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All Forum Posts by: Juan Lopez

Juan Lopez has started 1 posts and replied 10 times.

Post: Minimum 15% Down on MFR

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

@Don Spafford PM me that lenders info too

Post: Real Estate Agent as a Path to REI

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

@Danny Abrahamson I started as part time realtor about a year ago. I got my license because it was needed to be a property manager in the state I live in. I signed up with a local property management company part time until I got close 80 units under management and quit my job. Best decision ever! But definitely figure out what your niche is and find a great broker that fits your needs.

Post: Inspirtation Please. Feeling late in the Game

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

Better late then never!!! I bought my first rental at 35. You want some inspiration listen to BP episode 322 and become a hunter!!

Post: Trying to House hack!

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

I've done a FHA 203k loan last year. I purchased a 3 family home for 185k the ARV was 260k. Fha wanted all these mandatory repairs for safety, and the GC saw dollar signs. After the repairs and 203k fees I was all in 244k. Not much equity but I live rent free.

Post: Newbie house hacker here from Rhode Island.

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

Thank you for the insight Anthony. I think my hardahip comes from being the new guy with little experience. How can I add value to a private lender or a wholesaler? What should I do or say to build rapport and gain their trust?

Post: Newbie house hacker here from Rhode Island.

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4
Originally posted by @Anthony Thompson:

@Juan Lopez also continue to try to build private money relationships, even before you have a deal. The #1 thing a wholesaler will want to know is, "will this person actually close, or will they back out at the last minute and leave me in the lurch?" And a big part of that question is, "is this person really a cash buyer, or are they just saying they are".

It is a bit of a chicken-and-egg, catch-22 type challenge - how can you get lenders to be willing to invest money with you when you have no experience, but how can you get experience without funding deals.

You can try to find lenders who only focus on the deal and not the borrower (as @Sam Albert said), but be aware that many of those are going to want a substantial down payment.

The other popular option, if it's available to you, is "friends and family" to help you out with your first deals, as they already know your general character and may take a chance with you on your first properties.

Also remember that if you familiarize yourself with self-directed IRAs (plenty of resources here on BP and elsewhere - RIRIEG just had a weekend workshop on it a couple of weeks ago), you may find that friends and family you thought didn't have any money to invest actually do.

Good luck and let us know as you have specific questions along the way of course :)

Post: Newbie house hacker here from Rhode Island.

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

Oh I definitely plan on attending the next RIREIG in Warwick. Thx for the tip @Sam Abert I will be on the lookout for a wholesaler to network with and send me some deals.

Post: Newbie house hacker here from Rhode Island.

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4
Originally posted by @Sam Albert:

Welcome Juan. You're definitely in the right place. Keep doing what you're doing. I would suggest reading up on the BRRR strategy. It's a method a lot of my buyers use. I personally work with Private Lenders in RI, so I would also suggest connecting with private lenders, start building relationships, and just keep going!

Im interested in BRRR strategy but don't know where or have all the time in the world to locate a good deal. I would love to get my hands on private money too but I know I am new and need to build a track record. I work 2 jobs so its hard for me to go outside and make new friends.

Post: Newbie house hacker here from Rhode Island.

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

Hey everybody. I am a newbie investor, land lord, and home owner. I bindged listen to bigger pockets religiously. I recently purchased a triplex to live in one unit and rent other 2. Was wondering if anyone had any ideas, tips and stories to share good or bad.

Post: Aspiring investor from Rhode Island!

Juan LopezPosted
  • Property Manager
  • Tiverton, RI
  • Posts 10
  • Votes 4

Whats up Matt, I recently closed on my first deal a 3 family in Tiverton RI. Excited about being a landlord and house hacking. I also plan on attending the next REI meeting in warwick.