All Forum Posts by: Jose Rodriguez

@Tyler Sterns The Purchase price was 139,900 , Rehab Cost is 100,000 and ARV is 340,000

@Jessica Zolotorofe As of right now we have another investment fix and flip property that is closing on december 20th with the same investor. So we just think it would be better to finish getting that sold so we can return his funds from that deal, and then if we still need the funds for the rehab on the new property then it would be fine extending the credit

Jessica - this will be my 2nd flip & I'm also partnered with my 2 brothers which if we put our experience together we have 2 buy and hold rentals & 1 was a BRRR. I thought about that but if I can make it work with 2 investors that way would be better because we have already agreed to pay 8% interest with the first investor.

Hi biggerpockets, I currently closed a property that has great potential however, the investor that we have on board that funded the purchase of the home currently has 1st lien and I'm currently looking for the rehab funds. I have been speaking with investors and hard money lenders but everyone seems to want 1st lien right off the bat. How can I get another investor on board without removing the current investor who already has 1st lien? It is a really good deal with great margins.

Hello Biggerpockets,   I recently came across a property that has tenants who pay below market rent due to the fact that the owner has some kind of relationship with them. What would be my best bet to buy the place vacant? Or To raise the rent as soon as purchased? And if so whats the best way to this?

Hello Biggerpockets,

I am a new investor looking for possibilities to expand my business. I have two rental properties with one of them as my primary residence. I am currently house hacking living in one of these properties and I am looking to get a HELOC to use it as the form of down payment for my next rental property purchase. The issue is that most conventional lenders require 4-6 months of reserves for all the properties I own. I am looking to rapidly buy more properties to expand my portfolio, which is why I have not built up that extent of reserves yet. This is something that I recognize I ideally should not do but I feel like it will take me too long to grow my portfolio if I have to build 6-month reserves for every property I own. How does one go about qualifying for a mortgage without significant reserves? Do I have to use other non-conventional lenders? What is a more efficient way to build a rental property portfolio without having a substantial amount of cash lying around?