All Forum Posts by: Luis Cortazar

I was looking into foreclosures as well... for now I am staying away for any foreclosure home... I dont mind REOs.

If you dont pay for title search you run the risk of buying into a house that has a bunch of Liens. If you buy a house for 25k and that house has a 100k tax lien. With my understanding, That lien now becomes your responsibility. If you accounted for this then you're fine, but if you didnt know and now youre over budget, well that could create some big stress in your life and stall your wealth building journey.

In other words, foreclosures are great if you know and are willing to do extensive due diligence.

Hi Dannielle!

Im currently going through the  same process and I had the same questions as you do now. I started by getting in contact with a Bigger Pockets member. He was kind enough to have a 35 min phone call with me and answer some of my questions and guide me into how he does his investing.

I live in California and I wanted to invest in Phoenix Arizona. The market there is pretty hot. Houses don't last long on the market and rentals aren't as profitable for a buy and hold. 

So here is what I've learned so far, ( keep in mind I am still in search for my first deal) you find your market by educating your self on that specific market. You can hear somebody talk about it or you can take your finger and click somewhere on the map on Zillow. Learn about the population growth, Job growth, Job Oportunities, Universities, Constructions, and crime of the area. Then you will formulate your own opinion on that specific market and decide if that is somewhere youd like to invest in.

The Midwest is great for cash flow not so much for appreciation but your money can go along way over there. Im personally looking into buy and holds in Wisconsin. Im also trying to decide if I want to buy a Turn Key property as my first out of state purchase just to get my feet wet. But I still haven't decided because that will stall me from BRRRR ing. Im also interested in Las Vegas for better appreciation but the market there is pretty hot as well.

Also, once you find a market you might be interested in, calling realtors and property managers and asking them questions will help you get more educated faster.

I hope this helps a little. 

For me finding the market to invest in is the most, if not only, tedious and boring part of this all. 

AMAZING MAN! Congrats on this great hustle!! The house looks great!!

@Luis Cortazar a lot of typos! At the gym pumping iron and excited to read your stories haha my bad ! Haha #grind

As the saying goes , good artist copy, and great artist steal !

I would love to create a discussion of your guys successful creative Owner financing deals!

What your terms did you create and what was your exit strategy?!

I hope this creates a fun conversation! Looking forward to learning from your creativity.

Type away ...

@Ravi Singh on the note above ^ I believe it's about what you can value add that will make your community be better to live in than a SFH. I would suggest you research what your competition offers and match or top them.

@Bobbie Dancy like David Greene says, you need you core four. Real estate is all about the leverage.

Find these people and make sure they are smarter than you:

1. Property Manager

2. Agent

3. Lender

4. Contractor

Then it’s all about the deal. Make sure you land a great deal and then you should be able to have a machine or system in place that lets you repeat.

Where do you plan to buy your first property ?

First of all, thank you for coming into this discussion! Secondly, I will keep it nice and short. I am looking to buy and rehab an out of state rental. I am looking into the mid west and I am having a hard time deciding what state I should invest in. The reason I am having a hard time is because I really don't enjoy doing research on states. My strength are negotiating, numbers, and rehabs. Yet, since one can't be blindly going into a new market, I have been doing my research. My major focus is Wisconsin, primarily because a friendly investor that currently owns rental there has suggested I look there to.

My question is, what strategies do you guys have in place to efficiently analyze a new state/area/market?

P.S: I have read David Greene's book on LDREI, I am looking to see if any of you have a system in place or kind of step by step guide that you follow in order to not waste to much time in deciding.