All Forum Posts by: Jose Falconett

Sounds like you need some guidance, perhaps a partner to get started. Message me if youre making $60k+ in income, I'll help with the dp money and experience issues.

That is technically true. Today I saw an 8 unit and an 18 unit property with exactly break even if not negative cashflow. 

However, more units when implementing a value add strategy will exponentially increase the equity AND cashflow of the deal which makes all the difference you need to justify obtaining as many units as possible

After my first year of owning my house the new home owner discount disappeared and my policy shot up 40%. I ended up bundling with my auto insurance and that brought it back down to normal levels. Then I also had a very low wind/hail deductible (basically the roof). I realized Its a freakin brand new roof of only 3 years. So I said screw it, most likely this thing isnt going bad anytime soon so my deductible for that is like $23k which significantly cheapens the monthly payment. I will gradually decrease this deductible back down to $1k over the next 10 years when the roof will be going bad. 

Consider this strategy!

I am open to partnering on deals in the Colorado Springs area if you are able and open to doing regular residential loan financing. Message me

You will need 2 years tax return history of POSITIVE net income on the property. 

The way my strategy works is to lease out the existing property that is at least 125% of the mortgage amount (so long as its true) and that is the workaround. The lender will be able to write off the existing mortgage as if it didnt exist according to your DTI.

Good luck

Message some of the active Colorado Springs investors in this website on who they use.

Well part of the problem which is the biggest is that interest rates are sky high and kills cashflow. That's everyone's issue right now as well.

Your other issue is the FHA loan. FHA PMI rates are much higher than conventional. If you can get conventional do it. Its actually .5% less down as well and you only need 670+ credit to qualify.

Another issue you may be having is that the type of deal your structuring just might not make any sense.

Samantha of course it you would be, that;s common sense. To solve that you need to have good clauses in the originals contract to allow for potential default

How do you investors or real estate agents Run your comps when you have a property with similar characteristics but have say a 4-5 acre land gap in difference?

By the way do you guys know how much a well pump costs?

Yes you can as long as you have the contract and it is disclosed in the contract that you can do that. You need contract to do so because you can only advertise as long as you have "equitable interest" in property.