All Forum Posts by: Felix L Perez

@Basit Siddiqi thank you! I’ll look into it

@Logan Russell it was more of an idea, that I could use the money to get another house and collect double the cash flow. In my head it was more of a limited partnership but I realize now that it just seems like a loan that I won’t get much out of. 

@Basit Siddiqi how would I go about doing that?

Hey guys! 

So I recently finished rehabbing my home. I was planning on flipping it but I decided I wanted to try to do Airbnb instead and it’s been a great success so far! This is the second month in a row we’ve gotten $4,000 and our monthly expenses is less than $2,500 a month. So we’re making around roughly $1,500 a month in cash flow. I wanted to know if it would be possible to make a deal with someone in my network possibly outside of it to have them invest with us and they get $750 a month of that cash flow for $75,000 for a guaranteed 10% return whether we make $3,000 that month or $7,000 their $750 would remain the same. I want to keep it strictly cash flow though I feel it would get too complicated if I gave them all the tax benefits of the property as well. I’m still relatively new to real estate so I don’t want to overwhelm myself with legal/tax stuff I’m not too familiar with. I was wondering is this possible and if anyone has any advice to give me about this that they could share. 

Thanks in advance! 
Felix Perez 

Hey guys, 

so I’ve been having a little trouble getting a loan and im looking for some advice. This is my second deal, the first one was a flip and now I have a house that I want to want to do a cash out refinance on and airbnb. I’ve been airbnbing it for the past month and a half and I love it. My gross profit is about 2,500 a month which is nice right now because my hard money loan payment is $1,500. But I believe it’s too early to base a loan off of one months airbnb income if I’m not correct. so the 3 places I’ve talked to want to base it solely on my own income which is about 45k a year which I feel should be enough because I’m lucky enough not to have many other bills in my life plus I will be getting income every few days from airbnb but they’re still saying things like I should do a stated loan, or have a family member or friend say they’re renting the home so I can qualify. This has me worried because if I’m having this much difficulty on my first loan what’s going to happen on the 2nd and 3rd? Am I going about this the wrong way, should I talk to more real estate investor friendly lenders or what. Any advice would be much appreciated. thanks! 

Hey guys, 

So I recently have been doing a lot more research on Airbnbs and it seems very profitable. I wanted to run by these two strategies I've been thinking about and see what people thought or if they're a bad idea. So I've been flipping houses so far and I am in the middle of a flip right now. i was thinking that when the house is finished and I get it under contract I could airbnb the house so I could make some money instead during that 30 day closing period instead of waiting and not making anything. thats one idea. the other is the BRRRR method but with Airbnb instead of renting. Airbnb seems much more profitable than just renting so with the profit margin increase I feel like buying one house at a time and airbnbing them all would be a very successful way to go. let me know any thoughts or advice thank you!

@Theresa Harris @Craig Schneider @Scott Wolf @Dennis Regn thank you for your feedback. the appraisal was 323k so I should end up making money regardless I just wanted to make sure that this is standard and going forward I should expect these sort of prices. 

@Chris Mignone  @Brian Van Pelt 

so the house is in the Shirley/Yaphank, NY area and we got it for 170k. It needs:

New roof

Siding

New kitchen

Wood floors

New driveway 

New bathroom

New windows

Add bathroom in the basement but no need to finish the basement 

High hats throughout house 

New boiler 

Reposition door from side to the front since there was no real front door 

Upgrade electrical panel 

this is projected to be a 100k rehab for a house in a cheaper area and I just want to know if that sounds relatively accurate or too high. 

Hey guys, 

So I’m on my second flip ever currently. I live in New York on Long Island and I’ve bought both of my houses in a cheaper area of Long Island in Suffolk county.  My first flip started January of last year and we made some money but I feel like we spent way too much on the rehab. the total rehab ended up being around $70k in total. 30k went to the contractor for labor and 40k went to materials. I thought that was too high and we were just inefficient in our approach so I tried to reevaluate everything for this second flip and it seems like this flip will cost close to $100k in rehab between the contractor, the materials, the new boiler and roof etc. So I’m wondering are most rehabs this expensive and that’s just the cost of doing business in New York? Or am I doing something wrong. 

Any advice would be appreciated. 

Thank you,

Felix Perez

@Derek Diamond @Taylor Chiu thanks for the advice guys! I think I’m going to go with the wholesaler route for a bit and see how that works out for me and then try the other methods if I’m unsuccessful 

Hey guys, 

So Im 24 and I've only flipped one house so far. I bought it out in Shirley, New York on Long Island. That process was relatively simple, it was a HUD home with the bank asking for 130,000 so we simply offered $125,000 and they accepted. In the end we ended up selling for $235,000 made a decent profit and that was that. I was very excited after this process to find a new house and start everything all over again. Since then I won an auction but a lien came up last minute and we were forced to back out of that deal. After that we (and by we I mean me and my family who I work with) have been analyzing houses constantly and putting at least 10-20 offers per week FULL ask price and it's been a few months with not a single person accepting our offers. I was wondering if there was anyone from my area or anyone who has gone through a similar situation who could tell me what Im doing wrong to fix this situation. Any advice would be appreciated!

Thank you,

Felix Perez