All Forum Posts by: Estevan Rangel

Quote from @Nathan Gesner:

If you are unemployed, you won't qualify for a loan.

You have a lot of equity in your home. I would use the equity to build the apartment. If it's not enough, I would use equity and cash. I would try to save a portion of the cash for reserve and the remainder for another investment.

 Ok thanks for the response. It seems my best bet is build on the property and use combined rental income for a future mortgage on another property. How do people on say a income of 70k buy another house every year. Doesn't the bank say hey bud you have a 2k mortgage if we add another 2k mortgage you wont afford it. How do they get approved for many loans on a fixed income?

Quote from @Robert Wilson:

If I were you, the first thing I would do is go to the local planning and zoning board and verify that I could build that particular type of building. If they give you the green light, I would speak with a civil engineer and have them draw site plans. Next, I would contact an architect and have them draw up building plans for the particular type of building design you're thinking about going with. Lastly, I would take all those plans and go through the development review process with the county. At that point, you're out of the gate and then I would maybe start looking for financials - contacting private money, banks, etc. "Hey here's what we've been approved for. This is what we think it could rent for or sell for...etc." First thing's first, I would get official/written verification that your property allows for that type of building.

Ok so basically you would build on my existing property vs trying to buy another property? If i did that i would have about 50k in rental income per year. My home will rent out for 2200 and if i built two attached one bedrooms they would rent out 1250 each. This will obviously help me improve my chances of approval on a mortgage. I know for sure my property is zoned R3. So i know for sure i can build. I have done research and based on the regulations i could fit another property literally the same size as my current property. R3 is mostly regulated by how much land your property is on. Lets assume it completely doable. Would you act as your own contractor or would you hire on to oversee the entire process? 

Quote from @Brett Tvenge:

Quote from @Estevan Rangel:

Hello everyone my name is Estevan. I own a home outright and its zoned R3 which means i can build an apartment on the property. I have about 200k cash, 725 credit score and almost zero debt. I can barrow additional funds up to 50k from family and i can obviously obtain financing. I just started a business but still work part time as a waiter in fine dining. I make about 60k working part time. I may devote all my time into the business soon and may be only self employed. I have a couple questions. First if you were me or in my position how would you ideally proceed? My second question is if i am unemployed what are my options or what do you suggest. 

Hey Estevan, I too worked fine dining until going full blown into RE, keep that job as long as possible that will be the way to qualify for any loans. Best of luck. 

 Ok thats what i figured. I think i might build an apartment in the back of my home end use the rental income with and my job to finance a 2nd property. 

Yea i own it free and clear. I have almost zero debt. No student loans, car payments, mortgage etc just total 10k in cc expenses. I always claim everything ever sense i realized it will help me purchase more of a home. My plan is to use rental income from my current home to help get approved for a mortgage. As well as my waiter job. 

Hello everyone my name is Estevan. I own a home outright and its zoned R3 which means i can build an apartment on the property. I have about 200k cash, 725 credit score and almost zero debt. I can barrow additional funds up to 50k from family and i can obviously obtain financing. I just started a business but still work part time as a waiter in fine dining. I make about 60k working part time. I may devote all my time into the business soon and may be only self employed. I have a couple questions. First if you were me or in my position how would you ideally proceed? My second question is if i am unemployed what are my options or what do you suggest.

Hello everyone my name is Estevan. I own a home outright and its zoned R3 which means i can build an apartment on the property. I have about 200k cash, 725 credit score and almost zero debt. I can barrow additional funds up to 50k from family and i can obviously obtain financing. I just started a business but still work part time as a waiter in fine dining. I make about 60k working part time. I may devote all my time into the business soon and may be only self employed. I have a couple questions. First if you were me or in my position how would you ideally proceed? My second question is if i am unemployed what are my options or what do you suggest. 

Quote from @Lindsey Armatis-Rivera:

Quote from @Account Closed:

Quote from @Matthew Koller:

Hey! Me and my Investment team are going to be moving down to Arizona within the next few months, we plan on buying rentals down in that area and are in search of partners with funds that might be interested to go in with us on deals that we find. Any of you guys invest in that area and have any recommendations on where to check out or are maybe interested on joining in with us? Feel free to get back to me, would love to see what you guys have to say!

-Matt

 Hmmm, good luck. 

Phoenix is the most saturated market in the country for investors looking for houses. A normal Phoenix market has about 20,000 house avavilble to buy. Last week there were 2,200

Hi, 

I've been thinking about investing (would be my first) in Phoenix area as well  but worried I'm late to the game. I was wondering if anyone had any incite on San Tan Valley area? Right outside of Queens Creek which seems to be coming up and houses in San Tan seem more affordable. Looks like schools and some other attractions are a little to be desired though. 

Any help or connections would be appreciated!

Lindsey

Yea you're extremely late to the party. Inventory is very low and prices are super high. Id look elsewhere.