All Forum Posts by: Jose Alonso

@Nat C. Hey great job all around, I love it! I just bought my first duplex close to the area where you bought this one. 35 ave Nw Flager terr to be exact 2-1 on both sides there small units about 750 square feet. I think I can rent them for 1,350.00 this this sound reasonable to you since you have experience in this area. Anyways keep it up Nat, me and my wife also want to be buy and hold investors.  Were just staring out.

Hey guy's so recently I've been thinking instead of buying 2 duplex's in 2016 I'm probably leaning towards buying a 4 plex near my pizza shop. I want to buy as a first time home buyer with 5% down. So my question is regarding financing I get paid 60,000.00 annually and have 40,000.00 in savings, probably looking at 315,000.00 preapproval. But the 4plex's in my area go for about 475 to 500 will the lender look at the income I will be collecting from the other 3 units to help my debt to income ratio if not I don't see how I apply this strategy. Hey thanks for the insight in advance.

Hey @Ryan Redmond this is a very interesting question you bring up, and people are spilt almost 50/50 on the answer you'll get. So  I think you have to think really hard what's best for you personally. Here are my thought's, lets start by saying that no matter how much you know it's nearly impossible to do a flip safely. There's always issue's that you don't count with. There are flip's where everything break's exactly how you expected but those are NOT the norm. I am usually on the side of do your number's right and jump in it's a business of taking action, but in your case I believe you will be better off waiting. I think paying off your debt while fixing your current home is your best option. You don't have to pay off all your debt speed up the fixing your house process a bit and flip it.Use that money to pay off your debt and buy a new home with same strategy in mind. Now you can do 1 or 2 flips while fixing the house that you'll be living in. Anyways those are my thoughts, good luck man!

Welcome to BP Mary, I strongly recommend you listen to the BP weekly podcast.

Some great content. Have fun learning your in the right place.

Hey @Vincent Crane no question is a dumb question. Especially if your new to real estate, I think is a interesting topic. Its true about the 7 year trend, I live in Miami F.L and have seen prices here kind of reach a halt lately its rising steady not to fast. I think that's normal when prices go up to fast its starts getting dangerous. So its been 7 years since the last crash, in my local market doesn't seem like its coming anytime soon. Evaluate your own personal market keep an eye out and you might see it coming when it does. Good luck to all, and remember you make your money when you buy guys. Buy smart, and happy investing!

Hey @Drew Castleberrythanks for the input men. Awesome advice will deffinetly put to use when the situation presents itself.

Thanks.

Hey @Bill Gulley thanks for the input, yea been reading up on it. So I spoke to the potential seller, and she told me to give her a couple a weeks she wants to let things sit to make sure she doesn't regret any decision she makes. S I will follow up with her in 3 weeks. Even though she told me if she does decide to sell she will call me first. Anyways again thanks for help.

Sincerely Jose Alonso.

Hey @Joseph Shevy, yea that sounds good men. Thanks for the input. Just to be clear the only way seller financing is an option is if she owns the property free and clear correct?

Hey guys, so tomorrow I have a meeting with a young lady who's father owned a 4-plex and recently died. She apparently doesn't want to deal with the property and I was told she's is willing to sell, So I called her up and she agreed to meet me for coffee tomorrow. I'm going to try and acquire this property through seller financing since at the moment I wont qualify for a 300,000.00 loan, I just left a real estate attorney in my area a voicemail waiting on his call to see if he can help with the process (if she agrees). Has anyone out there done this before, any tips what should I tell her to help close the deal. Please advise greatly appreciated.

@Debra R.

Great. Thanks for the advice. You have some incredible points, and that's actually what am leaning towards right now. We are all fairly happy with our current situation and I know that numbers wise staying put with low payments makes the most sence, and living frugally feels great. Maybe I can pick up a couple of property's before I move. I also am a big believer in having a plan, and have written down some of my plans and criteria + price range etc. Thanks for the input. :)