All Forum Posts by: Jason Ricardo salgado

Hey everyone! I have finally finished my blueprints and 3D renders for to build a future Airbnb. I think it would be smart to find a builder and figure out a budget before I can ask for a loan from a bank.  What are your experiences when it comes to finding a builder? What about when asking for a construction loan?  

Has anyone had any experience with AirBnb rentals? particularly unique listings? what are some things you wish you knew before you started doing Air Bnb? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $22,000

After my first property was a success, I decided to leverage my first property to get a HELOC and then used that money to secure a home loan. This time I had to pay only 6k in closing fees. Once the fees were paid, I bought a 3 bed 2.5 bath and took it out of the 1980's into the 21st century with renovations. Once I posted the house for rent on Zillow and my home became part of a bidding war for renters. i got renters before the house was complete and rented it out once it was finished.

What made you interested in investing in this type of deal?

The pandemic was fueling a ton of homebuying. I wanted to buy a second home for a while but the pandemic made me want to get in on the action before housing rates went sky high. Im glad I did. this house was a great investment!

How did you find this deal and how did you negotiate it?

i found this deal by driving around the area i wanted to buy in. I found the house the day it was placed on the market by chance after driving around for weeks with no luck!

How did you finance this deal?

Va Loan, private lending

How did you add value to the deal?

I renovated everything in this room. and modernized the look and feel of the house. I replaced all major appliances with modern looking ones and painted the interior and exterior

What was the outcome?

the house rented immediately upon posting on Zillow!

Lessons learned? Challenges?

This is a lot harder than what HGTV makes it out to be but the rewards have been phenomenal!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with a phenominal real estate agent that is very knowledgable on veteran loans and hard money lending

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $22,000

After my first property was a success, I decided to leverage my first property to get a HELOC and then used that money to secure a home loan. This time I had to pay only 6k in closing fees. Once the fees were paid, I bought a 3 bed 2.5 bath and took it out of the 1980's into the 21st century with renovations. Once I posted the house for rent on Zillow and my home became part of a bidding war for renters. i got renters before the house was complete and rented it out as soon as the house was finished.

What made you interested in investing in this type of deal?

The pandemic was fueling a ton of homebuying. I wanted to buy a second home for a while but the pandemic made me want to get in on the action before housing rates went sky high. Im glad I did. this house was a great investment!

How did you find this deal and how did you negotiate it?

i found this deal by driving around the area i wanted to buy in. I found the house the day it was placed on the market by chance after driving around for weeks with no luck!

How did you finance this deal?

Va Loan, private lending

How did you add value to the deal?

I renovated everything in this room. and modernized the look and feel of the house. I replaced all major appliances with modern looking ones and painted the interior and exterior

What was the outcome?

the house rented immediately upon posting on Zillow!

Lessons learned? Challenges?

This is a lot harder than what HGTV makes it out to be but the rewards have been phenomenal!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with a phenominal real estate agent that is very knowledgable on veteran loans and hard money lending

After my first property was a success, I decided to leverage my first property to get a HELOC and then used that money to secure a home loan. This time I had to pay only 6k in closing fees. Once the fees were paid, I bought a 3 bed 2.5 bath and took it out of the 1980's into the 21st century with renovations. Once I posted the house for rent on Zillow and my home became part of a bidding war for renters. i got renters before the house was complete and rented it out as soon as the house was finished.

Investment Info:

Townhouse buy & hold investment in Lawrenceville.

Purchase price: $169,000

I purchased my first house my first year of college after leaving the military. I used my VA loan to not pay the 20% down needed to complete the deal. I then lived in the master bedroom which had its own bathroom and i rented each additional room for $650 plus utilities. This paid for my mortgage and left a little bit of profit on the side which paid for my part of the utilities. I lived basically rent free through college until my home equity grew large enough to try to refinance.

What made you interested in investing in this type of deal?

After leaving the army, i had to live with my parents who stressed that I needed to have my own place at my age specially after leaving the army.

How did you find this deal and how did you negotiate it?

I found this deal as i was searching zillow one night out of boredom and it was in the perfect location where it was close to school, work, and my family! it fit perfectly!

How did you finance this deal?

VA Loan

How did you add value to the deal?

I did minor renovations. and allowed the house to go up in equity through time

What was the outcome?

I was able to save all of my rental income which I used to finance my stock market goals and my next realy estate venture

Lessons learned? Challenges?

Being a landlord to your friends is much harder than i thought, they assume that friendship will come before business, which does, unless you're refusing to pay the rent. learning to seperate business and relationships is invaluable

Investment Info:

Townhouse buy & hold investment in Lawrenceville.

Purchase price: $169,000

I purchased my first house my first year of college after leaving the military. I used my VA loan to not pay the 20% down needed to complete the deal. I then lived in the master bedroom which had its own bathroom and i rented each additional room for $650 plus utilities. This paid for my mortgage and left a little bit of profit on the side which paid for my part of the utilities. I lived basically rent free through college until my home equity grew large enough to try to refinance. I ended up securing additional funds for my next project using a HELOC

What made you interested in investing in this type of deal?

After leaving the army, i had to live with my parents who stressed that I needed to have my own place at my age specially after leaving the army.

How did you find this deal and how did you negotiate it?

I found this deal as i was searching zillow one night out of boredom and it was in the perfect location where it was close to school, work, and my family! it fit perfectly!

How did you finance this deal?

VA Loan

How did you add value to the deal?

I did minor renovations. and allowed the house to go up in equity through time

What was the outcome?

I was able to save all of my rental income which I used to finance my stock market goals and my next realy estate venture

Lessons learned? Challenges?

Being a landlord to your friends is much harder than i thought, they assume that friendship will come before business, which does, unless you're refusing to pay the rent. learning to seperate business and relationships is invaluable