All Forum Posts by: Giezy Villavicencio

You mentioned education for the past 2 years and that you're so so so ready.....what do you need a business plan for and how would a template business plan help in any way with that?? 

I'm a little lost lol 

Quote from @Andrew Postell:

@Giezy Villavicencio thanks for posting. We need to get you in front of some good loan officers. So I would highly recommend speaking with a realtor first and then a loan officer. The reason I say this is that usually a realtor will have good loan officers to recommend to you. There's thousands and thousands of loan officers out there. The challenge is how do we know if any of them are any good? And while not foolproof, a realtor recommendation usually helps with finding a better one than we can find for ourselves. So speak with a loan officer about what you are trying to do and he/she should be able to guide you to what loan fits you better. For example, a DSCR loan cannot be used on a primary home. If you wanted to purchase a rental property with a DSCR loan, then you would need 25% down usually. An FHA loan only needs 3.5% down...but it can only go up to a certainly loan amount depending on your county. SBA loans cannot be used on residential homes. Lots of things to consider - so speak with a loan officer. Hope all of that makes sense.

The advice on avoiding the FHA because i will carry PMI for the life of the loan is sound advice, thank you!

i do understand SBA is business only thats why i mentioned occupying 51% of the building for my own small biz. Since that SBA requires for you to use at least 51% of the building.

but that move would me to get me into real estate.

If I do get a DSCR I understand its 25% and cant use it as a primary residence (im fine with that, i dont need a residence) 

. 

what i want to avoid is to get into a first deal where it bites me right back and i cant continue investing because i ended up in a bad first situation. 

Im looking to purchase my first property. I have all the intentions to purchase for investment purposes


im in a unique situation where my sister in law is going to stop renting the garage room she is and and wants to rent with her fiancé. I considered buying a single resident with a FHA and being them as room mates who will cover the mortgage and after a year i will move out so they can fully occupy the house,. By then i should refi and use $ to continue investing.

Or i also consider using a DSCR loan to purchase something first?

also i have a business and I considered using a SBA 504 for, and become 51% occupant and rent the other 49% space to another business.

ANY SUGGESTIONS ARE HIGHLY WELCOME HERE!

Quote from @Jim Pellerin:

@Giezy Villavicencio

You don't submit an offer with an assignment agreement. You make an offer with a standard purchase and sale agreement. Then you use an assignment agreement to assign that offer to a cash buyer/flipper.

 Thank you for clarifying the document process Jim! Where can I get ahold of these forms? (Standard purchase/sale agreement & assignment agreement)

Quote from @Eric Yu:

Hey Azu! You should check out the Springboard program that Thach Nguyen puts on. I joined after moving to Seattle & it's a good community of folks on the wholesale + BRRRR side of things. I think you could get a lot of value out of it as well.

 Do you feel that Thach’s mentorship is what help you acquire your first properties? 

I considered joining but I am in Southern California and felt that it was a complete different market,. 

I’ve been analyzing property within a 25 mile radius of where I’m at for the past 3/4 years. Ive always heard of wholesaling and up until August 2022 I decided to find real deals. 

i understand the wholesale process, I’m just lost at finding the assignment agreement that i need to use to submit an offer. 

I come across very expensive pdf downloads  but I dont know if those can be used in California (since its being sold by an out of state vendor). Also I downloaded one that Ryan Pineda offers as a free download but I know he is In Las Vegas Nevada. 

How can I get to the form I need to submit offers?? 🤝

You did your first wholesale deal in the IE already?

My wife and I are looking forward to attend. :)