All Forum Posts by: Jason Delgado Alonzo

@Dee Brock that actually very interesting to know, I was not aware owner occupiers got first dibs on foreclosures! I will have to do more research on this.

@Michael Haas That makes sense. As I reach out to lenders I will find out their specific requirements attached to the 203k loan.

@Samuel Fletcher Hardy I will do so if I ever venture out that way, Thank you!

@Ken Nyczaj I totally agree. I am a hands on learner for sure. My main reason for waiting so long is to get my funding in order. 

@Steve Milford That is a fantastic idea! I will be adding that to my questions for lenders. And as far as cashflow, that is my main objective. I would like to at least cover monthly expenses with the revenue from the rentals. If I can make more that's fantastic. 

@Dee Brock I am not opposed to house hacking a single family home at all, although I am not sure it would change my situation much as far as timeline. What benefits would you say this would have over a small multi family?

@David Robinson & @Michael Haas

Wow! David that can make for a very stressful situation, and that alone has me leaning away from a 203k... But Michael everything you just said resonates immensely with me. I can see how this could be a huge pitfall and would easily sacrifice my chances of scoring a good deal. I may have to find a way to raise more capital or extend my timeline to make sure I can afford renovations without the 203K loan. 

I did not realise there were such heavy restrictions on the rehab process when using this financing, and was hoping to GC for myself along with as you mentioned doing much of the minor and or cosmetic work in house (myself and inexpensive laborers).

 Michael I not only appreciate the input but the hospitality, sir! 

I actually would like to ask you a follow up question and will message you directly!

 Solomon that is great advice!

I have always been a believer that if you fail to plan than you plan to fail! Though I have much to learn before I am dead set on any one strategy. Though I would like to see a plentiful rental portfolio in my future!

Cassi I appreciate the input!

I definitely plan to get with some local lenders to get my "ducks in a row"!  

I do have a question regarding this however, will the lenders want to run my credit a year in advance? and if so will this negatively effect me when I am actually prepared to purchase?

Thank you again for the info!

 Thank You Brandon!

I originally was thinking about managing the tenants solo but I had overlooked the complexity of landlord-tenant laws and now that I am thinking about it I will definitely get some help with that, at least until I learn the ropes! 

I work all over the S. King county and Pierce county as I currently do outside sales full time. I am open as far as where I purchase. I am very unfamiliar with the different local markets and know I have a lot to learn in that regard.

I was compiling a list of agents however I had not even thought of going straight to management firms! That is an awesome idea!!

I really appreciate the insight Brandon!

 David,

I appreciate the response and input. If you don't mind I would like to hear a bit about the issues you experienced during your FHA/203K deal. I have heard that I should vet all parties involved and make sure they are well versed in these loans, however I have found minimal information as to how these deals can go awry.

Thank you again for the insight!

Hello all, 

I have not a cent invested in real estate but plan to build a rental portfolio as well as explore other avenues of the real estate game (to be determined as I learn more). I hope to become more active in these forums as my knowledge grows and as I get closer to doing my first deal. 

My goal is to close on my first property in approximately  8-12 months which is when I foresee my finances being in line. This first deal will ideally be a small multifamily in which I can house hack.

I have seen so much positivity and support on here and I am excited to grow with this awesome community!

Hello, I am looking to start my real estate journey, and am estimating I will have all my "ducks in a row" within 8 months to a year from now. That being said my goal is to take advantage of an fha loan (and 203k if applicable) to purchase a small multifamily which I will then househack.

I am about 50 shows in to the Bigger Pockets Podcast and am absolutely loving all the info. I have been taking all book recommendations and compiling a list and have started working my way through those as well.

My question to the veterans in the industry is, how can I best prepare myself for the road ahead? What kind of funds should I have in a reserve account for unforeseen issues? Is there a good source to look for small multifamily homes (specifically in the Seattle - Tacoma area or outlying areas)? 

Thank you for an and all input!