All Forum Posts by: Daniel Ordonez

Nice very interesting article glad to know im going to be living around the top 2 areas as far as growth in the US. Guess i gotta start investing in Sacramento area. 

@James Wise ok makes sense I am looking into partnering with someone so we can be ready if the market presents an opportunity. With 2 of us at least we should qualify for a conventional home loan and we can purchase an income property. It would have to be out of the area and possibly state so that we can afford it if anything goes sideways. 

@Yaohua

@Whitney Hutten

Thanks Yaohua

Whitney I am trying to invest outside of the state but def open to investing locally but it is expensive. I actually have been keeping my costs down and debt very low as far expenses. Fortunately I am living with my wife's parents and rent isnt much for us right now ($600). I will be getting another raise in January and another in July so my pay is increasing easily over 100k a year and thats without any OT.  After 1 year I can start to count my 3rd unit as income and that should increase my buying power correct?

I will be cash flowing, not taking out any for vacancy and or repairs because i believe they dont account for that when looking to get approved, is about $1300. I have been writing receipts and trying to keep a log of it to make sure i have some type of paper trail for myself but for the tenants as well. @dj_dawson

@Allan Pilapil

I havent done anything as far as fix. Ive mainly done minor fixes and making the property more livable. I am planning to fix up one of my properties that the contract is up in December. It does need some fixing. Hopefully add a little value. my appraisal has already given me 10k in equity so Im doing ok there so when i refinance in 9 more months. 

@Allan Pilapil

Congrats to you as well! Yeah Stockton was a great starting place for me and im hoping i can possibly add another property to my portfolio out there. I speak spanish as well so that helped getting families moved in asap. I am also managing this one on my own but I am looking to scale so i will have to get a property manager at that point. 

That area is good to begin at but i would highly recommend getting a MF your next property. I feel like house hacking is more time consuming. To each their own i guess on that specific.  

@Yaohua Li @Whitney Hutten I have been saving about 3k a month but like I said I am trying to save for a home here in the bay area so it will take allot. 

I am not attached to any area specifically. Im only looking into those areas because they have some of the lowest unemployment rates, work, and near colleges/ universities. 

I am looking for cash flowing properties. I want to replace my current income. I want to purchase a home for my family here in the bay and get to the point where im financially free. 

@Corby Goade thanks for the info I will have to start looking for HML from local RE investors. I wish I had more involvement as far as family. I unfortunately will be doing this alone my wife currently is not working so I am trying to scale with only my income to account for.

I just recently bought my first income property out of Stockton (triplex) and have been renting it out. I did an FHA with the 3.5% down. I am looking to start scaling but don't have much money to invest with the next property. I am also looking to buy a big home for my family next year as well. I wanted to save for a down payment here in the bay area as you know everything is super expensive. The next investment I am looking to invest in Colorado Springs, San Antonio, and Arlington. I have them narrowed down to doing out of state because its cheaper and possibly another in Sacramento area.

I guess my question is what is my best option as far trying to put as little of my money into my next investment? 

I make around 100k a year and do have a little saved up but not enough for a bay area home yet. Next year I will get a raise and be able to account for renting out all 3 of my units.

Is a HML my best option? and if so what rates should i be looking at if I was to get a HML? Im very new to BRRRR so Im trying to do my due diligence and cover all my basis. I am trying to scale because I work in construction and don't want to work in it forever.

Thanks in advanced.

So I recently purchased my first investment property in Stockton. I am looking to investment in my second already it might be too early but I just want to see what my options are. My first property is a triplex in Stockton under an FHA loan. Now it's been 3 months I am very eager to look for a new one.

Is it possible at this time for me to purchase another property?

I am looking at very possibly purchasing out of state. I don't have allot of money yet unfortunately to invest locally so I am thinking somewhere in Texas because the houses are cheaper and my down payment will be less.

Would hard money loans or private lending be something I can explore? And they do long term but and holds?