All Forum Posts by: Luis Prieto

By the way, how do you guys tag the person you are responding to?

 We are open to many markets within in Washington state. Personally, I am keen to the Tri Cities, but have thought about Moses Lake since it's half way between Tri Cities and Brewster

@Robert Freeborn. That sounds like an interesting idea. I live in the town of Omak, about 1 hour north of Lake Chelan. By using our equity, do you mean sell the homes or take out loans? I'm sorry if it sounds like a stupid question, but quite frankly, I am a newbie. By the way, would taking personal loans for these inexpensive properties be a good avenue for future purchases? Or should I buy with my own cash, once my capital grows? Thanks Robert

@Kelly I thanks for the way welcoming.

We are considering that idea. We have to live at the foreclosure for a year, and well with me still going to school, we will be seeking to acquire cheaper property. Once I start working and generating income, we will probably seek to cash out on equity to get to a better market. We are looking at the trip cities in Washington state. It is the fastest growing metro in our state, and homes are selling fast and for above asking price.

Thanks Dan. For now, our goals are to make progressive capital to hopefully move to a hotter market where we will look to flip or acquire properties that can appreciate and give us Cashflow. By the way, between all 3 properties, we have about 135k in equity. 

Hi guys/gals. I have been reading many posts ofln this site for some time, and have found them very informative. With that said, I would like to introduce myself. My name is Luis Prieto. I am 29 years old and live in rural North Central Washington State. My wife and I got married 4 years ago, and bought our first home. About 2 years ago, I decided to quit my job operating heavy equipment, and decided to go to school. The birth of my son made me question my goals, as I don't want to work 55-60 hours a week. Since then, we have been living on my wife's salary of about 50k. We live comfortably mainly because we have no bills, and we live in an inexpensive place. 6 months ago, my wife and I were able to buy another house. We rented our first home, and currently we are set to close on our first foreclosure. We financed ourselves for this foreclosure with a personal loan of 45k. This foreclosure is in excellent condition, as it only needs a sink, new countertops, and appliances. We had a builder that we know and trust inspect it and said that it is in great condition. We plan to refinance in 6 months, and after a year sell it, since it's a Fanny Mae home. Also, I plan to start working within a year, so our income could potentially double. Do any of y'all more experienced investors have any recommendations bases on our circumstances. I would love to learn as much as I can from y'all. Thanks.