All Forum Posts by: Dan Romero

Welcome aboard. Good to see you. Hopefully we can close on some more deals down the road. 

@Brandon Pace my realtor is very knowledgeable of the area. She can tell you better than I can about where to invest and address some of your concerns. I don’t think she’s on biggerpockets but you can message me and I’ll send you her contact info. I just moved here less than a year ago. Good luck to you. 
https://www.biggerpockets.com/...

Hello everyone, thanks for all the great advice and information. I didn't expect to get so many replies. I actually signed up for a REIA meeting on February 24th. My wife and I will be attending. Maybe we'll see some of you there. I'm currently working with First Capital Bank for a unrevolving line of credit and an online lender for a conventional loan. I figured is good to have options in case one doesn't fit the bill. I'm hoping to get a cash out refinancing after I purchase my first investment property. I'm also considering investing in other locations in Texas. There are a lot of great investment opportunities here. Furthermore, I'm willing to help anyone in anyway that I can either rehabbing, cleaning up a property or whatever it takes to learn and connect. I'm looking forward to connecting with all of you in the near future.

Thanks again

Dan 

Hello Biggerpockets,

My name is Dan. I'm a new investor in the Lubbock, Texas area looking for a reputable licensed contractor to help me rehab rental properties. I'm also looking for a real estate or business attorney in the Lubbock area to help me formulate a LLC and won't break the bank. Any recommendations would be greatly appreciated.

Thanks for checking out my post.

Dan 

Thanks Dale. I’ll definitely consider your advice. 

Thank you for your insight. I'm not sure how much it would appraise for but I looked at some comps in the neighborhood and I'll be lucky to get break even. I'm just trying to take advantage of the low interest rates and have a better ROI. Do you recommend getting the house appraised on my own before going through the whole process of applying for loan? Also, does anyone know of any lenders that offer small refinancing loans?

I currently own one rental property. I purchased the property in 2005 for 97k at 4.8% interest. Ridiculous, I know. It was my primary home for 10 years. The property is a 2br/1.5 bath townhouse in what use to be a nice area. I owe 57k. I'm currently underwater, no surprise. The property is rented by Volunteers of America. They provide low income properties for battered and abused women. The rent has been steady for over 5 years. I charge 1200 a month. After the mortgage ($725), HOA ($110) and property management fees ($150) are paid my remainder is $215. I would like to manage my own property, however, I recently moved out of state. I would also like to refinance for a lower interest rate but I'm not sure if I'll get approved. My credit is great, that's not the issue. My only concern is that the house will not appraise for the amount owed. I'm thinking of appraising the house before I contact any lenders so at least I know where I stand. Any advice would be greatly appreciated.

Guys thank you for the information you've provided me. I will take all of it in consideration. I really like that fact there's a book on contracts, that's defitnitely a must have. I do have a lawyer in case I need the contracts to be reviewed. I will stay in touch on how everything is turning out.

Hello BP,

I live in New Jersey and I need real estate purchase contract for my first deal. I downloaded one from theeasyforms.com but I'm not sure if that's exactly the one I need. I order the one for the state not the county. Does anynone know if I downloaded the right contract? Also I would like to know what are some good out clauses to add on the contract to protect me in case the deal falls through. I was told that I can get a blank contract from any real estate agent.

Dan Romero

Thank you everyone for the responses, it was extremely helpful. I will be posting a pic as soon as possible.