All Forum Posts by: Marcos Gonzalez

You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down. 

You can also do a DSCR loan, where the rent will be used to qualify.

Yes you can do DSCR loan and close in a LLC.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,000
Cash invested: $80,000

1st BRRR in Alabama

What made you interested in investing in this type of deal?

It was priced great in a great location

How did you find this deal and how did you negotiate it?

We found it on a wholesaler website/

How did you finance this deal?

We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k

How did you add value to the deal?

We re did the kitchen, floors, and the master bathroom

What was the outcome?

We cashed out refinanced and get our money back and rented the home out at 2800 a month.

Lessons learned? Challenges?

Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,000
Cash invested: $80,000

1st BRRR

What made you interested in investing in this type of deal?

It was priced great in a great location

How did you find this deal and how did you negotiate it?

We found it on a wholesaler website/

How did you finance this deal?

We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k

How did you add value to the deal?

We re did the kitchen, floors, and the master bathroom

What was the outcome?

We cashed out refinanced and get our money back and rented the home out at 2800 a month.

Lessons learned? Challenges?

Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,000
Cash invested: $80,000

1st BRRR

What made you interested in investing in this type of deal?

It was priced great in a great location

How did you find this deal and how did you negotiate it?

We found it on a wholesaler website/

How did you finance this deal?

We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k

How did you add value to the deal?

We re did the kitchen, floors, and the master bathroom

What was the outcome?

We cashed out refinanced and get our money back and rented the home out at 2800 a month.

Lessons learned? Challenges?

Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.

You will need an appraisal with a rent schedule valuation as well. If your property has been rented for more then 6 months you can use that rent value as well. The minimum DSCR ratio is .08. To get your ratio you take your gross annual income and divide it by your operating expense's or PITIA.

Shoot for the starts on house hacking, a great way to get investment properties. I wouldn't be too made if the tenants cover the mortgage plus my portion. That in itself if a major win. 

Lake Martin, Dadeville, AL

I'm licensed in about 20 states and WA is one of my busiest, seems like they still doing good over there.