All Forum Posts by: Joshua Gutierrez

The original buyer came up the 10k! 
@wayne brooks SLS isn’t getting shorted. Since the offer is up to 245k now, SLS will get a full payoff and the second (Wells Fargo) takes control of the short payoff approval for on their lien. However, WF had already did a charge off on the account, which I don’t quite understand because they’re still going to take the 10% and I assume whatever is left. Anyhow, with the updated offer things seem to be finally moving forward. Thank you guys. 

Greetings,

I’m in a bit of a sticky situation. I’ve been working a short sale transaction for 14 months now. There are two liens on the home. First is Specialized Loan Services and the second is Wells Fargo. I have an approved payoff for Wells Fargo, however, SLS has been such a headache. I have an offer into them at 235k, which is exactly what their BPO is. The buyer that offered at this price has been hanging tight since January 12, 2020 (7 months!). Here’s where it gets sticky. I received an offer for 245k yesterday, which would eliminate having to do a short sale on the first lien with SLS. I know I can get this in escrow rather quickly with that offer. Both buyers are strong buyers. I just feel bad because I know this offer will boot out the buyer that’s been waiting for 7 months. On the flip side I feel I need to look out for the best interest of the seller (my client), and avoiding a short sale on the first lien is definitely in the sellers best interest. What do you all think?

Educate yourself with the many strategies used in real estate to produce income. You won’t get much more clarity here than you currently have because everyone has their own opinions. None of them are wrong, however, it’s all tailored around each persons preference. Start off with a strategy you’re attracted to and see how it works out. If you like it stick with it if you don’t, switch it up. You’ll learn a lot about yourself taking action as your strengths and weaknesses will show face quick. It’s a quicker process when you take action, make some mistakes, and learn from it all as opposed to waiting to hear that ah ha advice from any of us. Good luck!

Hello BP,

I'm currently in the works with what would be my first investment property. Here are some details:

- 5 units

-130k

- Fully occupied currently generating $2,945 in rents with some value adds and room to increase in the future

- Cash flow should be between $1,100 - $1,400

THE COMMERCIAL LOAN LOOKS LIKE THIS:

- 20% down

- 4.75% interest rate

- 5 year fixed with 20 year amortization 

- Mortgage including taxes and insurance $1,286.73 (taxes $4,976 annual and insurance at $200 to be conservative.I didn't get a quote yet)

I am as nervous right now as I was when I got picked up to head off to Marine Corps boot camp. I connected with a great agent/investor on here and really based my decision to go into this market off him. However, I am uneasy with the ARM as it seems there"s nowhere for interest rates to go, but up at this point. My initial strategy was to utilize BRRRR to scale a portfolio at a decent pace. I'm working with $300k to get started and would really like to have it available to scale.

Any thoughts or suggestions you all may have is greatly appreciated. Thank you.

@Gabriel Puerta call the local police or sheriff’s department and speak with a veteran law enforcement officer. They are a great resource for inquiring about crime in the area your are looking to invest.

@Jay Hinrichs thank you Jay

Hello BP,

I’m currently looking for a market to begin my investment journey in real estate. I live in souther California. What specific things do you guys look for when analyzing a market and which sources do you use to find this information? Thank you!

Hi Albert,

Sounds good to me. Let’s connect.

@George W. I appreciate the advice George. Thank you.

@Derek DeVerna thank you Derek