All Forum Posts by: Danny Simard

@Dan H. - Thanks for that recommendation. I'm joining now. 

@Cj Powderhorn - I recently moved to Tijuana and am exploring investment opportunities in the bigger municipalities of Baja California. I'm happy to connect and share ideas. 

Hi Jesus, your post just came up in the search. I know it's four years old, but I'll share my two cents on Mexicali. While I'm sure it's possible to make money in a place like Mexicali, I'm skeptical there is much money to make in the city. Housing isn't a particularly limited resource, and while it's the state capital and a job center for the region and the country (I'm thinking about the maquiladoras), the rents don't really justify a BRRR or similar buy and hold strategy.

Hi Abraham,

Congrats on getting this deal started! I visit Mexicali often, so I'll be sure to look around for your project. Be sure to let us know once construction is done and the units are ready for tenants.

Danny

Hey Cedric,

I think it's a great idea to be an agent as a means to get experience (and raise capital) for real estate investing. That's exactly what I'm doing right now. My broker had to also join the local MLS before I could, but it was an immediate turnaround (not sure why you're having that trouble with HAR).

My short-ish term goals are to learn the process and understand the transaction of buying and selling residential property, and to make money doing it. Plus, I enjoy it. I don't mind working with retail buyers and sellers. 

As far as your broker goes, I guess you should try to figure out if you'd rather have the independence to learn as you go, or if you want a mentor to guide you through the process of residential sales. 

Are there any brokerages in Houston you're considering switching to? One aligned more with your goals?

Thanks Jon. 

This just dropped into my inbox from RealtyTrac. I can't say I'm surprised that California is so terrible, but wow, look at Florida!

Would you say this heat map matches your target market?

Link: http://www.realtytrac.com/content/foreclosure-market-report/best-and-worst-markets-for-buying-rentals-in-q3-2014-heat-map-8153

Nice! And that's a pretty solid spread on the deal, too. 

Great plan, @Account Closed !

I'm a vet, too. I did 6 years in the Navy as a nuke submariner, and now I'm taking advantage of the Post 9/11 GI Bill like you will shortly :) A few things I'd like to point out (that caught me by surprise at first):

- The textbook stipend of $1000/year pays out based on your school's schedule. My college (California State University, Long Beach) operates on semesters, so I get $500 at the beginning of Fall and Spring semesters. Quarter- and trimester-based schools may do it differently. So, plan for that.

- This one's pretty crucial: BAH is only paid when you're in school. For months you start or complete a semester (or quarter, or trimester, or summer/winter session), the VA will prorate your BAH. Summers suck for me, since I usually finish Spring in very early June and don't start summer school until the last week of June or early July. So, again, plan for that.

- Finally, and this is just lending in general: Talk to a lender now about how you can get pre-approved for the VA loan before you dive into this (and, more specifically, before you separate from active duty). Thanks to the financial crash, there are a lot of hoops to jump through to get a loan approved. I'm an agent and a full-time student, but since I don't have two years of solid income history, I can't get approved for a loan right now (and especially not since Los Angeles is so expensive).

Oh! Thank you for pointing out the VA's IRRRL! I didn't know about it at all, and now I'll use that for when I eventually buy my own home.

Hooya shipmate!

Great question, thanks for asking! I was wondering the same thing a few weeks ago.

Hi Ben! Welcome :) Lawrence is a cool town! One of my best friends went to KU and took me down Mass a few times. 

Enjoy the site!