All Forum Posts by: Marc Dela Cruz

Hey BP, I'm assembling my team and starting an asset protection plan. I need recommendations for CPAs, attorneys and insurance companies. For experience investors, who's on your current team? Care to refer them to me? :) Ps. I'm located near the Oakland area. Thanks, Marc

Alexander Felice Hey Alex! Care to share how you were able to get that first house with no money down? Was this before the crash in '08? What type of loan program did you take advantage of? What was your credit score? Did you use any creative financing (private lender, seller financing/carry back, etc)? Justin Turner I consider you a 'super saver'. That's outstanding being able to save 70%+ of you annual income. You're weird, Justin. I'm on the same boat, I make $60k/year but only save about $26k per year. I guess, for you, living Rent free helps with lowering down your expenses. Anyways, your credit score can qualify you for an FHA loan and be able to put down as little as 3.5% down payment toward a house! So you can actually apply for a $850,000+ house loan. Plus, you can expand your criteria to distressed properties too with an FHA 203k loan. This program helps pay for any repairs and renovations of a property. Example, you buy a $100,000 house but it needs $30,000 in repairs, with an FHA 203k loan, you can get approved for a $130,000 total loan and only pay the 3.5% on that total loan amount! That's my current plan, I'm actively looking for distressed properties I can apply for, so I also gain some experience rehabbing homes. If you have any questions, feel free to pm me. Cheers, Marc

@Sarah Ziehr @Steven Gesis Hey guys, quick question regarding FHA 203k loan: Can I qualify for the loan for a burned down property? Property is a multi unit, thoroughly burned and boarded up. I want to renovate it and raise it back from the ashes, but not sure if I can get a 203k loan for it. Thanks for any answers in advance!

Peace,

Marc

Welcome @Kali B. 

I'm also considering Vallejo as an alternate to Oakland for opportunities to invest in multis. As well as Richmond, or maybe all the way to Tracey and so on. There are always deals to be found, good luck to ya! 

Originally posted by @Mike D'Arrigo:

@Kali B. if you're going to invest outside of CA, TX wouldn't be my first choice. TX property taxes and insurance rates are among the highest in the nation which is a cash cow killer. In my opinion, you can do much better in the Midwest. Personally, I like Indianapolis and Kansas City. Feel free to reach out if you'd  like more insight in to either.

 Hey Mike, I'm just starting out in RE and live in Cali as well. Do you recommend a newbie investor investing out of state like in Indi and Kansas City with a turn-key property company? Or should I focus in Cali first and get my feet wet here even though it might be very costly? I appreciate any answer in advance. Peace!

@Emme W.Welcome to BP! I work in Oakland as a mailman and do a lot of walking around the neighborhoods. I see a lot of "potential" (vacant, distressed, etc.) properties every single day. I'm currently still saving up for a down payment for my first deal, preferably an owner-occupied multi. Hope to see you around!

@J. MartinHey! It seems like you know "hella" info about the Oakland/East Bay market. I'm still trying to figure out the market trends (still a newbie) and what investors in the area are currently doing/avoiding. Maybe we can all link up and chat during a meet up? :)

Originally posted by @Chris Mason:

Welcome. 

My office is in your town upstairs from the Pinball Museum. Feel free to stop by to say hi any time. 

 Hey Chris, that's awesome! I'll be sure to swing by and say hello when I'm on that side of town. Maybe I can buy you some coffee and ask you some questions about real estate investing? :)

Thanks guys for making me feel welcomed in the BP community! :)

Hello BP members,

My name is Marc Dela Cruz and I live in the Bay Area. I'm fresh out a 4-week Guru Camp and I want to get rich quick in real estate with little to no money down! Joking aside, I've hit a pivot point in my life the last couple weeks and my interest in real estate has become serious. Currently, I've got no deals under my belt and I don't even own a primary residence (still renting). All I have is a dream and a determination to one day be able to quit my job confidently, enjoy life and travel the world without the shackles of a 9-5 job holding me down. Anyways, to keep it short and sweet, I'm aggressively saving a downpayment for a multi-family owner-occupied property, preferably putting down ~3.5% on an FHA loan (my credit isn't that bad either). In the meantime, I plan on learning as much about real estate through Bigger Pockets, podcasts, books and other useful resources. Cheers!