All Forum Posts by: Eddie Gonzalez

Thank you everyone for your comments I really appreciate it. I will keep you posted on how it goes have a great day.

Good morning BP family,

                                 I have been investing in buy and hold properties for the last 2 years and currently have 4 properties but i am getting ready to transition 1 of them to a short term rental. I have idea of how to go about this and friends that are guiding me as well. However I would like to see if you guys could give me some feed back on experiences you guys have had, how to market , how to furnish it and where you would recommend to buy furniture.

I would also like to be part of this. I am currently working up in the Chicago area but will be back in the Valley in August. Sadly I can attend weekends only due to my work schedule. but let me know what you guys will set up and I will try to attend even if it is during the week.

Good morning BP family,

I have been investing in real estate slowly for the last year and currently own two properties with two units each for rent. They currently produce positive cash flow and i have gained a good amount of equity just by buying under market value. My strategy has been to buy single family homes which already have an ADU in them or room to build one or put an RV in the back to rent. I am looking at purchasing another one of these properties which fits the description above. The home is well under market value, and has been occupied for the last 2 years by the same tenants. My goal is to acquire 10 properties in the next 5-10 years and have enough equity in these properties to refinance, quit my job and utilize that money for fix and flips as. Is anyone out there using a similar strategy and has it worked for you guys?

Good morning BP family,

I have been investing in real estate slowly for the last year and currently own two properties with two units each for rent. They currently produce positive cash flow and i have gained a good amount of equity just by buying under market value. My strategy has been to buy single family homes which already have an ADU in them or room to build one or put an RV in the back to rent. I am looking at purchasing another one of these properties which fits the description above. The home is well under market value, and has been occupied for the last 2 years by the same tenants. My goal is to acquire 10 properties in the next 5-10 years and have enough equity in these properties to refinance, quit my job and utilize that money for fix and flips as. Is anyone out there using a similar strategy and has it worked for you guys?

Good morning BP family,

I have been investing in real estate slowly for the last year and currently own two properties with two units each for rent. They currently produce positive cash flow and i have gained a good amount of equity just by buying under market value. My strategy has been to buy single family homes which already have an ADU in them or room to build one or put an RV in the back to rent. I am looking at purchasing another one of these properties which fits the description above. The home is well under market value, and has been occupied for the last 2 years by the same tenants. My goal is to acquire 10 properties in the next 5-10 years and have enough equity in these properties to refinance, quit my job and utilize that money for fix and flips as. Is anyone out there using a similar strategy and has it worked for you guys?

What I managed to do was save up money for my first and second investments. I will now begin using private lending money from my sisters. A promissory note is the way you should do it to avoid any issues that may arise. I have not reached out to any one else only because I have not needed to yet.

I have money for the down payment but it will leave me with hardly any funds left. My 3 sisters will lend me the money for the down payment and yes I will have a promissory note for them. The loan would be a conventional loan with 15% down payment requirement. Thank you guys for your input really appreciate this, I am a beginner and this is the first question I ask in BP. have a great day.

Good morning,

I currently own 2 properties and looking to acquire a 3rd property. I am struggling to understand private lending and the way banks see this. My lender has told me that the only way I can borrow money from someone else is to have it gifted, they have to show proof of the funds were in their bank for 2 months. Is this the way it should be or are there other lenders that view this in a different way?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,000
Cash invested: $1,000

I got the opportunity to get into this home and house hack it from a friend of mine that couldn't continue to pay. I added an RV in the back to get 500 rent and 1 year later I have moved to another property that I rehabbed. I refinanced this property and it appraised at 156k giving me 36k equity on this deal.

What made you interested in investing in this type of deal?

It was a way to get into real estate with little money down.

How did you find this deal and how did you negotiate it?

It belonged to a friend of mine. I told him I would take over payments and only had 1000 dollars to give him down.

How did you finance this deal?

Took over payments originally, then private lending until I finally refinanced through bank.

How did you add value to the deal?

Adding the RV in the back yard gives me the cash flow I needed to make it a good deal.

What was the outcome?

I still own the property and have 2 great tenants in this property

Lessons learned? Challenges?

Private lending is expensive but we have to do what we have to do if you want to get started. Start don't just think of what to do even if you don't know. I knew nothing about this and still have allot to learn but staying positive and working hard makes the difference.