All Forum Posts by: Carlos O.

Hey all,

Recently got dual-citizenship (US citizen, obtained Mexican citizenship) and am planning on buying a home in Mexico as part-time STR. There's lots of information on there buying property as a foreigner through a trust, but I also have an option to buy directly as a citizen. Has anyone does this? Anyone have any experience buying property in Mexico as dual citizenship? I'm interested in learning more about the dis/advantages between buying it as a foreigner and buying it directly as someone who earns a US income.

Another idea would be to get into a multifamily. You can get in with FHA and 3.5% down.

Hi everyone,

I just have a quick question regarding the comps and market values that Property Radar provides. How accurate are the comps there? How accurate is the market value shown on a property? Specifically, I'm looking in LA and Orange county.

@Jeff S.

Thanks Jeff, I appreciate the response. I do have a question about the rehab costs in your calculations. Why is the number calculated off a %? Do costs really scale in proportion to ARV? I'll have to defer to your expertise, but I would think that, as an example, $10K for labor in Watts wouldn't double to $20K in Costa Mesa for the same amount and type of work done.

It makes perfect sense that in some areas investors may pay more % than in another are. 70% in Costa Mesa is not the same as 70% in Watts. For example, the median in Watts is around 265K. The median in Costa Mesa is 650K. Let's look at some numbers.

265K * .3 = 79.5K spread. I can see why investors would want to do 70% or lower.

650K * .3 = 195K spread. That is much larger spread. Investors can pay 80% and perhaps a little more and still make money.

I've started generating leads from PropertyRadar.com and don't use % to determine what price to offer. Instead, I determine what types of nominal profits a rehabber wants to make and plug that into my formula instead. I'll see how well this goes when I get my first property under contract.

Can someone explain to me why older people want to sell the properties they worked so hard to pay off? 

It seems to me what they really want is to cash out and unload all the deferred maintenance onto someone who doesn't know any better. If the properties are doing well, why not just hand them off to a property manager and continue to live off the cash flow?

I'm not a lawyer, but in the end, this is just a contract like any other. Unless there's a specific law that backs up item 8, I assume that item can just be removed to take off the liability to the wholesaler. Can anyone confirm?

@Joe Homs

 That would be great! I'll pm you.

Thanks @Brett Synicky @Christine Lovett for the numbers, this helps some perspective on my RE license venture. I'm still on my first course, so it will be several months before I can even take the exam.

@Joe Homs

At this point, I'm just trying to move up on the learning curve so I'm taking an RE class. I'm interested in becoming part of a wholesale/rehab team in the future and I think having that knowledge would come in handy for numerous reasons. It's true that I can ask questions on BP and learn, but I can't ask about the things that I don't even know about; that's where taking the class and chasing an RE license comes in.