All Forum Posts by: Carlos Feliciano II

This is super helpful as your story really connects all the unknowns in between each task.  I didn't know a local bank would do a full construction loan to get things kicked off.  This is really freaking badass.

Work in startups, but hopefully real estate becoming my next side hustle.  Need less time behind the computer and more time networking with people.

Thank you.

This is what my gut was telling me regarding taking action at this time and I appreciate your input.  I'll likely continue to take reps on analyzing properties at this time and just in general, grow my knowledge.  I think doing a ride-along with a mentor of some sort would be best for me so I can get my feet wet.

Hello all!

My wife and I are building our first home in Las Vegas and will be completed next year in mid-summer. I am eager to get my feet wet on a first rental/BRRR property before our home is completed.

What would be the safest bet financially to obtain my first deal without affecting my ability to obtain my primary residence loan, or is this even something I should worry about?

My concern is that going the traditional financing route for a rental/BRRR property will affect my ability to obtain my primary loan for our primary residence (we were pre-approved).

Is this something where hard money loans would come into the picture or would it be better to wait until we finalize the mortgage on our primary residence then do traditional finance on a rental/BRRR property?

Thanks! 

Carlos

Thank you, sir.  I guess to understand truly is actually to jump into the deep end and do a deal.  I didn't realize the gap between practice reps with BP calculators and actually finding it, getting the proper individuals involved, and executing on a deal.

Another question, if you don't mind me asking.  My wife and I are building our first home in Las Vegas and will be completed next year in mid-summer.  My concern is that if I do a rental property before officially getting a mortgage on the home (we are already pre-approved and are saving for the downpayment when complete), this will affect my ability to get that mortgage for my primary residence when it comes time to close if my name is on loan.  What is the best course of action to achieve my first rental without affecting my ability to get a primary residence mortgage?

Thank you for your input.  The square foot method is likely to continue to use with a large margin for error until I actually get into a place and check it out with contractors.  I truly feel that I will never really know until I'm ready to make my first purchase, which doesn't end up in analysis paralysis. 

I do have this book. I'm finishing up the BRRR book, and then I'll get onto that one.

Hi All,

As I slowly stack money away for my first future rental purchase, I have a few questions regarding estimating rehab costs when going through practice reps.  I'm basically going through properties on Realtor and Zillow to run through the cost estimators.  

I understand there needs to be further analyzed for properties by actually reaching out to contractors, agents, etc. Still, at this time, I'm currently just taking practice reps at finding and analyzing properties. 

Is there a rule of thumb when it comes to estimating rehab costs on the calculator that is on the safe side?  I'd rather have a large margin/buffer for error when calculating these rehab costs.

The current process I am using:

* Using realtor or Zillow to find properties 

* Running through the rental calculator and making a spreadsheet to track

* Leveraging this video and deck as my starting point: https://biggerpockets.s3.amazo...

@Jason Malabute I appreciate you asking this question. Currently saving up for down payments but trying to take reps daily in analyzing deals.

I’ll likely start leveraging your square footage to price rehab cost ratio and add the buffer on top of that so I feel more comfortable and having a piece of mind with the reduced risks.

Thanks!

@Jimmy Lieu hey. What do you find the most efficient way to get fiat current converted and sent over places like BlockFi, crypto.com, etc?

@Scott Jensen thank you for the reply and information.