All Forum Posts by: Juan Pastrana

My thoughts are to put 3.5% down so that the money have saved up remains as much as possible for reserves. I will renovate the property, the ones I look for undoubtedly will require renovation to be rentable. It will be purchased as a primary residence through an FHA, but the end target would be to rent out the property in its entirety and allow it to appreciate it. Then move onto the next property. The areas in Dallas I'm primarily looking at are Bishop Arts, Old East Dallas, South Dallas, Trinity Grove.

First Post! I've been trying to buy a home/deal in the Dallas area for the past 1.5 months. From analysis it has been difficult to be competitive in my offer because I'm going lower than others after accounting for the estimated rehab costs and having a projected monthly total cost that will cash flow $200-$400/month. Speaking to lenders and flippers I know they have pointed out how long it would take to make the $50-75k in equity/refinance cash out on $200-400/month (pennies vs dollars). Though I totally agree, my concern is if a property isn't cash flowing then how can I build any reserves and cover myself for the capex that will happen down the line.

My thoughts are to expand my intentions, eventually balance my portfolio with properties that bring to the deal an awesome ARV/equity opportunity, properties that can be converted from single family to multi family and gain cash flow, and mult family properties that are intended to cash flow. It's also scary, won't lie, but wanted to get the thoughts of the BP forum. Lastly, so far I've been outbid/missed out on 4 properties.