All Forum Posts by: Herson Caraballo

Hi there Doug, Thank you, in those 3 years we also got rid of credit card debt!! ;) expecting to be done n the next 3 months and hoping/maybe $2k per side (all utilities included). 

God is good!

Congrats Greg! Hope all is well! Be blessed

ok, update on our quest. Through an angel investor/friend and great realtor (of course he had to be a bigger pocket's active member), found a SFR property in Virginia that was set to be demolished, it had a detached garage. We were blessed by God and were able to get a VA loan but we had to put cash money in the deal and work into rehabilitating the property to VA standards. The garage will be converted into 2 units of 1bed/1.5bath 660sqft each, I believe that we are going to rent each one for $2k/month w all utilities and internet... It took me 3 years since I first posted our plans here.... Just to say, don't get discourage, and always keep on learning and looking for deals...God is in control. ty al for all your shared wisdom and helpful comments.

Recommendation noted!!

Thank you Rich Hill.

Follow up:

My parents want to partner/invest with me. They are willing to use their paid off sfr home (appraised at $150,000) to somehow help with financing a deal.

Also, they contemplate the possibility of living in one of the units (rent free of course).

Can you guys help me brainstorm ways we could achieve purchasing a 3-4plex unit??

Also, is it a good idea or even feasible to purchase land and build a 3-4plex using what we have in equity???

Thank you BP friends again.

Hope you guys are having a blessed season!

-Herson 

Update: 

Seems the relocation to Houston is a no go. Have been in touch with a local BP member/ real estate agent/investor. Looking at MLS for deals and reading the BP books.

DMV area is super expensive and I really want to start on the right foot by creating passive income with my 1st investment (duplex,tri,four).

Can some one help by making examples running the numbers on properties from DMV area? Actual duplexes,tri,four... please..

I'm currently renting with a 1 year left on the lease agreement.

Sometimes feel that I am  in the analysis paralysis. Many times feel that what I'm trying to do is impossible. Discouragement is a hard one to fight.

Thank you all again for your support. 

Herson 

Hi there BP friends,

My name is Herson, my wife and I are Iraq war veterans. Our goal is to someday soon be financially free, maybe own a couple rental properties.

We don't know much about real estate other than what I've read and researched in Bigger Pockets podcast/books (waiting for delivery).

I want to share the journey of our first rental property. We would greatly appreciate any advice and knowledge you guys can provide.

Current Situation:

Living in DMV (DC,Maryland,Virginia) area, both working 9-5's, Renting a $2,000/month apartment. We have around $700 disposable income after all expenses paid and $20k in 401k, excellent credit.

Have a couple questions: 

1. Can I use a VA loan to purchase or build a multi family property for house hacking? if so, is this a good idea?

2. How about a construction to permanent loan? So little info on the web about this... Is this doable?

3. Being so expensive here in DMV, would you guys recommend to invest here? or is it a better idea to do it in TX where I have family interested in investing?

Side note:

I might be relocating for work to Houston,TX; where I have 2 brother in laws that are interested in investing with me. One of them is a residential painting contractor and the other one is a home building contractor.

Also, how could I arrange a deal (proposition) so my brother in laws and I can do this together? 

That's it for now. I have been postponing this thread for too long. I am so excited to start my endeavor and to hear and learn from you guys.

Thank you BP friends.

God Bless,

Herson