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All Forum Posts by: Jhonatan Ramirez

Jhonatan Ramirez has started 4 posts and replied 11 times.

Post: 1st Ever House Hack - Yes or No?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

@Nicholas L.

We do have an inspection contingency my realtor is currently trying to negotiate something with them.

Post: 1st Ever House Hack - Yes or No?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

@Matthew Brill

I agree the cash flow is not the best. Over all everything I've looked at has either been over priced or won't qualify for an FHA loan. As my fist ever house hack would you pull the trigger or wait to find something better?

Post: 1st Ever House Hack - Yes or No?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

@Matthew Brill

The house is a 1982 douplex and both sides are currently vacant. 1 is completely remodeled and could get rented as high as $1700/month.

I want to live in the side that isn't remodeled yet and work on it throughout the year. I'm planning on buying and holding and eventually renting out both sides for $1,700.

The strategy I'm wanting to do is called " The Stack" that Brandon Turner mentions.

Post: 1st Ever House Hack - Yes or No?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm under contract on a douplext in North Richland Hills in the DFW metroplex in Dallas. 

The house is in a hot neighborhood with new construction and is a 3/2 with a giant back yard!

Initially the house was a home run at $380k but with so many offers it ran up to $420k. It was still decent cash flow, about $275/month, but after the inspection we found out it would be about $15k to get it where it needs to be. 

Another "issue" is that its next to a passanger train track that passes by every 45min. Its not loud and you can hardly notice it inside but could deter potential tenants.

With that in mind the cash flow is significantly less. It still cash flows but not as much. 

Would this still be a good 1st deal to get the ball rolling or should I pull the plug and loose out on the $1,500 already invested? 

Where would you start investing in Multifamily: Single Family, Douplex, Triplex, fourplex ? Primarily using FHA / Low money down traditional mortgages.

Dallas/ Fort Worth (DFW) in Texas or

Fort Lauderdale / Miami South Florida area?

Post: Bank will only finance with 30% down

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

I'm going to talk to the lender to see what they could do after a few years with the property. I don't mind having that much equity in the home, but I would like the option of pulling money out in the future for other investments. 

Post: Bank will only finance with 30% down

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

I'm wanting to use a HELOC to purchase a duplex behind a college. The problem is since it is two single-family homes the same size, this disqualifies it for most loan products. There is a bank that is willing to finance the home with 30% down. I would want to refinance after 2 or 3 years but I'm worrier another issue may come up and I won't be able to pull out my money.

The details: 

Asking Price: $145,000

Brining up to rental standards (repairs): $5,000

1st home 3 bed 1 bath rental: $1,000/ month 

2nd home 2 bed 1 bath rental: $750/ month

Since it's behind a college, there is a possibility to rent one house out on a per room basis for $450/room.

Estimated monthly expenses: $1,350

Estimated monthly Income: $1,750

$100,000 HELOC detail: 3.8% interest for the first year, 6.5% thereafter

Post: How would you remodel this for most use of space?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

Maybe removing the stairs would be too much, especially for a college rental. Thank you for your input I'll upload any updates. @Rob B.

Post: How would you remodel this for most use of space?

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

I am looking to rehab a 2 bed 1 bath house and Turn it into a 3 bed 1 bath house and rent the rooms out individually to college students (located behind a college campus). The house was built really oddly with minimal space for a living area. Here are pictures and my thoughts remodeling using a maximum $15k budget.

I want to remove the large stairs and put in a spiraling staircase to give the area more usable space. I will also redo the whole kitchen and remove the attached island for a floating island with bar stools that hid underneath. I will then replace the swinging door to the fiat bedroom with a sliding door. This should open up space to create a cozy living area.

Upstairs I'm thinking about turning the open living area into a 3rd bedroom for maximum cash flow. 

In the end, I should be receiving $1500 in rental income from a home purchased for $70k with a 10% down payment and cash flow $600.

Post: Fort Worth, Texas - Community Meet Up

Jhonatan RamirezPosted
  • Arlington, TX
  • Posts 12
  • Votes 0

@Patrick Winn Weekends anytime work best for me. I'm currently working in advertising sales so I'm out of town on a weekly basis.