All Forum Posts by: Isaac Huerta

Hello, BP members! I finally found a property that I am interested in moving forward. It is a duplex with the two units already being leased. For those with experience in MFH, what are your recommendations regarding mortgage loans for these types of properties? Also, what banks do you guys recommend here in the Austin area? Thanks for your help, these forums are extremely helpful!

@Clayton Plank Here is how I see this working out:

The property is a duplex of two units of 3 bedrooms and 2 bathrooms. One side is being leased out to a family for $1,200/mo while the other side is vacant. I move in into the vacant side and I rent out two of the three rooms to friends from a nearby college. Each pays a $600 rent fee every month.

How did I benefit?

My benefit is that I'm living there for free.

How did my money partner benefit?

My money partner benefits by collecting the rent each month. 

What do you think about this scenario? 

@Clayton Plank Thank you for your input, Clayton. However, in my opinion, I think that can easily be avoided if both my money partner and myself come to clear terms regarding the stake of each party in this deal, possibly signing a contract if necessary.

What do you think about that? 

Hello, Mindy. Thank you for getting this forum started!

As a new investor myself, I would say that my biggest challenge is my financial situation. It is a challenge, but I'm not saying it's going to stop me from acquiring my first property this year. It just means that I'm going to have to get more creative, and I am looking forward to it!

@Account Closed Hello, Bryant! First of all, I want to thank you for your willingness to help newbies. I truly admire people who share their knowledge with others. 

I am a newbie myself and have a lots of questions regarding Real Estate Investing. However, I see that you are a savvy house hacker and that is one thing I'm interested in doing. My question is, what would your best advice be to someone who doesn't have much financial capital (and therefore has to look for a money partner), but is looking to house hack the property? Would you recommend I tell my money partner that I can manage the property in exchange of their money? 

Once again, thank you for your help and I hope to hear back from you! 

@Account Closed Hello, Nick! Thank you, and yes, I already read BOBA! Awesome book and very inspirational. What other book do you recommend? 

@Thea Logan I was surprised as well! We should definitely look into organizing a meet up. Would be a great way to network and pick each other's brains. Count me in! Shoot me a message if you want to talk about a little more. 

I have found two great mentors in my short time here on BP. What I recommend you RJ, is that you are active both here on this platform and in the real world. Send colleague requests to professionals in whatever field you're interested in and let them know about your goals. Offer any kind of assistance and for free (very important that you don't ask for money) in exchange of knowledge. Also, attend every networking event you can. Face-to-face interaction goes a long way and it lets your future mentor connect to you in a deeper level. A mentor is looking for someone who is 100% committed to this business and sometimes it's really hard for them to see such quality through a social platform. Hence my recommendation to meet with people face-to-face.

Hope this helps RJ, best of luck!

Hello, Thea. Glad to have a new member join this incredible community, welcome. I'm a young aspiring real estate investor who is currently learning as much as I can and trying to connect with as many people as I can. I am from Austin, TX as well, so if you'd like to connect let me know. I would be more than glad to assist you in any way possible. 

If you are looking to network, Streamline Funding from Austin has networking events every 1st Wednesday of the month. Visit this website for more information: http://streamlinefunding.com/events/

Best of luck for 2017!

Hello, Austin. I completely agree with @Levi T., the attorney is not going to be able to provide that information. However, you may want to ask him who the trustees are. I would recommend you get in contact with them and they should be more than able to answer your questions. 

Good luck with the deal!