All Forum Posts by: Gregory Flores, Jr.

Absolutely worth it.

First, buy an annual subscription. They are $290 if you pay all at once, and the annual memberships are rising on 11/15/17, per @Joshua Dorkin's email that just went out this morning...if you sign up before the increase, you'll be grandfathered in at $290 for next year.

You'll have access to the marketplace, as well as a private Pro member forum. You can save as many files as you want, run as many analyses as you want with the BP tools, and other "superpowers" as @Brandon Turner puts it.

Others are more likely to take you seriously if you have a Pro membership as well. Look at is as an investment in yourself.

It's about the ARV (After Repair Value) of the home you're getting into, since THAT is the value you'll want to refinance at....if you can't draw out your initial capital at that point then you bought the house at too high of a price.

My tenant has android while I have iPhone as well. This sounds good, creates transparency, and I imagine it would make whatever repairs performed go more smoothly and less expensively.

So I presume the landlord would pay for this SaaS (Software as a Service)? I see it being run on a monthly subscription revenue model. Finding a way to get tenants to pay something, like by offering to finance a cheap camera device if they don’t have a smartphone, would make the app more valuable. I’ve got ideas for days. I just wish I had more than one rented unit downstairs from me so that I could try this in practice. 

@Alisha Decoteau I do like the idea of drafting something before approaching a lawyer, and then going over those high points together so they have an understanding of what you were trying to get at before they draw up a document. I've got a RE agent buddy back in NYC that does this.

I think it shows that you aren't there to be hand-held. I'm of the mind that you can put yourself in good hands, but I want to see the fingernails and get into the dirt too, from a high level.

I am eager to see responses, as I am in a similar situation. A former state politician has owned multiple homes in a few towns here since 1990. They have been vacant for years, with some having either fire damage or vandalism. The seller keeps taxes current on some properties, but several cities have foreclosed on some of his larger commercial properties as they rack up fines after going into disrepair.  In the process of performing diligence on the properties before reaching out to the seller, and getting some perspective on how to approach that would be awesome.

@Llewelyn A., I enjoyed going over your posts here. I'm a Brooklyn kid (Coney Island), and getting started in Colorado. I saw those rising prices on the wall and had to leave after college in 2014. Hoping to return one day to invest like yourself back into my home. Carpe Diem!

If you both have excellent credit you may be able to find a lender that will overlook the PMI on an FHA loan. We were able to forego the PMI in our townhouse due to my fiance's excellent credit, and that was through New American Funding.

One point if you go with the rental is to ensure that it cash flows so that it actually helps improve your debt-to-income ratio, which then helps you out with that line of credit down the line. 

Agreed with this being a losing investment the way it’s currently set up.  You’re paying out of pocket to hold this for 20 years with no way to know what it would sell for.

It sounds like you’re serious about the property @Francis Dinh, so I’d suggest to come up with some different exit strategies, Since you’re currently under contract at $245,000, it’s tough to say, “Bring that price down to $170,000!” I would think it’s also tough to say, “Bring that rent up to $2,450.” Again the goal here is to be to that 1% rule sweet spot.

I’m not familiar with the Rockwall area, but I know Texas is a pretty hot market. Knowing the description of the property like rooms and square footage would probably help get more detailed suggestions as well.