All Forum Posts by: Manny Vasquez

The LLC DOES NOT have to be the address of the property. You may choose to name your LLC any name you desire.

If you want to start with your investment property NOW, then buy from a home-builder.  Right now, they are providing all kinds of incentives like upgrades to flooring, upgrades to your kitchen/master bedroom/landscaping and they are also paying for closing costs and/or interest rate buy-downs.  Builders know that we are in a declining market and they need to sell now.  With the right conversation (and a desperate builder) you may be able to get a combination of upgrades, closings costs and favorable interest rates.

Building your own investment property will take about 3-4 months, in the absolute best circumstances.  More than likely, I would "double" that estimated time, just in case.  If you start building now, you are very likely to see the finishing of that new-build around May/June time frame.  It is monumental work that needs to be done and if your family member is going to be doing all of the work.....obtaining architectural/engineering drawings, submitting them to the city/county, obtaining permits, working with the inspectors.....or if you have to chase everything down, just keep in mind that it all takes time and someone has to do it.

Or you can try a hybrid of the above two scenarios.....buy a "lived-in" property and have your family member remodel it to your liking.  More than likely, this will be faster than building an entire property and you also customize your home to your liking.  At the time of purchase, you can also negotiate with the seller to possibly pay closing costs, repair some items, etc.

Good luck!

Congrats buddy!  Rinse and repeat!

Remember the golden rule: "You get what you pay for."  I would be very skeptical if all the other lawyer's charge $500/hr and this guy is charging less than $100/hr.  I would assume that his "services" may be very, very limited.  Hey may be charging less than $100 for very specific items to perform, and then charging you more money to perform other things.   I would ask what his tasks involve for what he is charging.

I like using Airdna to come up with historical data. However, I also cross-check it with Airbnb.  Its very easy to find the property on Airdna, look at the financials and then go into Airbnb and find the same property.  I do this to look at:

1. What makes this property a top performer?  Is it location? Amenities? Decoration?

2. Look at reviews and see what previous guests like/dislike.

3. Look at their calendar for future bookings (just to determine how popular the property is)

4. Look at their pricing and how it fluctuates throughout the month

5. Look at any other "unique" details such as cancellation policy, minimum stays, accessability, etc.

I hope this helps!

Hello @Carla Jones!  For new people to real estate, I always recommend working or doing their first deal in their surrounding areas.  Why?  Well for starters, that would be the neighborhood(s) that you know best.  You know the demographics, the streets, shopping centers, places of worship, if any new developments are happening, companies in town, schools, etc.   This naturally gives you a sense of confidence when asked about the property in question.  Unless you are very familiar with the NC, ATL neighborhoods, I would start with properties in your vicinity.  Good luck!

@Faisal Tahiri  - As you may already know, interest rates rise and fall every minute of every day, literally.  I have been a mortgage lender in my past and I can tell you with exact certainty that it is an impossibility to forecast what the interest will be in 2 years.  It could go up but it could also go down.  It's 50/50. The financial decisions you should make should be based on today's rate. If rates improve in 2 years, call it a windfall and refinance. However, I wouldn't be buying anything "hoping" that rates will improve in 2 years.

Hello @Carla Jones!  I have bought and sold many properties for my clients and for myself all over Los Angeles county.  How can I be of service to you?

@Anthony Simone - Have you considered a HELOC (Home Equity Line of Credit)? If your property has sufficient equity, most banks will allow you to get a HELOC up to 70%-80% (or more sometimes) of CLTV (Combined Loan to Value). You don't pay anything unless you pull out the funds. So, let's say you get a HELOC for up to $100K and an opportunity comes up for you to buy but you only need $35K. This means that you will only pay on the $35K and you will have an extra $65K to jump on another opportunity. If you do nothing with the remaining $65K and once you pay off the $35K you borrowed, then you're back up to $100K in "available funds" and you can start the cycle again.

@Anthony Beasley - like @Brian Bohrer mentioned above, if anyone offers to pay cash, always request "POF" (Proof of Funds). Typically, a POF is a bank statement or a screenshot of the prospective buyer's account of where the money is located. Sometimes, the POF may come from 2+ accounts (if the prospective buyer has their money spread out). For most people and most bank accounts, their money is considered "liquid" and they can probably access the funds in very little time (1-3 business days).

Word of caution: If you are getting 401(k) statements be careful.  Some 401(k) accounts will not allow the owner of the account to access all the funds in their 401(k).  Also, if the buyer is allowed to access the 401(k) funds, it may take up to 2 weeks to deliver those funds.  If what you desire is a fast closing sale, this may not be beneficial to you. Its always a good idea to ask the prospective buyer these questions.