All Forum Posts by: Hector Resendez

I have 2-3 leads per month - mainly first time home buyers with credit scores from 580-620. I would like to send them somewhere they get taken care of as well as rewarding me with a bird dog fee. Most of these referrals are located in Texas.

Send me details and offers. Thanks in advance!

Roll it over into a IRA?

New into Real Estate investing and I'm trying to do some creative financing. My wife decided to stay home and look after our two kids. She has a 401k with a balance of 15k just sitting there. If she doesn't plan to go back to work anytime soon or ever - what can we do with this money?

I would love to invest with it but not sure if we can roll it over into a self directed IRA. How can I help my wife with this issue?

Any advice will be helpful and appreciated.

Merry Xmas and Happy New Year to all my BP family.

Cheers - Hector

WOW! Thanks @Carl Dean  for the amazing feedback. What a platform this BP family is. I cannot thank everyone enough. Here is a little more info which might help me determine which route to go. 

Both properties are located in Harlingen, TX ( South Texas ) and considered to be B class properties due to the low crime rate. There also both one street away from each other and my sister and brother live less than 2 miles away. They have always been my eyes and ears with the rentals. When my father passed away in 2009 he didn't leave a Will and I helped my mom make sure she kept those properties. I've been paying taxes on both every year since then. The 3/1 house has had the same tenants for 15 years and for some reason we have been lucky with them. Maybe $400-$500 on some random maintenance repairs but that's it. I think they have paid rent late a couple times too but since they have paid off that house multiple times I have let it slide. 

My mom now leaves in Mexico 8 months out of the year so I rented the 3/2 out about 2 years ago and so far so good. I wouldn't want to sell these homes anytime soon just because a small part of me thinks maybe my mom might change her mind and want to leave in it again when she can't travel. ( yes I'm a mama's boy ) I agree with it being a challenge that I leave 9 hours away from where I own these properties and maybe if you all understand "MY WHY" it will make more sense.

I make about 90k a year. However, my wife use to make 60k per year and when she decided to stay home with our 2 year old and new 6 month old it changed everything. I have a nice brand new home, still owe on two cars for another 3 years, and I pretty much sad to admit but break even every month. So my goal is to earn some additional income buy putting these two properties to work for me. 

Now, with that being said, what would you all do to earn an additional 1500-2000 cash-flow per month. 

1. Should I invest in a small multifamily outside the Dallas area where it is more affordable.

2. Use the money for down payment on a flip?

3. Use the money for a down payment on two buy and holds?

Once again, thanks to everyone, I was like a kid on Christmas when I saw all the notifications this morning :)

Have a great Friday!

Warm regards,

Hector

Hello BP world and happy holidays!

I'm new to BP and have been listening to one youtube video on my commutes to and fro work for the past 2 months. I own 2 free and clear properties in south Texas ( one is a solid 3/2 worth about $50k and the other is a 3/1 worth maybe $30k ). The 3/2 rents for $500 and the 3/1 for $400. 

My question is "If you were in my position, what would you do next?" Here's a quick back story because I want anyone out there willing to give this new BP some advice that is thanking everyone in advance.

I'm 33 and work full time and can devote about 5-7 hours per week into real estate - for now. I make a decent living however, I'm the only income earner now so I have decided that now is the time to put these properties to work.

Here are my questions or options. Once again, any future replies to my first post will be much appreciated.

My plan so far is to get some type of loan ( need advice) against the 3/2 $50k house to fix some cosmetic's and maybe add a 2nd bath to the $30k 3/1 home. This way I can raise the rent to $500. I got an estimate of $5000 for this to be completed. If whatever loan I went with was around $35k that would leave me with $29k to invest in my next purchase.

What should I do with the $29k left over?

Do a small quick cheap flip?

Down payment on a duplex or triplex?

I'm sure you all will need more specific information as you read this but for now, lets' start here.

Excited to be part of the BP family and ready to welcome your advice.

New to the area and looking to start relationships with local realtors, bankers and mortgage professionals. Have 2 properties under my belt right now but want to start growing my RE investments more in 2016. I welcome any advice.

Thanks in advance!