All Forum Posts by: Jose Alonso

@Devon Garbus  

Hey man so yea most of my capital will be tied up with this first deal, but I figure I have to start at some point. I should have about 10k left in reserves after repairs needed(if any). About those loan programs, a loan program that will calculate even 75% of future rents as current income will be awesome. I would definitely appreciate if you can refer me to the mortgage broker. I am currently still padding my savings and will be ready for first deal on JAN 2016. Thanks

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@Raymond B.

 Awesome thank you so much. lol I didn't know how to do that.

Hey @ThomasCulbreathall pretty good points man. Good job going out there and just doing it. Good luck on your journey. 

Hey @JustinThompson  all great points that I've have thought of before. Relationship pretty strong as for 11 years just missing the official marriage thing. We are not going to buy jointly, we are going to buy under her name restock our savings then buy under my name. These seems like a faster path for us to pick up properties. 

Thanks for the input @JustinThompson

Hey @TrevorEwen my thoughts on the south Florida market. Well, I live in Miami F.L the market down here historically has big swings up and down. Right now I believe its almost at its peak. Property prices should be reaching a halt here soon. While rising at a more slower steady pace. I believe its a paradise to Invest in, while also finding great deals cash flowing and with equity potential.

125K duplex not in Miami, its in Homestead F.l about 35 to 45 min drive from Miami.

Hey @JordanT. No I have never managed tenants before living in one unit will give me that experience agreed. I have manged people and personality's always from manager to supervisor to owner in all my jobs, so I feel I should be pretty good at the landlord aspect of it. Yes the 125k property would cash flow more than the 300k property. 125K property is in C type neighborhood not the best but not the worst, is not close to me renting out both units only option.

Hey thanks for reaching out man.

Hey Marsha so welcome to BP, you will find a lot of interesting stuff on here to help you through your journey. Me like you am also new to the business, but love your enthusiasm. I have trouble finding people in my inner circle or just people I know that have a passion about real estate investing like I do. Main reason for joining BP, I hear Houston is a really good market for rentals. Wish you the best of luck.

P.S never stop learning! 

Okay guys so I've been going back and forth with this, and still not sure what's the best route. So me and my girlfriend for the last 15 years are going into real estate investing 100% committed starting Jan 2016. Decent jobs and by Jan well have about 30k in savings. So question,(1) should our first property be a duplex around 125k with 20% down to rent out both units. (2)Or should we go for a duplex to live in and rent the other unit, with 5% down the area close to both our jobs Multi unit homes go for around 300k. So big difference in purchase price. Option 1 we can probably buy two of these properties in 2016, while still living in my moms house eventually we will rent a condo. lol yes my MOMS house. Option 2 I feel like our money will be tied up in the property and she wont get a 2nd loan at least for the time being, but well have a home of our own to live in. Any opinions on this, maybe some of you guys have faced the same dilema before. Thanks for the input.        @JoseAlonso

Okay @JeremyPace thank's for the input.

Hey guys, so in Jan 2016 I plan to buy my first duplex and rent out both units. I'm currently living with my mother and pay 300.00$ only for rent and help out with groceries, light, and water about another 350.0$ total. This gives me the flexibility to save about 2000.00$ a month while having excellent credit. Here's my question how do I go about buying an investing property before a primary residence, what down payment % should I expect from banks 20 or 25, or can I get less. Is it going to be difficult to find a bank to give me a  loan. Some people are telling me to just buy with 5% down as owner occupant and just rent out the units anyways, since is my first property the bank wont investigate as long as payments are made on time. This sounds great, but scares the hell out of me. In reality I will be lying to the bank, and I know about the gray area about INTENT to live in the property but still scary proposition.

Thanks in advance guys. @JOSEALONSO