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All Forum Posts by: Carlos Vega

Carlos Vega has started 6 posts and replied 27 times.

Post: Can I use a friends 1031 exchange as a down payment?

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12

A friend who recently sold some land has offered to help with a down payment. We will be consulting an attorney on this but before we do I'd like to know if anyone has ever done or heard of this. My friend who is also my realtor is doing a 1031 exchange on her own recent sale and offered to use their exchange to help me fund a down payment on a multifamily building (2-4 units). Can we both be on title? Is this even allowed? If so how should I go about e eventually buying her out?

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12

I'll be doing most of the work myself and putting the city issues first. I'm hoping I can bring the cost down another 2k. 

Yes credit cards are getting paid down aggressively. My side has been completely rehabbed and my tenants side is in pretty good shape.  Thanks for the positivity man

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Scott Mclaren:

@Carlos Vega

May I ask which municipality you are dealing with? I have a long history of dealing with University City.

Maybe I can help .

 I'm in Overland Scott. I hear UCity is tough. It's also a nicer area. Overland is a decent area but the expectations of these inspectors is insane. 

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12

Financed 4% down with downpayment assistance

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Ryan Mertens:

Home Depot cc. While it’s not the best deal on  windows you can certainly buy them from the depot and any purchase over $1000 Theyll give you 12 months to pay it off, 24 months if you actually call customer service and request it.

Anytime you meet with an inspector it’s yes sir no sir? Once they smell blood they are sharks in the water.

 Windows Are the absolute last thing you should ever do. Your tenets are paying the utilities so efficiency is not your main concern. If some of the panes are broken then just get them reglazed and don’t replace the entire window.

Also sounds like in your situation you should be cutting the grass as well.

 Oh I'll be cutting the grass this summer. 

Winter here in the midwest sparred me that cost for the past 6 months. 

Reglazing is an option however each window needs to be reglazed. At 12 panes X8 windows, reglazing nearly 100 panes isnt something I have the time for especially when they're just going to get ripped out anyway. Plus I got my tenant to sign a 2 year lease this month with new windows and landscaping justifying the increase.

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
 @Jason D.:

I'm in it for the long run. I'm not looking for a way out just yet, just looking for a way into my next property by leveraging my current. Probably going to take me a little longer to do that but I'm learning to be patient haha

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Dennis M.:

Geez that’s a huge loss and waste of time .. another reason I do buy and hold rentals and not flips . Many many people I know in my area atleast ended up getting their butt kicked in the actual rehab and just happy to break even come sale time . You really gotta buy these at a discount to make money in the end . Biggest mistake is not accurately factoring on enough rehab budget

 I'm not selling it anytime soon so I dont see the "huge loss" or "Waste of time"

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Brian G.:

@Carlos Vega

Dude, you are so close! If you get a good portion/most of your initial capital back it's a win for your first property. You should definitely be strategizing with a mortgage broker in advance of your potential refi. If more credit is not an option currently, you might work some over time, rent out a room in your side of the duplex, pick up a side hustle to increase your income temporarily (deliver pizza?) or perhaps as a last resort borrow money from a trusted friend or family member who would want to help you out. If you do borrow from a friend or family member make paying them back your #1 priority after the refi. You can always pay minimum payments on your credit card until you personal loan is paid off and then aggressively pay down your CC before proceeding any further. 

 Thanks man I appreciate the optimism. Ive been calling banks, networking at my local reia and figuring out what options I have, definitely staying proactive. And yes I've been paying down my cards aggressively, almost 7k down.

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Brian Pulaski:

$8000 worth of contractor work remaining? What would it cost for you to do the work? Might be time to bite the bullet and perform as much remaining work as possible.

I've done the majority of the work and will be on the next phase. Windows will be my biggest expense. I'm 8k is worst case. Trying to keep everything around 6k 

Post: When your rehab starts to go over budget...

Carlos VegaPosted
  • St. Louis, MO
  • Posts 28
  • Votes 12
Originally posted by @Bryan Richardson:

@Carlos Vega well I bet in future deals you wont do it again. Sometimes you have to pay for knowledge.

 And that's exactly how I look at it 👌