All Forum Posts by: Carlos Martinez

@Erik Oquendo Just realized I had this reply from you I apologize. I closed on a 4-Plex. I've been remodeling them one by one as they become vacant and I also do property management myself.  I'm doing it this way so I can get as much experience I can while I only have one property to deal with.  It would be great to meet up sometime.

@Account Closed I read your comment about your friend who does seller finance. I am from El Paso, Tx but I own a rental property in Las Cruces, NM and would like to purchase another property here soon but I know I will now qualify for a conventional loan. This seems like a great option. I would like to get in touch with you.  Thank You

Hello BP,

I just closed on my first 4 plex using my VA Loan which means I have to occupy one of the units. I must move in by Jan 1, 2017. All 4 units are currently rented, 2 are month-by-month and the others have contracts until Feb 1st. The best tenants are the month-by-month ones, and the problem child is one on contract. I know this because I created a relationship with the other tenants and they all point the finger at that one. Having said that, I want to evict them since I have to move in and I also want to get rid of those problems. I have not notified them of anything yet.

My question is, as a new owner, do I have to respect the current lease they have or can I simply give them notice to vacate. If I cant just void their lease, can I get some tips on offering cash for keys or other things you guy have tried.

Also, can I raise the rent on the tenants on contract?

All help will greatly be appreciated!

Thank You

@Erik Oquendo That would be great! I closed earlier today using my VA Loan in Las Cruces NM. Its a little bit longer process but it went well. I actually live near Ft. Bliss right now.

@Erik Oquendo Welcome, I'm from El Paso too with similar goals. I'm a newbie with not much experience either but I will be closing on my first deal tomorrow. Super excited. I'm sure youll find what you need here.

Hello everyone. I posted a few weeks ago about a 4 plex I was planning to put an offer in. Refresh, 4plex in NM with very low rents ($375 for 2bd 1bth) and asking price of 174k. I am going to use my VA and I will occupy one of the apartments. You will see from the previous post that the current numbers for the apartments create negative cash flow but the rents are at least $150 under for that area and can easily be increases with a few upgrades. ( I have seen 3 units myself).

Anyways, I put in the full asking price with the conditions that they cover all closing costs (VA requires 3% of loan amount), rent rolls, income and expenses for the last 2 years, current leases and any account that has been set up aside for repairs of building and deposits for the current tenants if any. I am new to all this so I might of have missed something or messed up but I'm learning. Is there anything I should ask for in exchange for the condition that we close as he requests? On the 1st?

Initially they accepted the offer and scheduled to close on Nov 1st and accepted all conditions. Today I received a call from my agent telling me that they would like to push back the closing till Jan 1st because if its before, the seller will get penalizes on his taxes. I have no clue what he meant by that or if that is something that's true.

I would greatly appreciate any help or advice! Thank You

@Isael Galarza

I recently put in an offer on a 174k 4plex in NM and my agent suggested I put down $1000 earnest money. I'm new to this so I hope that's a good amount.

@Alfonso Pruneda Welcome. I'm also pretty new to all of this but I'm also from El Paso. Born in Juarez!

@Jaime Barragan Thank you for the numbers and explination. Yes I did estimate a little bit of a negative cashflow at the beggining but I also found out that the leases are up very with in the next 3 months.  I also got the opportunity to look at 3 of the units and I can definitely upgrade them with simple cosmetic upgrades. I can definitely increase rents by at least 100.

@Bryan Blankenship Thank you, I will verify that.

@Lee Greene Yes, I'm glad there's people from EP on here Too! Thank you. I am aware of it having to be my residence for at least 12 mths and of the funding fee.  I am glad you mention the price and days on the market. Do you have any advice on what I should consider when making an offer? I was thinking on calculating the cost of what it will take me to actually be able to raise rents and subtracting that to the actual asking price. Mind you, I'm new to this so is that kind of how that works?  I was able to view 3 of the 4 units so I know what I will need to update. Any further help will be greatly appreciated. Thank You

@Sean Lambert Awesome, will do. Thank you.

@Carolina E. Thank You and its my pleasure! And yes it does have tenants and the realtor said it might be because of the price. So in this case, would it be a good idea to check the property out, make a reasonable offer and If accepted, put it under contract, do the inspection and see what the results are, correct?