All Forum Posts by: Hector Martinez Rosales

Hey there BP crew, as stated above, I am wondering if I benefit from creating an LLC. In my primary residence I have my cousin paying half of the mortgage. I recently heard there may be some benefit from recording this income through an LLC. How true is this and what other options are there to help me on my taxes? Also I am curious what your thoughts are on holding the property for longer than 2-3 years.

@Greg Dickerson I am a full-time architect, however i am just fresh out of school and have very little knowledge on residential projects. 

Basically he is asking me to make his ideas into a reality. I see it as an opportunity to gain trust and knowledge on the process of built-up construction, I am just now sure what my first steps should be. Do I reach out to a contractor, are there permits I need to look into, etc?

I am in the process of helping out a potential investor in the design and construction of a few multi-family residential projects in Kansas City. I am being tasked with providing design input as well as all of the documentation needed to make these projects a reality, the problem is...I have no idea where to start. Can anyone provide guidance to the built-up construction process? 

Thanks!

Investment Info:

Single-family residence buy & hold investment in Overland Park.

Purchase price: $165,000
Cash invested: $5,000

Small ranch house in the heart of Downtown Overland Park

What made you interested in investing in this type of deal?

The area

How did you find this deal and how did you negotiate it?

Realtor

How did you finance this deal?

First time home owner, no cash down!

How did you add value to the deal?

Renovating and remodeling

@Jake S. thanks for your on-going mentorship! I will jump on it. 

Just as the title reads, I have no cash but I do have an investor willing to fund my first flip. What do I get out of it? What does he get out of it? What is the best way to approach him with my strategy for continuous partnership. 

Can this event be streamed live for all of us inlanders?? 

Hi BP team. My name is Hector Martinez-Rosales, I am full-time Architect in Overland Park, KS. I recently made my first purchase of a single family, 2 bed 1 bath house this spring using a first-time home owners mortgage with 0 down. 

As a newbie to this game, I would like to know...

What CAN my next move be? 

At first I was planning on this house being a 3-5 year project where I could then sell in order to scale up to a better house as a primary residence, however I am also debating holding it and renting it out to start my re-occuring income. So I am opening up the discussion to learn what my options are as someone with little to no money for another purchase but with a goal to meet, which is to own 5 properties that can provide a minimum of $200 of cash flow monthly. 

@Jared W Smith This is great. Thanks for your response. You aren't the first person to suggest investing in education, which I totally agree. I want to be to my contacts and investors the type of person that can deliver results. So please do share what material you would suggest to expand my knowledge and vocab? 

My goal is to finish this marathon and not get gassed by attempting to sprint through it. I do see this as a long term opportunity and would like to be prepared to be the best I can be. 

Hi all, I am opening this discussion because I would like to know what steps I can start taking in this real estate marathon?

A little about myself: I am a full-time architect working the 8-6 game. I graduated school in 2017 and am currently 26. This basically means I have 0 cash and about 30k in student loans. I do however have a connection with a few investors that may be willing to back me with some startup cash for my first projects.

What is the best way to approach these investors?

When can I be sure I have all the tools in place to make the first move?