All Forum Posts by: Eunice Villarroel

Quote from @Eunice Villarroel:

Quote from @Melissa Nash:

Here is the thing......sometimes you have to give up write-off's to show enough income to qualify, But its temporary for just a couple years until your real estate gives you all the write off's you need. Talk to a lender that knows real estate investing. Aaron chapman is a great one. I send him my taxes before my CPA submits them and he tells me where I need to be and if I am writing too much off. It was really hard at first to NOT take all the write offs that I knew I needed to pay less taxes, but I am so glad I did what he told me to do. I paid the tax man for a few years and now 2 years in a row now I owed ZERO taxes while growing my portfolio so now I get to buy more instead of paying taxes. So find a broker that will work with you like that! 

 Thank you so much my love! I really needed to hear that. I did end up biting the bullet and it hurt but this message of encouragement was exactly what I needed. Do you know if Aaron Chapman ori

(Sorry got cut off) do you know if Aaron Chapman originates loans here in Florida? as a real estate agent I am always looking for lenders for myself and my clients that know exactly these kinds of things. Also if I may be so bold to ask, how long did it take you to start paying zero taxes I know it’s different on a case by case scenario But I could really use the hope right now lol. I’m self-employed so I already have to pay a load of taxes

Quote from @Melissa Nash:

Here is the thing......sometimes you have to give up write-off's to show enough income to qualify, But its temporary for just a couple years until your real estate gives you all the write off's you need. Talk to a lender that knows real estate investing. Aaron chapman is a great one. I send him my taxes before my CPA submits them and he tells me where I need to be and if I am writing too much off. It was really hard at first to NOT take all the write offs that I knew I needed to pay less taxes, but I am so glad I did what he told me to do. I paid the tax man for a few years and now 2 years in a row now I owed ZERO taxes while growing my portfolio so now I get to buy more instead of paying taxes. So find a broker that will work with you like that! 

 Thank you so much my love! I really needed to hear that. I did end up biting the bullet and it hurt but this message of encouragement was exactly what I needed. Do you know if Aaron Chapman ori

WOULD REPORTING 15, 000 MILES IN TAXES LOWER MY NET INCOME TO A POINT WHERE I DONT QUALIFY FOR THE SAME LOAN AS IF I HADNT REPORTED THE 15,0OO MILES?

You are planning to build a duplex? Sounds awesome. Is this in FLORIDA? You mentioned that this would be your first property. I’m wondering if you have any other kind of experience to add into it such as building/contractor experience. Also I see you want to use opm into this but do you have any of your own funds to put into it?

Quote from @Caleb Pratt:

@Joel Allen thank you! I didn't know all of the qualifications for a FHA loan, so thank you for clarifying. With house hacking it might be hard since I have a wife and baby boy, but that could open the possibility for a possible live and flip using a FHA loan.

That's a great alternative. If that's what you are looking to get into you might definitely want to talk with your lender about the possibility of using an FHA 203 K LOAN. These loans are specifically geared to owner occupants looking to buy properties that may need some repairs. That way you can buy the property, fix it, build equity and sell it for profit after at least 12 months.

You can definitely charge them for it if your contract lists the charge as a consequence. Otherwise I suggest you write them a letter explaining The situation and attaching an addendum to it stating that IF the lawn is still not watered as stated in the agreement then you will Fine them a stated amount and REMOVE YARD REPAIR COSTS FROM THEIR DEPOSIT. Addendum must be signed by them and you. The reason you want to put it in writing is so that if this ever hits court you want to be protected. I am a property manager here in Florida and The courts usually favor landlords over here there have been times where they have been known to favor tenants. I am not sure how Texas Operates, but in general the more things you have in writing the better protected you are. Best of luck:)

I agree with all of the above comments 100%. I'd definitely invest in bigger multifamily properties if I had the chance. Something I would like to mention is that LOCATION MATTERS A GREAT DEAL. 

try your best to get your properties in good areas so you get good tenants.  The multi families I own here in south Florida were in lower income areas (AS MOST MULTI FAMILIES ARE) however I noticed that the location was close to beaches and airports, and gentrification was taking place where developers were moving in and building new construction. That's why I purchased it and so far I have great tenants and great appreciation. 

Ive seen lower income area multifamily in bad neighborhoods sit on market 60+ days which is unheard of in South Florida, I've driven by these homes and seen tenants leave piles of trash out in the yards, broked down junk cars,  and a few drug transactions so I can only assume they are not good tenants. 

LOCATION MAKES A DIFFERENCE.  PLEASE DONT OVERLOOK THIS

This is kind of tough since you didn't include any numbers. But based on your question I would say that yes buying a multi family would definitely be better than owning a condo. Specially because condos and anything owned by HOA‘s Can be a hassle since technically you don't own the land In the way that you would if you owned a multi family. Also in most cases condos do not appreciate us much as land does.

That being said I am not very sure of the current market that you would be buying in. I’m a real estate agent here in Florida, here in Florida we have a lot of multi families for sale however it’s becoming more and more difficult to see any multi families generating any type of cash flow. In some cases you are lucky if you break even. However, as it is with any market, there are exceptions and nothing is impossible. I recently managed to secure a multi family for one of my clients that generates her 700$ monthly cash flow. 

Therefore this would be my advice to you. Before you sell talk to a lender about the hypotheticals. If you sold how much would you be able to pull out of the property you currently own and how much could you afford with that amount you pulled out. This will give you an idea of what kind of money you would be looking at to purchase a multi family. Then use this Amount to Start looking for a multi family property and see if you’re able to find that diamond in the rough. I definitely suggest using a real estate agent for this one especially if you’re out of state. A good real estate agent is able to use her connections as well as her knowledge of the area to lock in the deal. The deal I got for my clients for instance came directly from another real estate agent who Was the owner of that multi family. Had I not had that connection I probably wouldn’t have been able to land that deal for my client. Once you find the diamond in the rough immediately have your real estate agent fill out an offer with a contingency based on the sell of your own property.

Good luck friend. I wish you all the best in your journey:)

Hi there and congratulations on your journey to becoming a real estate investor.

Number one I recommend you live with your parents as much as possible in order to save enough money to buy a house.Learn how to live below your means.

Number two I recommend you talk to a lender even if you don’t have enough money saved up .it’s always good to learn what you need and a lot of lenders are extremely helpful and can give you a roadmap that you can follow in order to get to your goal of owning your own property.

Number three .Stay away from Financing a vehicle. Buy a used car paid in full. The reason for this is that when the time does come for you to buy a house that that on your car will be used against you and you will not be able to afford a house or you qualify for a smaller house.

Number four. attend your local real estate group meet up events. You can find them on Facebook. Nothing beats face to face contacts.

Number five but should definitely be above the top three always educate your mind. Do you like real estate? That’s great read about it, listen to podcasts, watch YouTube videos.

You got this. I hope you found this helpful. I wish you all the best on your journey :-)

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