All Forum Posts by: Gabriel Haro

@Shirley X. A $3000 payment does not sound good! Sorry! My advice if you need an immediate fix is try listing the duplex on a site like Airbnb or HomeAway until you find permanent tenants. It will certainly reduce your losses. The Airbnb market is HUGE! 

I Airbnb one of my rooms (Dallas, TX) for $50/day and it is booked 20 days out of the month. 

Thats $1000/month for ONE room.

It does require a furnished home but you eliminate the chances of long term bad tenants and can get paid more than what you intend your rent to be. Where is your duplex? You can research the current rate of houses in that area.

As for your buyers agent, If he did not deliver he should not get paid. Thats how business works. The conversation should be brief and to the point. "We appreciate your efforts, however you did not deliver. We will take it from here. Thank you." 

Hope this helps!

Best of luck!

Awesome!! Im in a "similar" situation. Working on my second home. I can use some sound advice on how to make it happen as a 1099. I wont qualify for a loan and dont have 20% to give down.

What I do have is a home that I financed for 150k and is now worth 300k. 

What would you say is my best option?

Second Home is worth 300k

He's asking 250k

It took over a year to respond but your advice definitely worked. I purchased the house at 186,000 and it is now worth 300,000 and he now wants to sell me another home! I apologize for not thanking you but I most definitely used your advice. Thank you!!

In May of 2016 I purchased my first property from my landlord who owns multiple properties.

Got a great deal.

He owner financed the home to me.

Home Price $186,000

Down Payment 40,000

7% Interest

2 Year Balloon

Pre-payment Penalty: 6 month of interest

The house is now worth $300,000

Heres where I need some sound advice!

Up until today I was going to sell the home and pay out the pre-payment penalty and pocket the difference.  However, he recently reached out to me to purchase another one of his homes also at a great price. The problem is that I have been self employed for 1 1/2 years and wont qualify for a bank loan. And I don't have enough money to give a 20% down if he owner finances me the new home. What are my best options to own both homes? Would a Home Equity Loan work? Cash -out Refinance? 

Second Home is worth 300,000

He wants 250,000

I intend to live in same home and rent out new home.

Its 5:00 AM now and I knew i had to reach out to the Bigger Pockets fam.

Thank you!

Hello there,

I was told by a friend a couple weeks back that a great way to find properties for sale is to ask friends for their landlords information and ask if they had any properties they were wanting to sell. I did that, and it worked. 

Landlord has a house he is currently leasing but is open to sell after the term ends. However, my current employment is a 1099 (which will not get me approved for a loan unless i have at least two years of 1099 work under my belt) That being the case I want to owner finance and do have enough to give a 10% down. 

How do i convince the owner that it is beneficial for him to finance me the house? What are ways I can negotiate the best deal? I have done some research and I am somewhat familiar but if I am open to new ways to motivate him to finance me the property. He does not want a 30 year note so i proposed a 2 year balloon.

For me as a buyer, what homework must I do to prevent confusion in the future?

Thank you!

Gabriel Haro

Dallas, TX

@Wayne Brooks that's right it was an assignment but I was only aware of the 45k I was paying and didn't see the 28k sellers price until I received the HUD one day before closing. His name does not appear on the HUD there was two assignment fees to different parties. 10k for the realtor (which they'd split) and 6.5k to another party I don't know (they're the ones that will not sign)

Other than speaking to the broker about reporting her, what other steps can I take to get the EM back?

Thank you for all of the advice. 

I called the title company to request my earnest money back. There is another party involved who will not sign to release the money. I will be getting in contact with the broker tomorrow and sharing the situation with him as well as reporting her to the Texas Real Estate Commission. 

And thank you Jeff for taking the time of day to talk over the phone and lend some advice, it was greatly appreciated.

I am completely new to investing in real estate and so I went out to find a mentor who I knew from home and I considered my friend. He wholesales, does contract, and whose girlfriend is a real estate agent. Within a week he called and said he found a house that met my criteria.

Acquisition: 45k

Rehab: 6k

ARV: 61k-65k

I felt pressured throughout the whole process which i understand is the case when you are flipping a home so i never brought it up. However, his gf (real estate agent) asked that I get a cashiers check for 43k by sending me a picture of only section of the HUD and not the whole document. I requested the whole document and when received to my surprise the sellers price was 28k. Dont know really what to make of it. If im honest i placed too much trust and did not do my hw on the property. I am not sure if the house is even worth the 61k-65k or if the rehab is really 6k since he got it so cheap. After calling and asking he said he did not acquire the house for that cheap. Is that possible? Or is the price sated is what he got it for? Like i said i am completely new to this and i am not sure if he is lying about the whole situation to get the most money from me.

1. How do i go about finding the ARV of a property?

2. I have 2k in earnest money. If it does not go through can i get that money back? if so, how?

3. Assignment fees were 16.5 k and he claimed its not for him. What questions musty i ask?

Any advice will help. Might've not been clear enough so feel free to ask questions.

Thank you