All Forum Posts by: Hermilo Garcia

Hello everyone,

I am new to real estate investing, trying to purchase my first property (preferably a multi-unit). Like most young people wanting to invest in real estate, I have very little money.

Can any of you give some advice on how you bought your first property, and how you raised money for it? I would greatly appreciate it.

At the moment I am saving money from every pay check, with the hope to soon raise enough for a downpayment. 

I hope you all have a great and successful day!

Hello Everyone,

I am new to REI, and am trying to purchase my first property. Ideally, I would like for it to be a multi-family property.

I am looking at multi-unit properties in California, and they seem relatively expensive.

My question is, what do you guys think about buying multi-unit properties that are in forclosure? They prices are more affordable.

I would really appreciate the advice.

Cheers!

Hello Scott,

Wow, it seems like St. Petersburg is a great place!  I definitely would like to invest in a city with various attractions to bring more people to live there.

I am definitely interested in duplexes in you area, and would like to hear more from  you about them.

I apologize for the late reply.

I hope you are doing well!

-Hermilo

@Dmitriy Fomichenko Thank you very much for the advice! 

You are correct. At the moment I am looking to buy my first property, and am in the works of saving money for a down payment.

Thank you once again. Have a great day!

@Non Phan Thank you for your response!

That is definitely my plan. Eventually I would like to own my own LLC, and invest through it.

So, I assume you created your LLC before purchasing your first property?

Hello everyone,

I have been reading books by Robert Kiyosaki lately, and he talks a lot about creating your own LLC to protect you assets.

Should one create an LLC before purchasing property, or after?

Any advice on LLC's is appreciated!

Thanks.

-Hermilo Garcia

@Scott Ballard Thank you for reaching out to me! How do you like St. Petersburg? I have been doing some general research on homes in the area. I see that you are a veteran, and i wanted to thank you for your service!

Your profile says that you recently purchased a rental. How is that going for you?

I would like to purchase a multi-unit, live in one of the units, and rent out the rest.

@Dmitriy Fomichenko Thank you!

@Justin Stamper No worries, thank you. I look forward to hearing from you. Good luck!

@Melodee Lucido Thank you so much! I was told about owner financing by a friend, and it seems like it would be a good option for someone like me with little funds. I am doing research on owner financing properties in Florida, but have not found too many (at least in multi-unit properties). 

Thank you so much once again! I am really excited about starting my real estate journey.

@Sam Alpha I couldn't agree with you more! I am in a weird position. That would be incredible Sam. I really appreciate your willingness to help me.

I see. Yes, I would not exactly want to purchase my first property in a C or D area. I have done general searches on loopnet.com  and zillow.com, and have found some decent properties in Jacksonville, Daytona, Tampa, and St. Petersburg. (though they are not in Central Florida). The prices seems reasonable, if we compare them to California prices, but I am not if we were to compare them to the overall Florida market. 

Are you familiar with these areas by any chance?

That sounds great. I really hope this deal turns out well for you! Also, would this be your first property?

@Sam Alpha Hello Sam!

I am definitely considering buying an upper-fixed property. The only problem that I am having at the moment (I am fresh out of college), is that I do not have the extra cash to make repairs to a house. 

I am looking into purchasing a multi-unit property in the Orlando or Jacksonville area. I would really like to move back to Florifa.

Are you familiar with these type of properties in your area?

Also,

I read a little on the property that your are considering. How is that going for you? I hope you are able to negotiate something with the bank.

@Chardae Rose Welcome to BP! You're in the right place to learn more about real estate investing!

If you have any questions, don't hesitate to post them.

Good luck!

-Hermilo