All Forum Posts by: Carlos Martinez

@Aaron K. Thank you for your input.

@Caleb Heimsoth Thank you, it puts the deal in better perspective.

I’m debating on a property that I got emailed about. I believe it’s a wholesaler. He says all the seller wants is to save his credit and is 6k behind on his taxes. The seller still owes 78k on his property and wants 4K down and is willimg to seller finance. I’m thinking the wS fee is included in that, not too sure. My brother is a real estate agent and we ran camps. ARV for a 3/2, 1600sqft are conservatively in between 115k-125k in that area. This Property needs In between 10-13k in repairs. My question, should I purchase It seller fInance or use all hard money. How would you structure this Deal? My end goal Is to hold It for a few years and sell It through seller finance. Any help Is appreciated.

That seems pretty steep for a Tri-Plex considering I also used my VA Loan. Is it in a high class area and what are the rents in that area? I recently purchased a 4plex for 175k in Las Cruces. I would have the realtor try and pull comps in a radius as far as he can go. Same happened to me with the 4 plex since there hadn't been any sold recently or that were close. Id check out the Dona Ana county website too.

@Daren Reno Hello Daren. What kind of work do you need done? Just asking because I do most of my work for my rentals (in Las Cruces). I don't take on big jobs due to the fact that I'm very busy most of the time but I'm willing to lend a helping hand here in El Paso if you live in Las Cruces. 

Hello @Idaly Barrera. I'm no where close to being a mentor but there is a REIA group in Las Cruces that gets together every 1st Thursday of the month. I unfortunately have not been able to attend one due to the fact that I live in El Paso and my work schedule does not permit it most of the time. The REIA group is hosted by @Account Closed. There is also a group in El Paso that can help. PM me so I can connect you to the right guy! Hope you find this info useful!

Hello @Brittany King, welcome to BP! As you can see I'm from El Paso too and I also funded my first deal using my VA Loan. What all repairs need to be done for the property to pass? Also, If you have any questions feel free to contact me.

Hello @Cabrin Mills. I'm not going to weigh in much on the deal itself but rather a few things to keep in mind. @Anthony Dooley has alot of good points. 

How much is the property actually worth as is, not how much he is asking? Whats potential worth according to comps. How much are the actual rents if it's currently fully tenanted. If its not or if rents aren't up to market value in a 5+ unit property it can play an important role in negotiating price to your advantage. Will you manage yourself or hire a PM. All these things can potentially kill your cashflow. Just my .02.

Good luck!

Hello. Couldn't write much on the description but here is the situation but first a quick background. I own a 4-plex and I self manage so I have some experience. 

My family and I live in a house (El Paso, Texas) we are renting from my brother in law (2+ years) and today he told us he is willing to transfer the title to my name without me having to give him any money at all or paying him anything in return. He is going to live to Mexico and doesn't want anything to do with it. The current house value is around 95k (I'm being conservative). I haven't really put in any money into it because it isn't mine yet but I can easily get it up to market value 110k with simple upgrades. It us currently on a 15 year fixed mortgage and around 50k is still owed on it.  We want to keep it and rent it out.

My plan, if possible, is to get it under my name, get a home equity loan on a 30yr fixed mortgage and use that money to purchase our own home (down payment)  that we actually like or another rental property. 

My question is, can this be done?  Can I get a warranty deed even if money is still owed on it or how would I go about putting the title under my name?

Or are there other better options to go about taking advantage of this situation.

Thank You!

Congratulations @Oscar S. Holguin on meeting you first goal. I am also from El Paso, Tx. I also purchased my first property last November.  Let me know if you want share ideas later down the road.

@Estephan Garcia Great to hear you're on your way to purchasing your first property. I'm fairly new to Real estate investing but if you ever want to share ideas let me know.

@Miguel Romero I apologize, I just saw your reply, but yes I did purchase the 4plex.