All Forum Posts by: Armand Sepulveda

 I rather hold on to the property because over time the value will increase and in turn so will my net worth. Also selling isn't easy because at the time of purchase my lender offered me a 2nd mortgage to help with down payment assistance that now acts as a lien. In order to sell the property I need to pay off the $10,000 lien first and the market isn't as hot as it was when I first purchased the property so it might take a while to sell and maybe at a loss. Given those factors I figured it probably best to hold onto the property.

Thanks for the input. 

I rather hold on to the property because over time the value will increase and in turn so will my net worth. Selling isn't easy because at the time of purchase my lender offered me a 2nd mortgage to help with down payment assistance that now acts as a lien. In order to sell the property I need to pay off the $10,000 lean first and the market isn't as hot as it was when I first purchased the property so it might take a while to sell and maybe at a loss. Given those factors I figured it probably best to hold onto the property. 

Im very interested in renting out this property and moving to a different city for personal reasons to answer your second question.

I'm very interested in renting out my current primary residence and moving to a different city but the mortgage I have on the property is higher than most of the monthly rents for similar properties in this market. Any suggestions? I live in a small town about 40mins east of Orlando FL and I want to hold onto the property. My mortgage is $1850 and most rent around here is $1700 for a 3-2 around the same sq footage.

Some ideas I have:

-Rent the property out at a loss. Not sure if it's common practice to rent a place out and lose money on it in the short term until rents inevitably increase or if this is a dumb move. If this was a smart move how would I determine the pace of rents increasing to figure approximately how many months I would need to take a loss?

-Offer lease-per-room options. Managing multiple leases starting at various times in one property sounds annoying but I'm thinking the individual rents could be greater than one lease on the house. Perhaps I could charge $900 a month for the master and $700 for the other two rooms apiece. Has anybody seen success with this kind of strategy?

-Only offering 1-month to 6-month leases and advertising it as higher rent because of the shorter term flexibility. Although if I were to do this not sure where would be best to advertise.

Any other ideas would be super appreciated

I'd like to rent out my personal residence I bought in Dec 21' with an FHA loan but I'm having plumbing issues.

The house value is about 265k and the mortgage is about 215k. I have about 7k in savings but I was wondering if I should use a HELCO or some other instrument to fix the plumbing issues? My house was built in the early 60s and the issue is the cask iron pipes are failing. It's being recommended that I repipe the entire house or reline the existing pipe system. The cost will be 10k - 15k depending on the option.

Any thoughts on where I should get the funding for this project and if it's best to repipe or reline the pipes? I know if I don't fix this issue before renting out the property I'm just asking for a headache down the road with tenets.

Thanks

So from all the online research I've conducted I see that for no money and bad credit wholesaling real estate is a great way to become a real investor. Any tips on getting started with wholesale real estate investments when you already have a full time job? How can you make sure you answer all incoming calls and deal with both motivated buyers and sellers? 

Would you just place this new business you are starting on a higher priority than your 9-5 and strive to make deals during regular business hours OR would you just try to deal with both buyers and seller outside of traditional business hours?

Any technology tips or prior experience going through this situation would be appreciated.