All Forum Posts by: Jose Campos

What are they looking for in terms of space, budget, location etc?

Hi Erik,

Rate & term would be $477,500

Good afternoon BP community,

I have a cash flowing fully rented out and occupied small office space just north of downtown SA. It is under contract until June 2024 for now and has been rented out since I bought it over a year and a half ago. I have been looking to cash out refi or rate and term. Any local lenders that do full commercial you all recommend?

Thanks!

Quote from @James McMurrey:

@Jay Chin

It all depends on your goals. Most house hackers go for a duplex or triplex on their 1st or 2nd purchase because the rental revenue is much higher compared to their mortgage payments. Plus, you jump start into 2 or 3 units instead of just 1 unit if your ulimate goal is a larger portfolio. However, it can be a wake up call when it comes to managing a tenant that lives next door and the risk of more maintenance is always there the larger the sq ft. 

If you go with a SFH, you will likely use your FHA or VA loan eligiblity when it could be used on a duplex or triplex. Either way is successful, just depends on what's important to you.

Happy to hop on a call and help strategize. Not questioning your friend but I'm pretty sure it's not a buyer's market anywhere, INVENTORY IS STILL LOW. Ask a realtor for market knowledge. Us loan officers are better at mortgage industry knowledge. 

-James
Veterans Alliance- Umortgage

NMLS 2302283

 Agree 100% here. It is definitely not a buyer's market, or a seller's market. It is just a weird market with high prices, high rates, and low inventory and people who have great rates, aka under 5% not willing to part ways with those rates, not necessarily their homes.

Also, I understand you are new, but not sure getting something a little discounted or slightly below market means you have built in equity. If you believe the market is perfect or at least an unbiased equalizer, the price you pay was the right price, because you were willing to pay it. I would say equity can be built over time with appreciation, or forced rapidly with a rehab, rent change etc.

Good luck!

I am very interested in this unfinished 10 plex in Mahncke Park. I am actively looking for reasons not to buy it; playing devil's advocate. I would greatly appreciate your help and insight. I have gone to the city and checked up on permits open and closed. Zoning is good and allows for up to 13 units based on acreage and MF33. I own a multifamily on this street already and am very familiar with the general and immediate area.

Concerns apart from unfinished project are parking and adding those 3 units from ground up. It is a total of 3 buildings: 2 duplexes in the front (one finished one exposed studs) and then the larger back one with 6 units also unfinished.

I am bringing contractors, plumbers, and electricians etc out.

Thank you!

https://www.loopnet.com/Listin...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $225,000
Cash invested: $150,000
Sale price: $450,000

Purchased this very large single family residence. It had multiple families living in it when I purchased it: full of trash, furniture and decomposing food in fridge. It was a very large undertaking.

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

Wholesale directly negotiated with wholesaler.

How did you finance this deal?

Hard money lender bridge loan with Renovo

Quote from @Dimitra Manou:

 These numbers do not make sense...2.3% cap rate? Can you share more details?

Quote from @Jordan Moorhead:

We have an amazing contact in San Antonio for an agent, property manager and also a good contractor!

 Jordan, can you send contractor and agent info please?

Quote from @Brian S.:

@Jose Campos just follow the law and fully understand it if you’re going to invest in towns with military in it. If it were anyone else, would you call their boss for assurance they’re “employee” is going to leave their home a wreck? Or if you’re assuming they will, then screen better next time.

Towns with military are every town btw and this is San Antonio aka military city so every tenant is a potential vet. And you must not verify well when you screen because I do check references before they move in and I did not plan to call their CO or anyone else; that was recommended by someone on this forum. They are great tenants, like I said in my original post, never dealt with this just wanted to double check. They are leaving end of this month and will leave everything clean and new like they found it. If not, that's why I have a security deposit, just like every other tenant and move out/move in process.

Quote from @Nathan Gesner:

Quote from @Jose Campos:

You have to release them if they have orders. They are still required to provide you a copy of the orders as evidence of the pending move, and they have to give you 30 days notice. 

Yes of course thank you