All Forum Posts by: German Torres

Quote from @Joe Villeneuve:

Sell the second house.  This isn't that tough of  question...or at least it shouldn't be.

 Hi @Joe Villeneuve, yes isn’t that tough but the second property is the house that I’ll use as primery  residence on 2 years…

Quote from @Account Closed:

Quote from @German Torres:

Hi BP I hope to find some words of true north.

I flip a house last year and 54k was my gain, so I was feeling on top of the world, that I knew everything so I went and bought 3 more house to be rentals, different prices and location, all in Houston area, using Hard Money, after 5 moths first house was completed and rented and I just refinanced with 50k equity ( no cash out), second one 130 k equity no refinanced yet took 4 moths to rehab and the 3er one is at 10 % of the rehab.

I run out of money, I have like 80k on credit cards and the loans are coming to maturity.

What can I do?…

 I don't know enough details of the entire situation with $80K of credit card debt and that many houses, but it looks like you need to talk to an attorney to protect any interests you might have. Normally you would sell enough houses to get out of foreclosure and pay off the debt.

Thank you for your words @Mike Hern and to expand a little, the 80k on credit card debt is mostly from materials, I was expecting to cash out and lower this amount but I was told because my Credit Score (it lower for utilization) & I couldn’t qualify, also the refinance was calculated on 65% LTV and bring 30k for closing cost.

This bring me to the question how to get cash out whitout credit score and 70%LTV minimum?

Hi BP I hope to find some words of true north.

I flip a house last year and 54k was my gain, so I was feeling on top of the world, that I knew everything so I went and bought 3 more house to be rentals, different prices and location, all in Houston area, using Hard Money, after 5 moths first house was completed and rented and I just refinanced with 50k equity ( no cash out), second one 130 k equity no refinanced yet took 4 moths to rehab and the 3er one is at 10 % of the rehab.

I run out of money, I have like 80k on credit cards and the loans are coming to maturity.

What can I do?…

Hi BP Community!

I’m starting a rehab in cypress area, looking for contractor investor friendly referral for a full rehab.

Hi BP community!

I’ll go straight to the point, I singed a contract to sell a lot I wanted to sell for so long (3 yrs and 1.7 of those in the market).

I’m doubting to sell because I just recibe the 2020 appraisal value and it increase a lot, but not sure what my options are?

Any thoughts ?

Hi BP Community!

I found a SFH 3/2.5/2, through HUBZU.com, and I want to know what is the best way to analyze this kind of property, how is the best way to finance it, HM, FHA or Conventional?

Is listed in the MLS at $180K and in Hubzu last week someone won the bid, but this week is listed again, pretty sure because was to low the offer, so How to Know what is the minimum to bid and win?

ARV $195k

Starting Bid $120k

Rent Comps:$1.6

Rehab: $15k

I would really appreciate any comment.

Great Point @Cody L.I will take it into consideration.

Hi BP community!

I bought a land at Tax Sale Auction thinking I was buying a house for 18.5k, really soon after the Auction I was embarrass for my poor Due diligence, took me a while to overcome the feeling.

Year and half later I took the decision to sell, and finally a buyer 11 months after law ball me and I accepted 18k, just to take my inicial investment, but this time title company told me Is a Labor Lien for 14.5k dated from 1985 (the land used to be City’s property).

According to my math, if I decide to go through I’ll be loosing all my money, because I paid back taxes and current. 

I have the Idea to cancel the contract, develop the land building a duplex, and when the time comes to sell I’ll have developed  enough equity to  cover the Lien.

Any Thoughts?

@Clayton Smith because of your analysis I decide to keep my property.

Thank you all, after your comments I went straight to my Agent and Told him I won't sell, Obviously he got upset but you guys helped me keep my path towards financial independence, I will take your advice @Brian Goodling refi and purchase. @Dave Foster and @Hai Loc you both made such a great point and I will keep it in mind.