All Forum Posts by: Elliot Mendoza

Or, buy some cheaper rentals with cash. It's another option you have, you would just have to shop around for those kind of deals. and after 2yrs of reporting that rental income on your taxes, would/should also lower your DTI. Just another way of doing it.

I don't see anything wrong with purchasing an investment property before a home first. You get a better deal with lenders on OO properties for loans though.

It's just a suggestion, but purchasing a quad as OO, then you can choose to move into it for the year that i believe most banks require OO homes to be lived in, or not. Then rent out the other 3, or all 4 units and continue living in an apartment until you build up your savings. At least, thats what I would personally do in your situation.

Must. Stop. Reading. Eileens comments. IQ... Dropping...

No prob's man. I take any critique's or suggestions openly.

When I made it, everything makes sense to me with its location and such. I just hope everyone else who opens it up can say the same thing lol.

Let me know if it looks like I made any mistakes or if you've got idea's to make it better in general. Or some calculation I may of forgotten/missed.

More or less most people will have to tweak it slightly for their own specific market area, but overall i think it should fit the whole rather well otherwise.

Pretty much what the subject line says. Hope I put this in the right forum topic.

http://www.biggerpockets.com/files/user/EOD_Investor/file/property-evaluation-spread-sheet-1-4-units

The main thing most people will have to change to accommodate their own market is the RE taxes. For those of you not good with excel, go to block B4, go up to the line you can input your numbers and change the multiplier to whatever your area's RE taxes are. I just so happen to love excel for a number of reasons, so I whipped up my own to see if a quad I was looking at made sense to buy or not. Actually, I think I may of uploaded the spread sheet with the deal numbers I was looking at in december.

I based this spreadsheet off everything I've been reading here since november. Figure I'd give something back; it feels like all i've been doing is taking, even if it is only in the form of reading.

If anyone has any suggestions, I welcome them openly.

Enjoy

Ah tax payer money. I know it's damn near impossible the way things are now, but I do believe they should cut out welfare and section 8 completely.

Once people don't have uncle sam to pay for their cost of living, they might be more inclined to work for a change, rather than vote for it.

Wow.

All i have to say is, anyone giving you advice on here is way more patient than I am.

Just reading this makes me wonder why people would deal with section 8 housing if the people they deal with are like this.

This is merely my 2 cents:

You purchased it in 2011 and it's selling for quite a bit more now. Most things I'm reading are pointing to the housing market being a sellers market now, so overall prices should start to go up.

That being said, waiting on appreciation is typically a gamble unless you know your market well.

What -I- would do, since you already stated that the possible cashflow would be close to 0, is wait until you hit your 2 year mark in your condo, then sell it. Maybe even try for a little bit higher than the going market price since you're not in a hurry to move. At least then, you get whatever capital gains off the condo tax-free.

Then move on to another property. Maybe something that could actually cashflow if the time/need comes for you to move.

Again just my 2 cents.

Yeah, I've spoken to a lot of guys who've bought houses with a few different builders (about a full company of guys i know own homes on the east side, most bought brand new). So far the general census says that classic american is the best bang for the buck and no building issues -as of yet-. most of the guys i've spoken to who own property out there have only owned their homes for up to 2yrs max so far.

I've been doing the homework in the area too, so far what you're saying and what i'm see'ing correlates, mostly 1.2k-1.5k with a few but far between above that price that i've seen for rent in the area.

I'm just keeping an eye out on the internet for possible locations in EP for once I get back right now. Haven't seen any real 'deals' online as of yet, I imagine it'll take a lot of marketing to find the good ones.

Yeah, I've done some digging and the rents in the area vary from 1200-2k. So I'm definitely looking into purchasing one or two when I get back. I -might- purchase one with a VA loan, but that would cut down on profit margin, plus I hate that it adds its own funding fee.

Granted, it does save me the 20% down, i just hate all the extra funding costs and such. Lets see how the market acts in the area by the time i get back in october.