All Forum Posts by: Felipe Carrillo

Hey BPers,

Does anyone know if evictions are allowed for those tenants that still have jobs during Coronavirus or are ALL evictions temporarily suspended, even for those that still have jobs?

Thanks,

Felipe

@Chris Hopper Thanks for your feedback. I appreciate it.

@Courtney King Thanks for your response and comment. I'll take you up on the offer. I'll send you a PM with a few questions about the section 8 program so that I can be more educated on what it entails. Thanks again for your help

@Tony Castronovo Thanks so much for your input! It was definitely in my plans to give you a call and I wanted to see what people with experience with section 8 would say on here. I'll send you a text to see when you're available because I got another application last night (non section 8) and there are a few things that I'd also like to ask about. 

Thanks again Tony!

BPers,

Has any had experience with section 8 tenants in the Houston area? If so, what has been your experience with the tenant and with the city? I'm leasing a property at the moment so I'm considering whether or not I should consider section 8 tenants.

Any feedback would be greatly appreciated.

Thanks,

Felipe

@Tarik Turner purchase price < $200k ARV is probably $350k-400k

Hi BPers,

Looking at a multifamily property (4 units) that needs a considerable amount of repairs (~50k). Does anyone know of a lender that is willing to lend for the repair costs as well as lending for the long term, once the property has been rehabbed? Essentially thinking of the BRRR strategy for this multifamily property but trying to avoid the costs of having to close twice, which I'd have to do if I were to go with private money to make repairs and then refinance into "conventional" financing. This would be an investment property and I do not plan to live in it, although I'd be interested in looking at different options. Any tips would be greatly appreciated.

Thanks!

@Vijaianand Thirunageswaram Congrats on that deal! Owner financing is a great strategy that can generate very good returns. I can speak from personal experience.

@Tony Castronovo @Vijaianand Thirunageswaram @Michael Ealy

In case you weren't aware, legislation will be passed in Texas later this year that is aimed at preventing this type of deals. Unfortunately, there are newbies/ investors that are unscrupulous and have scammed consumers. Therefore, legislation will be introduced to protect the consumer, and owner financed deals could be banned. I'd like to encourage you and others who understand the true value of owner financing (not only for the investor but also for the consumer) to join Texas 100 so that we can continue to use this great strategy. This is NOT a drill or a scam. If the bill is passed into law in it's current form, this investing strategy will be killed.

If you want to know more about the proposed legislation, let me know and I can point you to more resources so that you can learn more. Otherwise, please make an effort to support Texas 100 and get involved. 

Felipe

@Andrew Postell Thanks again for the very detailed information you've provided. Yes, I meant to ask what is the minimum amount of time I'd have to live in one of the units before I can rent it out, which you mentioned was 1 year. I'll give you a call because I still have several questions. I'm assuming your contact information hasn't changed since you helped me last year with the rental loan, correct?

@Andrew Postell Thanks so much for the explanation. You are correct in that this is an investment property. Out of curiosity though, what are the requirements for the Fannie Mae HomeStyle in terms of the length of time that one must live in the property before it can be rented out? Could one perhaps do short term rental (like Airbnb) while this length of time lapses and then rent it out? Just brainstorming different options for this multifamily property. Also, do they lend for repairs and is it also an ARM type of loan or fixed interest?

Thanks again!

@Justin Kane Thanks for the input! I haven't heard of agency debt. Would you mind explaining what this entails?