All Forum Posts by: Fernando Landeros

@Vincenz DeCastro, just curious where are you getting these deals from?

Hello everyone, hope everyone is having a great day. I just wanted o ask for some advice on my situation with m primary home. My home is valued at around 290 to 300k. I owe about 185k. The house needs repairs worth around 7k in my eyes. Tile, a bathroom door, there is a leak coming in from somewhere that I need to find out who to call to fix it. 1. Who should I call to give me an estimate for something like this?

My dilemma is if I should fix it and sell it with an agent. Or just sell as is with an agent?

Another thing I could do is to  try and owner finance the home to someone? That would get me a 25 to 35k down payment and a cash flow of $600 a month if they pay taxes and insurance. What to do? Thanks for reading.

Hello everyone, I just wanted to ask for some help on this potential deal. There is a home by my neighborhood that is reduced in price. It seems to me that it may be under priced by 10-15k. Needs some touch ups here and there but not much. It can earn me up to $1100.00 in rental gross income. But after all expenses it would only cash flow around $50-$100 a month. But I could have some instant equity with that. But I don't really like this idea. I could possibly rent it out to industrial workers for a premium but there will be more turnover unless I get some people in there for at least a 6 month least. The premium would be an extra $500. In rent a month. I really don't think I want to go this route.

The second option is to owner finance the home. The home is listed forb$87,000 but I would like to buy it for $85,000. I believe with closing cost,carpet, paint, and down payment it would end up costing me around 23k to purchase this property. I would then in turn owner finance it to someone that has at minimum 17k down.  My mortgage on the home will be $340.00. I would owner finance it for 15 years at 9% for 15 years. If they pay taxes and insurance I should be cash flowing at least $400.00 a month. I will get my original investment back in a year and two months as well. 

What does this deal look like to you seasoned investors? Am I overlooking something or does this seem possible to you. Thanks for reading and I look forward to hearing from you all.

Ultimately I do want to do multi family investing. I like how you can force appreciation and have the property managed by a property management company or have a handy man live there at a discount. 

What I am thinking is that once I have 3 homes I would be able to refinance using one of the to buy another home and add some extra cash flow. 

I am also thinking if the economy gets bad I will still be able to rent these homes out.

I just want to put this money to use in real estate.

Thanks for your reply.

I am fairly new to the real estate. I just need some honest opinion from people who been doing this. I am about to receive about 80 to 100k. Not really receive but am going to get this loan I should say. It's a HELOC loan.

I want to buy some houses in my home town that are affordable. I believe I can get 3 houses that are ready to be rented out when I buy them. Or they might just need a little work as well. We live in a revters town.

If I get these homes I am thinking I can do two things.

One if course is to rent them out and from the rent save the taxes,insurance, cap ex, vacancies, and repairs included. With all that I believe I can cash flow around 20k.

Second option would be rent to own. Many people in that town do not get traditional loans so this can be an option as well. 

With the first circumstance I can brin in around 20% return on my money per year. 

My primary goal is to produce 5000 monthly of cash flow. When I do that I want to retire and do real estate full time without the burden of making money to maintain the family.

Sorry for the long post but the replies would be greatly appreciated.

I am looking to purchase my first piece of real estate. My wife has an uncle that wants to get rid of some of his rental properties. The one he wants to show us has a four bedroom home that also has a Duplex in the back. The 4 bedroom home rents for $1200 and the two duplex rents for a total of $1400.00. So I will be generating around $2600 a month on this property. He wants to give me a few options to pick from. What do you think is fair. In my eyes, I want to cash flow every month and have the property eventually pay off itself.

The thing is I don't know how much I should pay for the property.

Do you believe that paying him 8k upfront to take over the property and then paying him $1000 for 15 years be a good deal for me?

I would be paying $1000 on the mortgage. My taxes would be $216 monthly. Insurance would be $150.00 monthly. Setting aside 400 monthly for CapEx and $50 monthly for repairs. I am also adding $50 for vacancies. Is there anything I am missing. My expenses would equal up too $1900. With that math i will be cash flowing around $600-$700 monthly.

What do you think and what else should I ask myself?

So just a conventional loan will do?

I live in a house that has 33% percent equity in my home. I want to take that money out for some investing opportunities in multi-family real estate. How could I take this money out. Could I just refinance the whole house and take the money out? What kind of loan would this be if I could do that? Or could I just take out a heloc loan and get my money out? Which road would be the best for me? Thanks in advanced.

Thanks for the quality information Jonathan Twombly. I appreciate you taking the time and replying to me. One reason I have not contacted one yet is because I want to educate myself more I do. I know what due diligence is, but can you let me know what you mean when you say due diligence material? 

Anyone out there that is interested in Multi-family investing in the areas mentioned above? I am also looking for brokers that I can talk to and can build a relationship with.