All Forum Posts by: Gilda L. Sauceda

@Nicholas Sanchez

Mcallen TX near the Plaza Mall.

Hey Everyone,

Thank you for the kind advice first and foremost that assisted me into making a wise decision to start off my RE portfolio.  The bigger pockets platform allowed me to network positively and I found a GREAT realtor and GREAT lender. 

Currently on contract for a Single Family home under 140k (Owner Occupied)

3B 2Bath in a growing area.

Looks very well taken care of and I'm currently awaiting inspection. 

Large front yard and back yard.

Can anyone provide me advice?? ANY advice that relates to the purchasing process, inspection, how to increase value, and tips on how to jump into my next investment in 8-12 months. 

I plan to owner occupy it for 1 year and move on to my next investment. 

The home is near international airport, malls, shopping centers, hospitals and gas stations. 

I'm thinking ahead to be prepared in advance, not sure if Furnished Finders or regular rental would be beneficial just yet. Looks like I have a chance to make a positive cashflow not by much maybe $50.00 monthly to start. However, still a win for me because I'm thinking long term and also because lots of properties I came across were negative cashflow, not sure if it's like that for most investors.

Thanks again! Any type of feedback is awesome! 

Thank you @Wale Lawal very much. Will keep this in mind 

@Bruce Woodruff

I want a STR one day! That's one of my goals

@Bruce Woodruff

You're very right, I know what I want in my future and I know I will continue to pursue my investments. Maybe I'm overthinking the situation. I think I may go the SFH to get my feet wet as a newbie. They're being nice and giving me real life experience advice .. I was just trying to find more insight and rational behind their suggestions.
MF deals come a dime of dozen right now unfortunately. I might luck out! I do know I have a great realtor as of now who is looking out for my best interest. 

@Nathan Gesner

Hi Nathan,

Well if I go the single family route I was going to use FHA 3.5% down owner occupied.

If I went the MF route, I would do the conventional route 5% down. Therefore, my budget on a MF would be less than 350k.

Conventional 5% would allow me a better chance for a MF due to the competitive market I’ve been told. 

There’s no way I’m ready for a 20-25% down unfortunately. 

Also, my lender said I could use FHA one time only. I believe this is false?

@Chris Seveney

Thank you for your advice. I do plan to however, have 10k in savings aside from my down payment and closing costs. It’s not easy and I’m fearful to fall into a stressful situation from self management but also i want to be courageous and pursue my investments. My plan was to purchase more than one door and keep for the long haul 10-20 years. Purchasing a single family home will no doubt teach me a lot about being a home owner. I feel like if I buy a single family home I probably won’t move out in the first year or 2.. maybe my 3rd year depending on how life plays out. Maybe I’m wrong for wanting to go bigger with the amount of money I’ve saved but it’s also unrealistic perhaps due to the competitive market. My lender said I can always come back within a year and he will take into consideration the renters income  to get me into a new property. It’s not as easy how it sounds either to me. 
I have a decision to make.. however, I will take your advice and run with it. 

Seeking advice for someone in my current situation.

I’m looking to be a first time property investor with initial intentions to purchase a multifamily property quadplex owner occupied.

I'm preapproved for a conventional loan and FHA loan at this time.

I have about 15-25k cash to put into my investment. 
After networking with a few people I’ve been suggested to start with a single family home ranging from 180-250k. (Owner occupied) to refinance and rent after and move on to the next investment. 

Why does this idea kind of make sense but sort of makes me worry I won’t go on to further investments in the future (money wise). Well as soon as I would want? 
Would this have to be a BRRR method?

My main question is .. why do they suggest this route for someone like myself? Is it better to still pursue the multifamily route as I initially wanted or should I start with a single family? 

I’m from south Texas, quads can be found ranging from 300-800k. 

At this time I’m having my realtor look at a few single family and multifamily homes. 
just hope to make a good decision here in a few weeks or less. 

Thank you !! 

Hello! Seeking an agent that has extensive investing experience and is willing to mentor and help me purchase my first multifamily investment property in the Rio Grande Valley, TX
Thank you. 

Hello Nate,

I feel as if I’m in a rut myself finding good deals.

I have to agree having the right realtor that specializes in investments and that’s hustling for those great deals and getting on the sellers can impact you in a positive way.

I currently am in a rut because I don’t think I’m talking to right people at all unfortunately. I’m a newbie so I’m still learning the ropes. 

Wish you luck and success!