All Forum Posts by: Jesse Flores

@Nick Q. I am trying to cash flow for a bit and save the cash. Then go ahead and refi. I will definitely do at least one deal by the summer using self directed IRA and hopefully a third before the end of the year. You are right as I could probably do 2 to 3 more deals if I did it now. I'll definitely keep my options open! Thanks Nick!...Jesse

0 Votes

Originally posted by @Joy James:

@Jesse Flores

Hi , if i can buy cash and I can’t get a decent loan, I would buy cash. You could probably haggle if paying cash. Then after several months, do a refi and get cash out... you might get a better rate that way plus you can show income from the duplex leases.

Good luck!

Hi @Joy James... Thank you for your input. I agree with you and will do a refi. Again thank you and best regards...Jesse

0 Votes

Originally posted by @John D.:

@Jesse Flores I like your attitude. Congrats on getting in the game, your game will only get stronger.

John D. - Thank you John. I will take any and all feedback. I will get stronger and will keep going. Lately I have been reading quite a bit of getting in touch with the universe (I know that is way out in left field but I find it important) and hope others here on BP can/will do the same. Of course, there are quite a bit of articles, e-books, books and you tube videos. I always like to quote Nikola Tesla... "If you want to find the secrets of the universe, think in terms of energy, frequency and vibration." - Find your frequency and vibration and the energy will come and the universe will help you find you what it is you are looking for. Sorry for going into left field out of the scope of BP but please consider it. Thanks again John and best regards...Jesse

1 Vote

Originally posted by @Gianni M.:

@Joseph Ryan mind if I DM you?

0 Votes

Originally posted by @Dmitriy Fomichenko:

Congratulations on this investment @Jesse Flores !

Dmitriy Fomichenko - THANKS!

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Originally posted by @Brian Simpson:

I think you should consider your risk. You put up or risked 198k to make 1500/mo and you are hoping that prices continue to rise. What happens if the government decides to place a moratorium on evictions or caps the allowable acrual of properties? There are a million other things that can happen that are less far fetched. The renter burns the property down and the smoke detector wasn't found.
Finally, I purchased a property for 65k that has already rented for $1200/mo and will spend maybe 10k out of pocket to get it done. If any of the things happen discussed above I'm out $10K. How do you like your deal now? I have numerous properties in the valley and I assure you I can find others like the one described above. I found it driving by it to get to another property that I was finishing a remodel on. I don't think anybody wants to stomp on your success least of all me. I would however like to point out that there are many points to consider but the primary thing to remember Is you make your money when you buy the property. That phrase needs to be in bold print and repeated often. Goodluck

Hi Brian Simpson...

I would like to get with you and see what we can do for my next deal. Thanks and hopefully we can chat soon!....jesse

0 Votes

Originally posted by @Jill F.:

@Jesse Flores ;) with enough equity, almost everything cash flows and your risk is very low. Congrats on your purchase. Any upside available in current rents as-is or with minor improvements?

Hi Jill F.... I wish. The tenants have both just re-upped to a new one year contract. One in November and the other in January. I will be doing some minor improvements but that will be after 6 - 9 months. Then of course get a few more $'s from each tenant. Both are long term tenants and I don't want to them to leave but will also work with them. Thanks Jill F....Jesse

0 Votes

Originally posted by @Joseph Ryan:

MLS last October. 4 plex in Pharr, Tx (first ever real estate investment). Purchase 270k but really 267.5k (after seller concessions) with a mortgage. Total rents were $2925 monthly initially. With some much-needed maintenance and a new tenant, my rents are up to $3020/mo total. I'm still not quite to market rent either but I like the tenants and will slowly keep upping the rents every year or so to get the rents where I need them to be. The tenants are fine with the rent increases since they see how much better the property looks and is managed. This should also lead to longer tenancy. Feel free to message me if you have any questions. Thanks

@Joseph Ryan ... NICE!. Yes, I would like to chat some time. Thanks for the info and this is my first buy but will still keep going. Next one will probably be a 401K self directed investment. Thanks again Joseph!

0 Votes

Hi @Joseph Ryan...

Yes I’ve heard of the 1% rule and there is actually a 2% rule also but i digress. I understand I can go to the McAllen, Pharr, Mission or Edinburg area and do much better. For some reason I have not been able to find a good enough deal here in Harlingen. Been at it since November. I am buying with tenants in place and generating the $1,500 from day one. If you bought your place from day one and have been doing the same then I applaud you and would like to see if we can chat and we can figure this thing out. Please let me know how you got your deal done. Any advise greatly appreciated! Thanks and best regards...Jesse

1 Vote

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Harlingen.

Purchase price: $198,000
Cash invested: $198,000
Sale price: $215,000

Duplex built in 2008. $215,000. Currently both units occupied at $750 a month.

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

Harlingen is growing and properties are going for sky high prices (for the area). I know in a few years I will be able to raise the rent the value of the duplex will have increased by at least 10 - 30 %. I'd say that is a nice return.

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

Rental agent.

How did you finance this deal?

All cash. No financing just yet but I will in a few years.

Lessons learned? Challenges?

Need to start looking for properties that are a value, upgrade them and then hold as rentals.

5 Votes

All Forum Posts by: Jesse Flores

Jesse Flores has started 2 posts and replied 47 times.

Post: $215K down to $198 but all CASH!

Post: No income but plenty of assets and can't qualify for a 198K loan

Post: $215K down to $198 but all CASH!

Post: $215K down to $198 but all CASH!

Post: $215K down to $198 but all CASH!

Dmitriy Fomichenko - THANKS!

Post: $215K down to $198 but all CASH!

Hi Brian Simpson...

Post: $215K down to $198 but all CASH!

Post: $215K down to $198 but all CASH!

Post: $215K down to $198 but all CASH!

Post: $215K down to $198 but all CASH!