Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Martin Mondejar

Martin Mondejar has started 6 posts and replied 16 times.

Post: 90 Days of Intention MASTERMIND

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

@Bevla Reeves Hi Bevla! Thanks for reaching out. It's a pretty good journal so far for the insight on REI, at least. I started a different Journalling system a few months prior and though they are similar, it's odd transitioning to a different format even if it's only for 90 days. I primarily got it for the Mastermind group opportunity, and so far it's working well.

Glad to hear your own Mastermind is going well!

I actually live, work, and plan to invest around the East Valley. We should connect and perhaps I'll see you at a future event!

Post: 90 Days of Intention MASTERMIND

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

Hello BP! I am part of a Mastermind Group that was setup by BiggerPockets when we purchased the 90 Days of Intention Journal and we are currently looking for additional members!

BP set us up with four members, but one of us is on a temporary hiatus while he's actively serving in the military. There are currently three active members and we had our first meeting last weekend via online video conference. We are all just about at the same phase of our real estate investing journey; pretty close to just starting out or have not done very many recent deals. Two of our members are located in Arizona, myself included, while the other is out of Houston, Texas.

We are seeking 1-2 additional members who are from or investing in the Southwestern U.S. and are at just about the same spot in their investing careers. If you are interested, feel free to reply or shoot me a DM. I look forward to hearing from you!

Post: Probate Maricopa County

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

@Grant Smith:

Did you ever get any resolution on this post? It would seem to me that the clause is stating that you can't use the list to sell anything to the property owners, but if your intent is to buy from them I'm not sure if this applies.

Post: [Calc Review] Help me analyze this deal

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3
@Wren Martin Thanks for the great info, Wren! I really appreciate the feedback. Good to know how off I was on HM, but that's great info for analyzing scenarios moving forward.

Post: [Calc Review] Help me analyze this deal

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

@Bob Okenwa @Stone Jin, Hey guys! Thanks for the input. I probably should have mentioned in my post that I'm really just trying to practice with the calculators to get a sense for my rough estimating. I don't actually have this property under contract. 

It is a property in west Chandler that I recently toured since my family is shopping for a primary residence, but it seemed like it might be interesting rehab project that I thought could work as a BRRRR. I really just want to see if my numbers for Hard Money look reasonable if I were to try to get funding with as little of my own money on the deal, as well as get a sense of how low I would want to go on price in order for such a deal to be worthwhile. I'm definitely looking at ARV in setting the final rent. And I agree with Stone on getting the cash flow to work. I'm thinking my numbers reflect being able to just get enough cash out on the Refi to cover the first HM loan, but I would like some feedback on whether or not I did that all correctly. Thanks!

Post: [Calc Review] Help me analyze this deal

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

Hey everyone! I'm looking at this Deal on a 4/2 SFH in the Phoenix, AZ area and would love to get feedback on the analysis. I took some SWAG guesses on doing this BRRRR with Hard Money and then refinancing with a Conventional loan. I'm especially wary about the rent, though. Based on rough comps of the area I'm not sure I'd even get as high as is shown. What do you all think?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: LLC for SFH Rentals in AZ

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

I'm a newbie and want to get into SFH rentals. In a recent webinar Brandon Turner said that most banks won't let you buy single family home rentals under and LLC. What is people's experience with this in Arizona? Anyone in Arizona own SFH rentals with an LLC?

Post: New Member from Phoenix, Arizona Looking to Develop REI Strategy

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

@Ben Leybovich

@Account Closed

Thanks for reaching out! My plan for now is to focus on getting my family into owning our first home and learn as much about the industry as I can along the way. 

My wife would prefer to stick to a SFH as our primary residence, but if I can accumulate some additional capital along the way, I'd like to get into SFH or duplex rentals to start.

I'm also looking for some good local networking opportunities, mentorship, and/or a local organization to join for those just starting out. If you have any recommendations, I would greatly appreciate it.

Post: How to explain REI convincingly to my skeptical, fearful spouse?

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

I'm with you, David. And I found your post because I'm having the exact same problem. I just started looking into REI as a wealth building strategy. I plan to attend more meetups and perhaps join the local REI association to work toward my first deal. I'd love to hear how your journey is going and if you've made any progress. I'm hoping that my wife will get over the initial shock of my sudden shift in pursuits and at least not completely object once I start showing good financial progress. Best of luck to you.

Post: How to convince a spouse that REI is a worthwhile pursuit

Martin MondejarPosted
  • Rental Property Investor
  • Phoenix, AZ
  • Posts 17
  • Votes 3

So I presented my new pursuit to the wife this weekend and just as I feared, it was a spectacular disaster. Let me preface this by noting that my wife and I usually see eye-to-eye and get along really well...about most things. She just happens to be EXTREMELY conservative about the concepts of money. We both have good, fairly successful work-lives. She's just a hard core traditionalist (school-work-save-die) and I knew going in that presenting to her a new way would in all likelihood fail miserably. 

I tried to cite all of the difficulties that people in our lives, people very close to us are currently facing and attempted to pursuade her that financial independence through the slow building of wealth through real estate may be a way for us to avoid a lot of those issues. She would have NONE of it.

When I said that wholesaleing wasn't a late night infomercial gimmic, she said "I know a bunch of people who tried that and failed".

When I said that I would work hard to find good deals to build assets and cash flow, she said "I don't want to risk sinking a bunch of money into any fix-er-uppers and get stuck with them."

When I cited that both our parents had health issues and will continue to have trouble making ends meet and never retire, she said "they're fine because they have Social Security and Medicare."

When I told her that I wanted to do it so that I could go to all of our daughter's sporting events, or recitals, or whatever she'll be into as an adolescent, she said "but I don't want you to risk losing any time with her NOW or THEN."

When I asked her, "what if through REI we could finally be financially free with a little hard work now and it will get easier in the future?", she asked me "Why can't you just be satisfied? Financial independence is just a pipe dream. Why can't you just be like everyone else?"

I am heartbroken. I still want to pursue real estate, but it feels like it's just going to be so much harder to be successful without her on my team. And with that much fervent resistance, is it worth risking my family even though I know in my heart and mind it's the right thing to do to secure my family's financial future?...