All Forum Posts by: Elvin Reyes

I started in 2013 and I still feel green. I think we all have the same questions and I think each investor has their unique circumstances. I’ve been i. your shoes. You have two options, you can sell or refinance. If I was to refinance, I would make sure your net monthly profit stays around (300 -500$, I prefer 400 to 500) but that’s my preference. You could then pay off some debt to help your debt to income ratio and get another loan.

I also goes thru this process with my wife as we sometimes differ in strategies as it seems like in your case. That’s good, it helps you keep the balance, although she recently went and bought a property at auction and bid $ we don’t have, now I’m scrabbling around trying to come up with $$ in two weeks. (emptying 401Ks etc etc) not smart but I guess she will learn from this

Originally posted by @Gillian Scott:

Hi everyone, my name is Gillian - just turned 27 and I work in the architectural field, but looking to also move into real estate investing. I'm pretty much as green as they come, so I'm looking for some advice. I have relocated to Wilmington, NC and am renting an apartment here, but I currently own a townhouse in Raleigh, NC and have about 80k in equity. I did the rental calculator on bigger pockets and gave me the numbers below. Disclaimer - unsure of how accurate. So now that you have the back story... what's the best move? I want to sell it and use the money to help pay off debt and buy a property with more units that we can use as a rental, but my fiance thinks that long term it's a bad idea since the Raleigh market is only going to continue to grow. Any help is so so greatly appreciated! <3

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I own 5 properties (4 rentals) but I need a mentor. My current dilemma is, what to do next? Should I sell properties with high amounts of equity? I could use that money to transition into the bigger investments (apartment complex).

I have two properties in California which do not bring me that much positive cash flow, but have gained a lot of value over the last 5 years.

I also own a property (cash purchase) which still in rehab. Should I sell or BRRR ? Rent estimate $1,100 - $1,300 ARV $90,000

My goal is to own an apartment complex. I was thinking of selling all properties for a down payment on a bigger commercial loan for a multifamily.

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Thank you. I will keep looking. I did speak with several banks and no luck.

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Thank You. Do you know of any lenders that work with Fannie Mae?

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How do I continue BRRRR if bank will not give me a 5th mortgage? I do own a property I purchased cash, but I’m not sure if I should flip it or find a lender who will give me a 5th mortgage.

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Hello,

I have $35K cash, and I'm about to buy a condo in FL cash for $23K (30% below market). Cash flow after cost is $350.

I also have about $40K available on a cash out refinance from one of my rentals. This will bring down my cash inflow on this rental from $450.00 to $250.00.

Questions:

Should I buy the condo? Is this a good investment? It seems like the ROI on the $23K is not that much, but on the other hand, I am buying the condo below market value, which I could sell in the future.

Should I buy an investment house on a mortgage loan? I tried getting approve and they will only lend about $60K.

What would you do?

Thanks,

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All Forum Posts by: Elvin Reyes

Elvin Reyes has started 3 posts and replied 6 times.

Post: Should I sell or rent?

Post: I have no strategy- need advice on how to proceed -

Post: Need a 5th mortgage

Post: Need a 5th mortgage

Post: Need a 5th mortgage

Post: What would you do? Buy a condo for cash? or finance a house?