All Forum Posts by: Arturo Fuentes

Hello there!

I need some clarity from you more seasoned investors. I have been working with a wholesaler company in the Houston area. I have one deal going on with them (assignment of contract) and trying to get the second one going. For this second one, they want to do a double close, they did the first one an assignment "as a favor" to get the relationship going. Here's the thing, it is the wholesalers "standard practice" to lock in the deal with a 5K deposit paid directly to them and to double close. In the event that they can't provide clear title, the would refund the money, but if I walk out of the deal, they keep it. Me and my associates are asking that the title company holds the deposit until closing, as an extra layer of protection for both parties. Wholesaler is against this, claiming that at that point the deposit would be considered earnest money, and both parties would have a claim to it. 

Am I missing something or why does this feel off? Wouldn't it be in everyone's best interest to have the title company involved?

Let me know your thoughts below. Thanks!

@Joshua Davies Thanks for the input!

@Matt M. It's a 3 bed, 2 baths 1/2 duplex in Westwood neighborhood for $325K. In this scenario, I would use all my cash for the down payment. I do have credit cards that I could fall back on if there was an emergency (which in my mind is not ideal, but I could be wrong).

@Harjeet Bhatti Thanks, I didn't know this option existed. I'll definitely talk to him!

Hello friends, 

So I'm thinking of buying my first property. The idea is for it to be a house hack (live in 1 bedroom, rent out the other ones). Here's the conundrum: 

I live in Denver where the market is crazy hot. The property that I'm looking at is 1/2 duplex in an up and coming neighborhood and I have barely enough money saved up for a 4% down payment. I'm fairly confident that I can find roommates to help me pay off the mortgage. However, it feels like I'm putting all my eggs in one basket, leaving me with $0 on my savings account and an uncomfortable situation if something were to happen (health, fix something in the property, you name it). I once read that you should only invest your money after having a "cushion" saved up for these kinds of emergencies. Am I rushing into this decision? Should I wait, save some more and try again next year? Or do you think it's not a terrible idea to buy this property and start building equity? Let me know your thoughts!

Thanks!

Hola Karina!

Not yet, I ended up moving to Denver so I put that deal on hold. In the last few years, the multifamily market in Chihuahua has been growing steadily and prices are getting more competitive. Developing this project is still a possibility, it would just require me to move there to oversee the project or find a local partner that can help me do that. 

Do you have any experience in deals like this one?

Hi all! 

I am developing a small apartment building (11 units) in Chihuahua, Mexico, a city 4 hrs south from El Paso, Tx. Since I don't have the money to develop the whole thing, I'm thinking two options: Get people to invest in the project, with a 10% yearly interest rate (possibly a 2 year hold) and/or do a pre-sale. Selling 6 units prior to construction would get me the funding I need for the building process, leaving the other 5 units as pure profit. Problem is, I have no experience in either of this 2 options. Does anyone out there can give me his/her opinion or shed some light on the matter?

Also, does anyone out there have any experience in Mexican real estate market, other than buying condos or properties in beaches/tourist areas?

Thanks!

@Karl Pierre right now I'm developing a small apartment building in Chihuahua, a city 4 hrs south from El Paso, tx. What about you? I see you're in the NY area, I suppose you're investing over there, right?

Thanks @John Moore ! When I said I wanted to avoid working with clients I meant that the only decision I want them to make is either to buy/rent or not. I don't want them changing their mind every day about the color of the backsplash in the kitchen. 

Thank you all for the good wishes and the warm welcome messages! I'll be sure to keep you posted on the progress I'm making.

Hi all! 

My name is Arturo. I was born in Michigan but raised in Mexico. I recently finished college, I majored in architecture. Throughout my studies I kept hearing this nightmare stories from professors and professional architects about the headache that is working with clients. I've always considered myself as someone that thinks outside the box and looks for the best way to do things. So I began to think "How to avoid working with a client, but still be able to design and get involved in the kind of projects that I want?". That's when I discovered this great but antagonist (at least to some architects) world of real estate. 

I've been working now for over a year on my first personal project as a developer. The more I read about real estate and RE development, the more I get excited about it!

Anyway, I just wanted to stop by and introduce myself to the community. I hope that anyone can benefit from the insight that a (foreign) architect can provide.

Best,

Arturo