All Forum Posts by: Carlos A.

 This is some wisedom to take note of. To Joe’s point as well, if you have the ability to put $4000 extra towards principle per month, in 3 years we are talking $144k. You could easily have enough to purchase 2-3 more properties, achieve your goal of $1500/mo cash flow and grow your net worth exponentially. 

Hello! May I suggest connecting with a local RE agent? They can help you understand the market conditions better and get an idea of what rents may look like. Additionally, if you do find a property that interests you, you can ask the seller for a T12 of the rent roll and copies of the lease agreements. Basically all MF owners are investors so they generally know the game well. Be sure you are prepared and confident doing your due diligence (or hire a good RE agent to help you) and you should be fine.

 You could work with a local realtor and just tell them you are selling them as a package. When they list the properties, the listing description will state that they are being sold as a package. You don't need to use any specific platform to do something like this. 

Did you purchase your SFH using an FHA loan? If not, you can still apply for FHA on your next SFH as long as it is going to be you primary residence. Could be a way to purchase a new property without much cash available. Personally, I wouldn't use a heloc to then go purchase a primary residence, unless what you can rent the current SFH for enough to cover the current mortgage (assuming there is one on the property) and the heloc payments. Too much risk considering you don't have much cash reserves if SHTF.

 This seems like a scam post...

This is probably something that you've heard before but why not just go the traditional route?

Work. Save up enough for a down payment. Purchase a property.

The OPM stuff is great once you know what you're doing and have a network of people to help you. But just try to save up cash for the next 3-5 years and purchase something in your budget. 

2 things that have been stated already, but have worked for me:

1. Bigger down payment. I know nowadays the rage is all low/no money down deals, and maybe I'm just not educated in that world enough to find the deals and get them done, but quite frankly for me it's been having enough cash in the bank to put down substantial downs that allow for monthly cash flow.

2. Leverage your network. Tell everyone you know and random people you see around town that you are looking to buy properties. It seems like one of those "too good to be true" things, but I have purchased 3 out of 5 properties that I currently own/rent out through people I know bringing friends, relatives, their distant friends etc.

best of luck! 

Hello and welcome! 

That's awesome that you want to get started in REI and create something special for your family, I wish you the best of luck. If I may offer a piece of advice: If you're truly interested in finding a mentor, try to offer something that adds value for the mentor. It can be anything (time, money, leads, admin work etc.) but if you aren't going to bring anything to the table, it's going to be difficult to find someone who is actually interested in helping you for no mutual benefit!

 This probably sounds like a joke to some people, but it is honestly so true. It was perspective changing for me personally.

I posted about one of my properties here on BP (warehouse), but the full story is that I actually bought 2 of them. Well, one of these warehouses that I purchased came with a BAD tenant. Kind of a scary dude who was always late/short on rent, didnt do ho upkeep on the unti etc. I looked left and right trying to find someone that would help me but in the end, it was up to me to handle the situation (or hire a good PM, which I was too stupid at the time to do)  Well instead of dealing with the issue, i turned around and sold the property for basically no gain. Now that property has almost doubled in value and can rent for 150% more then it was renting at the time i purchased 😫

When I told that story to a RE friend of mine, looking for support and maybe a pat on the back…he literally called me an idiot and a P@$& for not dealing with it… that convo changed the way I looked at this BUSINESS

This is what I have been considering. I know HELOCs can be a great way to get some instant liquidity, thats why I figured my only options would be fix & flips/BRRRR properties, but I wanted to hear from people like yourself and others here who are much more experienced than myself! Thank you!