All Forum Posts by: Reynaldo Perez III

Hello everyone,

I’m a new investor looking to purchase my first property. I’ve been doing a lot of reading and feel I am prepared for my first investment property. I have only one issue that is holding me back. I don’t have much liquid assets. 

I was planning on utilizing the VA home loan for 0% down payment on a multi family property for $250,000 and house hack for my first property. I found a property with nice numbers so I checked the pre approval process at a bank and realized I probably wouldn't get approved due to liquid assets.

I would like advise on how much liquid assets would be sufficient to avoid disapproval. Also, I can get a family member who is a veteran to be a co-applicant.

Any and all advise would be greatly appreciated.

Diane, I personally like Lennox. They offer 10 year warranty on parts but labor will come out of your pocket and that's something you can work out with an HVAC company. Companies offer labor warranty which I would recommend getting since labor usually costs more than the part itself. Your current unit should have the right size installed already. The tonnage of the unit is based off the size of the area being covered. For 2 beds 2 bath I'm assuming around a 1.5 or 2 ton unit (12,000 or 24,000 BTUs) The prices vary on the efficiency of the unit. You get what you pay for but if you're looking for cheapest you're looking at the least $3,000-$4,000 but I'm not completely sure if the prices get higher in bigger cities. I'm in a rural university city and that's the low prices here. All the information you're looking for can be explained to you by a salesman from an HVAC company. Majority of companies go out and give information of systems that best suite your wants and needs as well as price quotes at no charge to you which is not bad. I hope some of this information was somewhat helpful. Best of luck to you! -Rey

Felipe, I just separated from the military as well but in June 2017 and I actually have the exact same goal as you do. I watched a video from Brandon Turner and I believe he made post on it as well but it was on how to make enough cash flow through rental properties to quit your job. He went with mainly on what numbers he would search for in properties. He wanted $5,000 cash flow a month with cash flow of $200 (if more than great) and a return on investment (ROI) of 12% so 25 units cash flowing $200 a piece would meet that goal. Those numbers seem to be a great plan to go with. I believe I found that video on biggerpockets YouTube channel so I'd say look around there to get a better breakdown on the strategy he was talking about. I don't quite have a rental property just yet because I just started but if I had $70k right now I'd look into Multi-family rentals such as fourplexes due to the faster cash flow per property. One property, one loan, and four units at $200 cash flow minimum doesn't sound bad at all. It is all your preference though but that's what I'll do in your position. Hopefully this helps you in some way. Best of luck to you and your investing career! -Rey

Kristina Heimstaedt Nicole Frawley @Brent Coombs I can't seem to tag Brent but Thank you all for the information I definitely learned more about the refinancing portion that I definitely did not know. I figured there would be a minimum amount to spend in order to be able to refinance. Not being able to pull loans on mobile homes definitely makes sense now since they don't quite appreciate.

Hello, I'm a new investor and I want to try to understand the brrrr strategy better. I understand getting financing to purchase, rehab, rent, but refinance. Now this is where it gets a little blurry for me because I don't quite fully understand the refinancing portion. So, I try to get it refinanced does the bank offer 70% of the ARV if it's owner financing or do I need to pull a loan from someone? Do they just give you the whole ARV with the conventional loan and you use it to payoff what you owe for the property and use the rest on a new property? The reason I ask is because I found a property with a person I am on very good terms with. The property has been vacant for several years. It is a single wide trailer in good condition with not too many repairs needed and upgrades can be done. I plan on offering $10,000 and it's on a 1 acre lot in a small town. I just wanted to clarify this strategy before discussing this opportunity with the owner. Would this be a good way to purchase the property? If not how else should I approach this? Sorry if it seems stupid that I ask but I appreciate all help that is given.

@Chris Quinn @Katie Neason 

Thank you and I would love to meet y'all at one of the local BRIC meetings! I shot Chris a message for more information. Hope to meet y'all soon.

Hello everyone,

My name is Reynaldo Perez but I prefer to be called Rey. I joined BiggerPockets two months ago but just now decided to post an introduction. 

Now about me, I just separated from the United States Marine Corps June 2017 and I am currently working as an HVAC Technician. How I got into Real Estate Investing? Someone happened to be talking about investing in stocks (yes, I may have been eavesdropping) and so I started looking at different types of investing and real estate was the one that happened to catch my eye. Well, I ended up going to YouTube since you know YouTube is great for everything! As, I was scrolling through the videos I clicked on a video where Brandon Turner was discussing I believe investing for a struggling newbie. In the video he mentioned BiggerPockets several times, along with what the site had to offer. Came here, signed up, and haven't been disappointed with this website.  

I have zero experience with real estate investing but hey we all have to start somewhere.  I'm dedicated to learning as much as I can before I jump into purchasing a property so I read the investing for beginners then after, I went ahead and purchased all the books that BiggerPockets had to offer along with Rich Dad, Poor Dad. As stated on one podcast I listened to or maybe it was a video. Hmm, not sure but anyways they mentioned that investors who are unsuccessful usually jumped in without educating and making correct calculations and I wish to never fall under that boat.

I am most interested in the Buy and Hold strategy and possibly flipping homes as well. I am looking to begin my investing career in Bryan/College Station, Texas then move and invest in the Dallas/Fort Worth metroplex.  

I am always open to learning something new and meeting up with new and/or experienced investors to learn from and share experiences or to build a friendly relationship with. 

I am excited in being a part of the BiggerPockets Community and I'm very thankful for all the knowledge that is spread throughout the forums.