All Forum Posts by: Ivan Loza

@Kenneth McKeown lol I’ll take your word for it. Congrats on your success as a realtor and investor!

Interesting, I didn’t know acquiring properties as a primary residence was a strategy investors played. That’s how I got my first 2, but I can’t imagine how I would go about replicating it?

That’s a killer goal, I’m sure you will surpass it! Mine is to reach 5 digits in monthly cash flow by 35 (I’m 25)

@Kenneth McKeown our situations are surprisingly similar! The short answer is I live rent free. I’ve been living in the back of my parent’s house ever since I moved back to Dallas 3 years ago. I have plenty of privacy, my own entrance/restroom and all so I will probably continue to do so until I pick up my 4th rental in about 15-18 months or settle down.

Ytd my checks come in at an average of nearly $4300/mo if I factor in all of my stipends and extra duty pay and I’m confident that this will continue to grow each school year.

My expenses breakdown per month: $250 groceries, $250 set aside for traveling, $400 nights out/dates, $300 clothes (and random amazon stuff lol), $300 gifts/kindness (birthdays for example), $300 bills. I don’t necessarily budget or adhere to these numbers, I just don’t have expensive taste and they’re usually what naturally occur.

If you don’t mind me asking, has your salary increased significantly since becoming a realtor? And if so, how long did it take to do so? I’ve considered it, but it’s hard to let go of the long summers and breaks lol. Plus I imagine I’d get stuck in traffic much more frequently then my current 8 min commute.

Also, how did you manage to get such low interest rates on investment property mortgages? My two current are under 5%, but my loan officer said from here on out they will be higher. Even then, it beats having to wait until I save enough for all cash purchases.

Thanks for the input! Ha yeah a lot will change depending on our future wife’s financial situation!

@Leah V. Thanks Leah, I’ll go ahead and add the minor decor in the entrance. Plus the mat should help keep the house clean during showings.

I should of mentioned that the security system is a one time expense of about $75, doesn’t require monthly payments, it simply sincs to your smartphone and nothing else. But even then, might be unnecessary.

@Brandon Ribeiro if you’re planning on house hacking you can get away with as little as 3-5% down. Even if you don’t, continue shopping with other banks because it’s pretty standard to only need 20% percent down on your first few investment properties.

@Curt Smith yes this indeed a blue collar Dallas home that I am aiming to rent for $1350; mortgage w/ insurance+taxes is $725.

The house is fully functional and renovated inside and out, it will be mine this week. I will make it my mission to make it as bright and clean as posible.

I don’t care too much for flowers lol, just read in a bigger pockets book that window boxes add life to front of the house. And although fully renovated, this house is admittedly plain looking.

I will look Into all of your recommendations!

Quick follow up questions:

1) I feel a shed is a must, House is small 1100 square feet with no garage, but huge backyard (1/4 acre). I hear storage space is key to finding long term tenants. Do you think it would make much of a difference if I went with a 50 sf shed vs a 100 sf? Would cost me about twice as much. $800 vs $15000.

2) should I spend around 80 bucks for a 5 Star security system on amazon? It could make for an appealing bullet when marketing

3) Should I include a refrigerator given that many potential tenants already own their own?

Thanks for the tips!

@Geordy Rostad what software are you guys using to create these visuals?

What are some of your favorite inexpensive hacks to make your rental seem more luxurious or homey to potential new tenants?

For instance, do you install window baskets with flowers, add a cool shed, patio furniture, light candles or bake cookies when showing?

@Tyler Weaver Luckily I’ve built a great relationship with my loan officer and I’m confident that her bank will continue to finance many more of my properties. Still, I will look into portfolio loans and other creative strategies for when it’s time to move on.

I understand the BRRR process; however, I'm not too good at assessing rehab costs. I'll need to do my hw. What sort of problems in a house do you consider deal breakers?

Thanks for the advice!

@Don Gouge Thankfully my city pays us a decent enough salary. Plus I do just about everything extra I can from after school clubs, to Saturday school to summer school. Also, it pays to be bilingual in Texas

@Giselle Mayhew thanks for the tip Giselle, I’m happy for you and your husband’s success. Believe it or not, rent to own was the strategy which first attracted me towards the world of real estate back in college. Many perks from higher monthly payments to less involvement in the maintenance. However, unfortunately it is no longer legal down here in Texas..