All Forum Posts by: Lazaro La Rosa

@Melvin List No it is not my primary residence,  and I left my job to do this full time.

Good morning BP!

I am new to REI and am working on landing my first deal. Hard money is the only way for me to go unless i find someone who is willing to seller finance.

I found a Hard money lender who structured a deal which to my newbie ears seems good, but again I am new to this. 

I have no cash reserves and a FICO of 592 

 I own a property outright with a value of $125,000

He will give me a 60k hard money loan on the house to use as a down payment and cash reserves for another hard money loan on the investment property. 

the rate on the first loan is 10-12% with 3-6 points

the rate on the second loan is 9-12% with 2-4 points 

What do you all think?

Just Jump In

@Brian Garrett 

It is in Broward County. 

Hey @Anthony Angotti

It is on market, I am comping it using my agent, and Realtor.com. The ARV is dependant on weather I can legally convert it to a 3/2 or keep it as a 2/2.

I will definitely start to look for a reliable contractor to give me an estimate.

Thanks! 

Good morning BP!

I am eager to jump into my first deal but I want to make sure it makes sense. I have found a property here in south florida that has great potential but am a little hesitant to jump in. I am not sure if it's the uncertainty of my first deal or the fact that financing scares me a bit.

Even though I have read allot of books and have been very involved in the community I lack the hands on experience I am so eager to gain. I would even be open to JV with someone who can mentor me and help me grow.

The house:

Built 1973

SQ FT: 1292

Lot: 5,760 Sq Ft

2 Bedroom - 2 Bath - 1 car garage. Has a large "florida room" that can easily be converted into a 3rd bedroom.

Needs a basic remodel- floors, kitchen, bath, paint, landscaping.

Needs a new A/C unit - Current one is very OLD.

Asking Price: $143,000 ROI property.

ARV: $215,000 - $240,00

I am estimating the repairs to be around 20-30k but again I lack the experience to trust my numbers.

Good morning BP!

I am eager to jump into my first deal but I want to make sure it makes sense. I have found a property here in south florida that has great potential but am a little hesitant to jump in. I am not sure if it's the uncertainty of my first deal or the fact that financing scares me a bit. 

Even though I have read allot of books and have been very involved in the community I lack the hands on experience I am so eager to gain. I would even be open to JV with someone who can mentor me and help me grow.

The house:

Built 1973

SQ FT: 1292

Lot: 5,760 Sq Ft

2 Bedroom - 2 Bath - 1 car garage. Has a large "florida room" that can easily be converted into a 3rd bedroom.

Needs a basic remodel- floors, kitchen, bath, paint, landscaping.

Needs a new A/C unit - Current one is very OLD.

Asking Price: $143,000 ROI property.

ARV: $215,000 - $240,00

I am estimating the repairs to be around 20-30k but again I lack the experience to trust my numbers.

Hey there BP!

I have been curious about the market in North Carolina and how it's flowing. Anyone have some insight?

Sorry I forgot to add. All this advice that you are getting is GREAT, but...... What good is the advice if you generally have no idea what it all means? Again first you must educate yourself. I would love to help you out. Send me a message and I can guide you through the first steps.

Hey! As a single father I understand what your going through, especially with 3 girls. However you seem to have your mind set that selling is your best option, which is far from it. 18k in debt is nothing. Selling an asset to pay off liabilities is not a smart move in my opinion. Here is my advice to you: 1. Educate yourself in real estate, read allot of books. I can't tell you how much I've learned from just reading books. Start with Rich Dad Poor Dad, it will give you a great foundation for managing your finances. 2. Stop feeling sorry for yourself and get out there! You can do this. You are in a great position, you own a cash flowing property with 60k in equity. 3. Stop and take a deep breath, it's ok not to know where your going. Gather your thought write down your options and educate yourself so that YOU can make the best decision for YOU. Whoever told you to sell so that you can pay off your debt has no idea what they are saying. If you sell I am almost certain that the money will disappear and you will never re invest it. Just like the initial credit card debt, it starts with just $10 here $10 there and next thing you know the money is gone and your 18k in debt is back. Money is dangerous with a financially uneducated mind. Sorry I know this sounds a little harsh but the truth is always more helpful. If you want me to send you a list of some great books to start off with let me know. I wish you the best of luck!!! Do it for the girls! -Laz