All Forum Posts by: Leo Previllon

 @Crystal Smith . Thank you for reply and great advice . My 401k is good , could be better . The great thing about my situation is being able to retire from my city job young age ( 43 ), I have 18months to go . I can start a new career / job and still be relative young . I plan on working until 65 . So my pension , I plan on literally not using a cent of it on daily expenses . Excuse me , if my terminology is off , but I'm going to rollover my 401k into a self directed IRA . Then fund the new Self directed IRA with pension checks . I'm also Monday going to look if I can do it now , instead of when I retire . I have a lot of things automated that comes right out my check . MY new job can fund daily expenses , real estate endeavors, retirement after 65 . I've also been a good saver even better now since C-19 and have become super discipline on spending habits . Not so much of a great investor tho and money could've been spent better , into better investment tools . For example why I have 26k now to be exact , sitting in an account because I had them taking $50 out of my check for the last 18 years , to originally buy a nice car when I retire . But Don't care about that now . When I could've used that $50 every two weeks in another investment tool ( ie stocks ) and would've probably had way more than 26k .

So all that to say , sorry sometimes long winded lol , to say I’m ok in certain areas . And I see it like , I just found 20-30k , what would you do with it , if you where in my shoes . 

I will look more into the Midwest market tho . STL is where I've started but 20k-30k without being able to do FHA definitely isn't enough . Thank you again so much for your advice .

 @Travis Timmons .. thank you . I like this idea . I've though about STR and I have a pretty easy going , accommodating personality. Also the research analytical gem you just provided is outstanding. Appreciate the knowledge and the direction .

 @Forrest Williams .. thank you will do .

 @Paul De Luca .. thanks for reply . Live in I can't do . But I'm willing to buy a STR if the money can cover 20% plus fees and be rent ready . Ultimately don't which market ? Where that is possible . Any suggestions? Upcoming or just a stable market ? Been reading a lot what people say . Do the research and it's homes available around 60-100k but definitely not rent ready . If they are , using cash buyers are what they're looking for , not me coming in with a conventional loan .

@Forrest Williams

@Forrest Williams , thank you for the reply . Love Chicago , my second favorite city to NY lol . Actually meet my wife there . Yes I looked into both . More into out of state investing . I tried , still looking into ST Louis , where my wife family is from , but 20k-30k seems nowadays not to do much unless FHA . Any market where 20-30 k can ? I'm willing to invest anywhere with that money but not ( D and/or F neighborhood) . The goal is to buy and hold , to either leave for children , or to sell down the line if the market appreciates .

And with the syndication , is there any that you recommend? 

Hello all . Peace and blessings . The ultimate question is what can I do realistically do you 20-30 k cash in real estate ? Creative answers , advice in real estate , which markets please answers .

Some context ,  in my mid 20s I opened a bank account and had very little money amount taken out of my paycheck every 2weeks . Little to the point I didn’t even notice and forgot I even had the account . My thinking for opening the account was , when I retire , I’m buy a nice car cash as a retirement gift to myself . I know a 20 year old mindset lol . Now in my early 40s , now I’m close to retirement from my city ( NYC ) job , I really don’t care about material things anymore . Especially after this pandemic and losing so many people to it , I really just don’t care and making every decision for my family , not myself . I have a pension coming ( but plan on leaving all of it to children ) , as I’m retiring young and can work somewhere else , have a 401k ( again plan on leaving to children and going to rollover once I retire ) , me and wife been saving to buy other home out of NY once I retire , own a home now ( going to keep , leave NY once retired , rent out and leave to children )  ,etc . I say all that to say , I can’t house hack , fha Loan route . I looked into the Brrrr route , seems not to work with 20k-30k ( maybe it’s the market I was looking in STL ) . I looked into turnkey but it seems like $$ isn’t enough . Maybe I’m looking into wrong market(s) . 

Sorry for being long winded lol . But had to give context . So ultimately, if you were in my shoes and 20k-30k ( total cost , not just down payment $ ) . Is there a market I can realistically make it happen with the money ? I’m new , so far I haven’t seen a market that it can . Any direction will help ? Thanks for reading . 

Hello Wes , newbie here also in investing . But not a newbie in life experiences .  I can say  that is done all the time here in NYC . Especially the " trendy " areas , people rent rooms not apartments . And the landlords are making a killing especially pre C-19  . I know people that spend 900/1000 plus a room . Landlords making 2 bedroom apartments into 3 , 3 bedroom apartments into 5 . No living space just rooms , bathroom and kitchen. Also , One of my closest friends when he was in college stayed in a house situation just like how you are describing .He was in there with his Frat brothers . I believe the landlord was apart of the fraternity and did his business with the school . As you mentioned its not in close proximity to the campus , so that might be your biggest problem . Where he stayed wasn't close to campus but was walking distance maybe half a mile .Then you have to also worry about the neighbors , do they want that in atmosphere ( college parties , etc ) in there neighborhood. Talk with the college to see if its reasonable. You are on to something , just maybe closer. Then you would have to make enough money to cover when the students go home for the summer. Good luck to you.

@Brennan Crick.. thank you for the reply . It is definitely making more sense to me . Appreciate the good word .  

Peace and blessings to all . Hope everyone is staying safe from the virus . I’m finally ready to start my real estate investment journey . Thanks to everyone who has contributed at bigger pockets as it has guided me in the right direction to start . I’ve been reading a lot , YouTube binge watching and decided I need to jump in but still need guidance to execute properly . 

I live in NY but want to invest in ST Louis and Chicago . I have family in both cities . My strategy is going to be BRRRR using hard money lenders to get financing. I know it's tough but I feel confident I can make it work . One part I've read is to immediately cash out refi after the deal is done . Others have also said to make sure you have the cash out refi lender in line as you are closing on the hard money loan .

Here is where I’m confused . As the hard money loan is being closed on . I can call other lender to cash out refi before it even closes ? Do I have to wait a couple of months ? How do you know if the cash out refi is going to cover the hard money loan , fees , etc ? 

If anyone is versed in this type of deal I would love to hear any advice , experiences , pitfalls , pros , cons ? . I hope I explained myself correctly . Is there anything I’m overlooking? Is there a better strategy? 

I want to use hard money lender to close on deals faster because when I tried in the past to get into investing, waiting on  banks cost me deals . It also seemed like someone came in with cash offers and took me out as I waited on my conventional loan to process . Totally taking me out and not even starting . Also money I have in the bank I want to keep for emergencies and use the bank money to get deals . I want to start some ( 2/3/4 units )  and build from there . Thank you .