All Forum Posts by: Daniel Cuevas

I tried to look for something that would cover me as a Vet as well (USMC) but the best I could find were classes with a discount that didnt seem like a discount. But there are some brokers out there that will sponsor you and pay for your courses or even host the classes as long as you sign with them.

Find someone that is doing it and ask how you can help. There are some great investor groups out there are successful people that attend frequently for an opportunity to work with someone like yourself. I understand, California is very expensive and its difficult to get the returns that you would like. SO with that said, search for a location that YOU would consider living, there's nothing like California but put yourself in the shoes of the people that would be renting from you, I think you would benefit from that.

I have been working as a realtor part time for about 7 months now with little luck. I have contacted my entire sphere of influence and managed to get one small rental listing out of it which was a nightmare. I am making calls to home owners that owe on their taxes with a hand full of C level prospects. I want to be successful at this trade so I ask, how do you acquire your leads? Who do you try to reach out to? 

Hey everyone, I've been getting mixed information in regards to this. I was curious as to if I could purchase a home with a FHA loan. I do understand that typically foreclosed homes are purchased with cash or cash equivalent. But if someone is preapproved and the money is guaranteed why not allow it?

@Anish Gala Welcome! I am also an aspiring investor haha. What events have you attended recently? I've been looking for ways to meet more people with no luck.

I know that there is a conflict when it comes to wholesaling in California. Other then that, I only see benefits!

This is a great post, if you don't mind me asking, what are the numbers for this deal?

Originally posted by @Simon Wold:

@Daniel Cuevas here is how it worked:

1. Hard money loan @ 12% interest to purchase property at auction. ($80,000)
2. Rehab to rental condition (~$5,000 of my personal money)
3. Had an appraisal that came in at $82,500. **Side note here: be careful on condo appraisals.  I was expecting the appraisal to come in at ~110k which would have allowed me to refi without putting much money into the deal. Little did I know, there weren't comparatives in my complex. Instead of just taking comps of condos on the same road, they pulled from the most recent sales in my complex which were in 2010**
4. Refinanced into a 30 yr loan of $61,875 (75% LTV)
5. Down payment was the difference between the hard money loan and the refinanced 30 yr loan.

Keep in mind that the 30k cost I was referring to included all of the loan / holding / rehab costs associated with the purchase.  The numbers aren't exact because I don't have them in front of me, but they are close. 

If you use this method correctly, you can acquire a REI with little or no money down. Just using what is coined as the 70% rule / BRRR Strategy.

Hope this helps!

It absolutely does, thank you very much.

@Simon Wold That makes sense. Its difficult to find a single family in the area within the price range that I'm looking for but I'm sure its possible. This is why I am considering a condo. When you refinanced, was it for 100% assessed value or was it based off of other factors, not too knowledgeable of refi's.

@William Kwong I agree, every situation is very different and its built off of the premise of discipline more then anything. Invest in yourself and your ability to make the money, then invest.

That is a great technique, the company I work for does offer a 401k but I decided not to take advantage because it wouldn't be my money anymore. I'm working on getting started right away/ 

Originally posted by @Simon Wold:

I bought my first investment property after saving up 30K.  It was a condo on foreclosure and puts ~$5500 in my savings / year to spend on other properties. If I waited until I had 100k, I would have never bought this deal. 

My first live-in flip provided me with 100k+ to kick off my multi-family buy and hold business.  In my area, this allowed me to acquire two cash flowing 4plexes.  If I waited until I had 100k, I would have never bought the live-in flip deal or the two multi-family properties.

Take small steps. You don't need the 100k to start. Start with something you are comfortable with and re-invest your returns. After a few deals, you will realize the snowball effect of REI and 100K will become easier and easier to acquire.

 How did you get a forclosure condo for just 30k? Did you use a private lender to do so?