All Forum Posts by: Luis Becerra

Originally posted by @Tomekia Lloyd:

If you qualify for FHA, you can buy a up to a 4-plex as long as you plan to occupy one of the units for at least a year. It is actually a great way to get started with only 3% down payment required. You could also use conventional financing, but it sounds like you would rather hold onto your capital for now.

@Michael L. and @Luis ----

Thanks for your response.   I wouldn't mind this route if the net cash flow is significant enough.  But, I'm curious as to how someone would move on to another property.  Is it difficult to get a second loan with one outstanding on the first property?  How do banks view this?  

My investment strategy preference is a flip...as I am trying to build up some cash reserves.  I would probably go the rental route later when I am winding down.

@Tomekia Lloyd 

I've done this 3 times to date thus far, and have not had trouble moving into the next property.  The key for me has been using a local credit union as a my lender instead of one of your national large banks.  They tend to be more lenient with their lending requirements.

As far as your net cash flow...well lets suppose you are able to locate a duplex/triplex/fourplex that covers your entire mortgage.  At that point in time your net cash flow is  pretty much what you are not paying in rent or mortgage.  So imagine that in your current situation you no longer had to pay rent!  That's the money you would use to accumulate to get you into your next deal along with any other savings that you were already saving.

Welcome!

welcome!

@Chris Simmons I don't know about this one Chris.  Many times your good ole' gut is your best friend.  I would say just still to your usual screening process no matter what.

What worries me is this part:

Originally posted by @Chris Simmons:

"She said that whenever her alimony gets deposited, it disappears. ID Theft, IRS levy....who knows yet."

Who's to say that when it's time to collect rent, it too will disappear???  

The way I see it, is that in a sense tenants you rent to are people you are allowing into your life, if this person gives you a weird feeling now, just imagine how she she will make you feel once you have a tenant/landlord relationship with her.

@Nicole Carter Welcome Nicole!  Have you tried the guide for real estate agents by bigger pockets yet?

http://www.biggerpockets.com/forums/21/topics/9860...

welcome!

@tomekia Lloyd Well have you considered house hacking?  You can invest while living in your own home if you decide to purchase a multi-family home.  That is exactly how I started prior to owning my current home.  Find, or build a duplex, tri-plex, or four- plex and consider living in one of the units, while renting out the other(s).  This way your tenants will pay for completely or for most of your mortgage.

Welcome Daniel, Originally from Nederland here, now in the Houston area. Yeah I agree with Josh, there aren't any REIAs in the area that I know of either. When I lived there in Nederland a few of years ago I would drive after work to R.I.C.H. In Houston to make the meetings. But to be honest with you, if you're self motivated enough you will gain the EXACT same knowledge here on BP or more, than attending those meetings in Houston. IMHO. Been there done that. But if you need face to face interaction, then Houston may be your way to go.

Right, your peers most likely won't understand. They're more worried about school or buying cars and going out. I got interested in RE at 23, and bought my first property at 26. If I may there are a few good books I think you should read in the order below (if u haven't already):

1. Poor Dad Rich Dad

2. The Richest Man in Babylon

3. Think and Grow Rich

4. How I Turned $1000 into 5 Million in Real Estate

Welcome. Not many people from the area that invest at your age. I'm actually originally from Port Arthur, but currently invest in Nederland. You are in a great area to start off in. As long as those refineries are there you'll always have tenants.