidate a pension to use for funding a multi-family deal (to be found).  It is a small pension and under performing the market and my 401k returns so I see it as actually loosing money over time (just like a savings account) so trust me I am ok with doing this.  It is going to take maybe 2 months to do so and I can do only so many podcasts, meetups and deal analysis before my eyes start to cross.  Sooo I wanted to know what do other do to hone skills and fill that dead time.  

My interest right now is on how to start finding private money or hard money lenders and how to structure the discussions in a way to increate my chances for a "yes".  What do they typically ask?  What documents can I bring?  What do they always need?  These are the only questions I can ask because i dont know what I dont know.  I will start from here so I can come to the table with paperwork and details in hand to get that "yes' from them.

Open to other topics, ideas on filling in that time as well......

Thanks!