All Forum Posts by: Jess Aranda

hey AIsha I really need to connect with you, text me on my cell 3366552634. I may have a need for that mortgage broker. Also 

Its actually in Winston Salem, NC. I used to live there. For me its just makes sense to purchase rental cause Its not hard to find a cash flowing properties there. Compared to NOVA. Plus its easier to pay a 400-600 dollar mortgage if my unit got vacant than 1600-2500 mortgage here in VA.

I know how your feeling Aischa  I had the same thoughts too when I refinance my house to 15 years before bigger pocket. I am now having second thought about that decision now that I intend to buy more rental properties that will cash flow for me over the long run. But if you think about it. 1000 dollars amount and you said you will cash flow better. That means less time at work and more time for your investment. You dont have to sell your house you can always make your house another rental in the future. Everytime I buy my house I always looks at it as another rental in the future. And if you decided to buy another property that extra cash flow will sure com in handy. Rates are really low right now. I need to find a great mortgage broker see what they can do about my mortgage. 

Just want to brag/update what I have been doing this past 10 mos. So as of now I was able to purchase 2 more properties in NC. One is paid up through my HELOC and the other one I had parter with my brother in law from the Philippines. So total I have 2 rental all paid up and the other two still has mortgage on it. Not bad considering all four properties combined is cash flowing me around 1800 a month. extra I am using to pay down some debts. I was about to purchase my 5fth one when I was stopped on my tracks by my income to debt ratio. Unfortunately although I am cash flowing 1800 a month on my rental they say they can only use a portion of it as my income plus since the other two properties I purchase last year didn't have an income they couldn't use them as part of my income Nevertheless. I am resting for the meantime. Just paying off some bad debts I incurred over the years that I didn't thought I could have financial freedom through real estate. I will scour the market and stay tuned.

I would not buy any property that has no equity on it. In this case your are already underwater even before you start investing. If this is your first property to invest in. I would run away from this deal. There are better oppurtunities out there just gotta research and learn your market. Even if they did lower the property to your appraisal value your are still risking  your investment in case that the market dropped. 10000 will take you 5 years to recover + other unforseen expenses. So truthfully if this property will never need any repairs then it will take you five year the minimum to recovder. I would walk away.

Thanks for A warm welcome. For a while I've been feeling that I have been alone on this. My family is not fully vested in my interests, so I am still out proving my thoughts to them. its a hard sell for them.  But hopefully proving my succes will get their approval and maybe will get interested. I have a house in the Piedmont Area in Gainesville which I bought as a short sale. God gave me the courage to buy a house in the DMV from which I thought initially would never be able to afford knowing how high the prices of the houses are here prior to the decline in 2008. But then the bubble burst and had a window of oppurtunity to make my move. Which is a great one  cause since then My house appreciated about 40% of what I bought it for. I realized how the equity on my house wildly fluctuated over the course of 5 years. I was thinking that if I levereaged the equity on my house to buy other rental properties and maintaining a buy low rehab and rent with a small cash flow. I would eventually be able increase my networth and hopefully cash in when I retire. With that I realized that buying a property CASH  gives me a better bargaining power than other would be buyers. I usually always will tell them if I can that I can CLOSE in two weeks if they are able to go down my price.  Which I did on my  second and the third property(which Im doing a small rehab). I would refinance the house once its fully rehab and have a renter on it. To replenish my fund and be able to buy another one.

Im a hard believer of hard work pays. And that why I took a second job while Im acquiring  real state assets.  That to give me extra cash but also when bankers are looking at your income they really are not considering OT as part of your income they are giving a better score if you actually have a second source of income rather than OT. As a nurse I had plenty of oppurtunty working extra hours. So I decided to give up my time and a half pay for a regular pay on another job cause I know its what gonna help me leverage on my next loan application. I like single family homes at this time. But laso looking at multi family homes in the future which I prefer to manage myself, My property manager is an investor herself and she is one of mentor and gives me input on what I am doing.  

Again thanks everyone for your welcome. I am open on making joint ventures. I dont have much capital left but let me know maybe next time i have replenished some of my funds. GOOD NIGHT!!!

My name is Jess Aranda married family of 5. Im a new investor from VA concentrating on buying homes in Winston Salem, NC. I know I am a distant investor as of rigtht now but my wife and I decided to invest in Winston Salem NC cause that where we are seeing ourselves retiring in the future. Blessed with good friends and a real good realtor property manager and broker who turned out to be reliable as well. We were convinced that this is path for us to go. I know have two investment property in NC which are giving as a small but steady cashflow. And just purchased recently with hoping that will also provide with some cashflow. I buy my houses cash within the 50-75 thousand price range. And usually will refinance them a year later after I established a renter to improve my cashflow. I am a nurse by profession been doing these profession for 20 years now. I was an immigrant from the Philippines in 2002 which was a big break for me. Cause it open up more oppurtunities for me. I am happy i found this website which really opened up my eyes with more possibilities in improving my financial independence. Avid fan of RICH DAD POOR DAD books and it really broadened my view about real estate investment. I really appreciate all the blogger out there. I have busy life I work two jobs as of now to sustain my start up business and hopefully with the investement and job at the same time will reach financially indepenedent retirement soon.