All Forum Posts by: David Ramirez

Hey David, 

I would recommend just sticking with a price range that you are comfortable with and I would not go out of texas. First, because it is one of the fastest-growing markets in the US. Second, since it's your first investment property you wouldn't want to be too far from it. I know it's hard to find duplexes/triplexes right now because of the huge demand and low supply. If I were you, I would try to find a deal off-market. You could try contacting wholesalers and telling them what you are looking for. You could also drive around areas where you know there is a lot of multi-families, skip trace those addresses and get in touch with the owners. 

Hope you find this helpful! 

Regards,

David  

Hey Evan, 

I would recommend you to get in contact with the banks that offer FHA(203b & 203k) and ask them what restrictions do they have on those loans. You can also use hard money for your first investment property. Hard money is expensive but depending on your credit they can sometimes offer you up to 90% purchase price and 100% of rehab. When considering hard money I would input the cost of the hard loan into your numbers for the offer, that way you have a good margin in case you are forced to sell for any reason.

Hope you find this helpful. 

Regards, 

David 

Hey Bruce, 

I would recommend keeping the interaction with your guests strictly within the STR platform. Just to avoid any possible liabilities or bad reviews.

Regards,

David

Hey James, 

Great question. I'm not a loan expert either, so don't quote me on this, but I think it's not worth it for them to allocate small amounts of money considering that they have to meet certain standards and returns for the end lender or pool of lenders. If I were you I would try to network and find someone interested in being a money partner or just a lender. That way you can negotiate the terms of the loan and build a good relationship for future deals. Trust me there are people out there that are more than willing to lend money for a return, you just have to network and have a excecution plan. 

Good Luck! 

Regards,

David 

Hey Wes, 

Congratulations! Thanks for sharing this. 

It's always great to see people having success in Real Estate. Keep it up!

Regards,

David 

Hey Kiuny, 

Off-market properties are the way to go. You are not going to find a good investment property in the MLS right now. Try contacting local wholesalers and tell them to add you to their buyer's list. Whenever they send you an off-market property, run your numbers and offer based on that.

I agree with @Dawn Brenengen. Use your heloc short term and when you are done renovating the property, refinance and get better interest rates. 

Good Luck, 

David 

Hey Alberto, 

Great post! I appreciate that update. 

Regards,

David 

Hey Vlad, 

I moved to Tampa from Miami almost 2 years ago. It was the best decision I have ever made. Bought my first investment property (fixer-upper) within 3 months of moving. Tampa bay is one of the hottest real estate markets now in the US because of how rapidly we are expanding. Tampa bay attracts a lot of attention because of its beaches and local attractions. With that said, I think you are making the right move. 

You are more than welcome to Tampa.  Let me know when you move! I can definitely help you out.

Regards, 

David 

Hey Chase,

That is very common if it's a hard money loan. Hard money lenders usually send you a pre-approval just by looking at your credit score and experience. With that being said, they conduct all the underwriting when you get the property under contract and that is why they can't give you the exact interest rate that you are going to get. 

If it is a conventional loan, they should always give you at least a range of what interest rate you are going to get with your loan. 

Regards,

David

Real Estate has given me the freedom to take control of my life. By allowing me to: learn and grow every day, spend more time with friends and family, travel to unforgettable places, and last but not least, enjoy life!