All Forum Posts by: Emilio Pereira

Good afternoon all! 

I closed on my first investment property last month and are in the process of rehab.  We have about another 2-3 weeks for the rehab and will be ready to rent out and then refinance. I’ve called a few lenders and most of them I’ve called are asking for a season period of having the home (3-6 months). Is there a way around that assuming by the time I do the refi I have a renter in plane with a long term lease? I really don’t want to wait 6 months to get my money back so I can do it all over again. thanks and let me know! 

ok thanks everyone! 

I guess this lender sent out an appraiser to get the as-is value because they only lend 85% on the AS-IS value. So me knowing the estimated as-is value before I sign the contract is where I lacked at in this deal. I brought a legit GC for the rehab cost. Which again the ARV came in way over what we excepted which was the good news. Just had to bring out more out of pocket to make the deal happen because sale price was 20k over as is value of property. I will jsut have to keep doing deals and get better at finding out the estimated value of a as is property. Thank you!

Hello everyone, 

Question: I recently closed on a property for 215k. This is my first investment deal so I went in and dealt with a wholesaler (not sure if that was the best idea but here we are) and put down 5k (non-refundable) deposit into escrow. I did walk the property before hand, figure out the rehab cost and looked at the potential ARV. It all checked out with tight numbers but it was looking good. Lending was with a hard money lender I am using, 85/15. Right before closing the appraisal came back with a value of 195k, 20k under the number I signed the contract for. The wholesaler was not willing to negotiate the price and I was already in the hole 5k on the escrow deposit. I scrambled to come up with the 20k difference to make the deal happen. I did not want to lose the 5k deposit on my first deal and the ARV I got back from the appraisal was way higher than we anticipated, so I wanted this deal.

So my question is how do I avoid not knowing the as-is value of the property before I purchase to rehab?  Would it be smart to pay for my own appraisal before actually sign the contract.  Is there any books I could get recommended to help me better learn how to appraise a property myself? Just trying to avoid paying 20k over value price on a rehab property and not get stuck again.  

any help would be appreciated, Thank you all! 

Good evening all! 
I have a quick question on how to properly structure a deal that I am going in with a close friend of mines.

We have found an empty lot where we plan on purchasing with a construction to perm loan. Me and my friend are going half & half on the down payment, closing cost, and any other cost associated to get this done. The twist here is that he will be on the only one applying for the reason of tax return purposes. 

I assume we cannot apply for this loan as an LLC because we are going for a the conventional rate loan to try to take advantage of that rate.

Question 1: Can we get this construction loan (assuming we get the conventional construction to perm loan) and sell immediately as soon as the house is done or do we have to wait a year to sell it? 

Question 2: What type of document would I need to include myself somewhere in a contract to protect myself since I will not be in the original note/ application process. Is there a operating agreement we can sign? Is there a way we can include an LLC in this deal where I'm tied to the LLC and the property?

Any help on this would be greatly appreciated! Thank you! 

Good Afternoon BP members,

I have a few quick questions and wondering If I could get the feedback of some of the more experienced in the purchasing for section 8 method.  

1. I want to buy a house to put on section 8 immediately, can I do this this going the conventional loan route? I know FHA you have to wait the year till renting out, but conventional, can I rent out immediately?

2. My goal is to rent it out to my sister (Same last name) who has section 8 approved already, and if we can make this work, cash flow will be produced since day 1.  

both me and my fiancé will both be on the loan and deed of the property, so I'm wondering could my fiancé be the only one to apply to put our house on section 8 since I do know a relative cannot "rent out" section 8 to another relative?

or should I transfer the property into an LLC and apply to section 8 once the property is in an LLC?

any feedback on this issue would be appreciated and hope I made sense! have a great day fam!

Hi I’m a first time home buyer looking to purchase my first home to start the house hacking processes to get started on my investment real estate journey. 

I have been told by a few agents that Foreclosures and FHA typically don't go hand and hand because the house has to meet certain FHA criteria (basically has to be safe enough to live in with no major repairs needed to be done). Now I know there are a bunch of homes out there that need a lot of work done and can't be purchased using FHA, but is it a myth that I cannot get a FHA on a FCL if I find one that is livable? I'm literally at the beginning of my journey with some cash in saving for my down payment but I'm looking to buy looking at it from an investor viewpoint versus buying a home for me to live in with my family.

Any thoughts or feedback would be greatly appreciated and maybe some direction on where to start. Thank you all and much success!