All Forum Posts by: Josue De La Torre

@Shawn Mcenteer That's true. The patch of land I'm scoping out is in an area that is just changing for the better. Very central but it really is a hidden gem of potential. About 4, 4plex units have just been built on that same street a couple of months ago.

@Shawn Mcenteer, I hear ya! A renovation would probably the second option. Do you think I could build as much equity in a property if I build it rather than BRRRR??

How is everyone doing? I hope this post finds everyone well in the middle of all of this. (covid 19) 

I wanted some insight from anyone with experience about using an FHA construction loan.

My initial plan was to purchase a 4-plex using a 203k loan which allows one to purchase and rehab. 

I have not had a whole lot of luck finding discounted or off-market 4-plexes AND it seems to me that I won't be approved for a loan on a 4plex. 

My plan is to shift to a duplex using a construction loan and build it cheap enough to have some equity off the bat. Another immediate reason is to live in one and rent the other to minimize monthly expenses, specifically the cost of living. 

I wanted to go the FHA route because of the low downpayment BUT if conventional is needed, I might very well go with that.

Again, any insight or recommendations are appreciated!

Thank you to all who have replied and have congratulated me. I am not looking to overbuild but simply keep it minimalistic and continue building and working on our goals. 

Brian, I was thinking about remodeling an off-market duplex using hard money before I refinance. This way I don't have to build from the ground up. Also, my aim is to get it at a discounted enough price to be able to have some leverage when I refinance. 

Thank you! 

I am located in Mcallen, Texas. Perhaps finding an off-market property that I can rehab would be best? My plan there would then be to refinance after it's done using an FHA loan.

Happy hump day ! 

I hope yalls week has been productive and profitable. 

I’m seeking ANYBODYS two cents on this: 

I'm getting married next October and rather than building or finding a sub 2 home, I was thinking about building a quadplex, renting three, and living in one. I want to live for free. Essentially. I was thinking about an FHA loan. Any suggestions or disagreements are welcome. I'm 25 and would like to eliminated the overhead of working for a mortgage payment.

We’re both financial minimalists and would like to keep it that way so our income can be directed towards growth and our future. 
Best regards! Josué de la Torre 

@Mark Durham thank you for the input. I’ll be sure to look out for creative lenders. 

@Nathan Gesner 
I Was entertaining that idea but do you have any insight on how it works if it’s a wrap mortgage? 
The property was deeded over to me but the mortgage remains under the sellers names. My entrance strategy was a sub to. 

Good day! So not too long ago I closed out on my first owner financed deal.

Wanting to keep things rolling, I have some capital saved up and want to fix and flip. 

My question is, can I get a loan using my owner financed note as collateral or leverage? 

Best regards to all. 

Awesome info. Thanks a lot for the valuable information. 

Awesome. The power of attorney has been done and notarized. The deed is to be registered in the county still. 

Do you suggest I go with a real estate attorney for the lease to own option? Also, should I refinance this home under my name for lower interest and more cash flow?