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All Forum Posts by: Masashi Borges-Silva

Masashi Borges-Silva has started 32 posts and replied 100 times.

Post: Investor friendly agent who's new to BiggerPockets

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70

@Luke Nolan

It's always exciting to see new members joining the BiggerPockets community. Your experience in commercial and residential investing, property management, residential construction, and project management is impressive and it's great to know that we have someone with such diverse knowledge in our community.

I am sure that with your background and expertise, you will have a lot of valuable contributions to offer to the community. Please feel free to share your thoughts, ideas, and experiences with us. We are all here to learn from each other and grow together.

I wish you all the success in your endeavors and look forward to seeing your future posts. Don't hesitate to reach out if you have any questions or need any help. Let's make the most out of this community and help each other achieve our goals!

Welcome aboard and happy investing!

Post: New to real estate investing!!

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70
Quote from @Bishwash Karki:

Greetings,

The Book on Real Estate investing by Brandon Turner brought me here. Have been listening to BP podcasts, reading books, and learning as much as possible in this learning phase. I know this is a going to be a long journey but I am ready to give what it takes. Hoping to learn as much as I can from you all! 

Congratulations on your first post! It's great to see that you're so motivated to learn about real estate investing. This industry can be challenging, but with hard work and dedication, you can achieve success.

One thing that may be helpful for you to keep in mind as you continue on your journey is that real estate investing is not a get-rich-quick scheme. It takes time and effort to build a successful portfolio, and there will be challenges along the way. However, if you stay focused and continue to learn from those around you, you will be well on your way to success.

Another important aspect of real estate investing is networking. It's important to connect with other investors and professionals in the industry to learn from their experiences and gain valuable insights. This can be done through attending local events, joining online forums, and reaching out to individuals in the industry.

Overall, just remember to stay positive, stay focused, and keep learning. Real estate investing can be a lucrative and rewarding industry, and with the right mindset and approach, you can achieve great things. Best of luck on your journey!


Post: New to BiggerPockets

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70
Quote from @David Garza:
  • Hello, I am new and just starting in the Real Estate world, I live in Plano, Texas. I got my real estate license earlier this year. I currently work at a company called Institutional Property Advisors (IPA), as a marketing coordinator. My goals are to get into investment/rental properties so I can have some passive income when I retire. Any and all advise are welcome. Thanks and glad to meet everyone.

Welcome to the exciting world of real estate! It's great to see that you have set some clear goals for yourself, and I'm glad to hear that you are interested in investing in rental properties for passive income in retirement.

To achieve your goals, it is important to continue learning and growing in your field. Stay up-to-date with the latest trends and regulations, attend conferences and seminars, and subscribe to industry publications so that you can stay informed and knowledgeable about the latest developments.

Networking is also crucial in the real estate industry. Consider joining local real estate associations or groups to connect with other professionals in your area. You can learn a lot from other professionals, and you never know where a new business opportunity may come from.

As you work towards your goals, it's important to keep them in mind and stay motivated. Try breaking them down into smaller, achievable steps so that you can track your progress and celebrate your successes along the way.

Remember that success in real estate takes time and effort, but with dedication, perseverance, and a willingness to learn and grow, you can achieve your dreams. Wishing you all the best on your journey towards success!

Post: Excited to Dive into Real Estate!

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70

@Kalp Mehta

Welcome to the forums and congratulations on your first post!

I, too, have been trying to leave the corporate world for 10 years now, but have not managed to do so yet. It's great to see that you have ideas and goals that you are pursuing. I wish you success in your journey and good luck!

Currently, I am wholesaling remotely and looking for active markets with a good number of distressed houses, house flippers, and home buyers purchasing at retail value. My goal is to create a model that allows me to conduct my deals from anywhere, as long as I have internet access and a phone line, and to adapt quickly to changes in market trends by finding active markets rather than relying on a specific market to thrive.

Post: Seeking Feedback from Experienced Wholesalers on Assignment Fee Earnings

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70

I'm new to wholesaling and hoping to get feedback from experienced wholesalers.

I want to know the average assignment fee earned in the past 90 days, to gauge whether making $5,000 to $20,000 per deal is realistic. I'm curious about the market value for assignment fees in your area and want to ensure the numbers make sense for everyone involved.

I'm considering investing in Jamil Damji's mentorship program and want to know if making at least two deals (assuming $5,000 each) would cover the cost.

I've read about the potential range for assignment fees, but I'm interested in hearing recent experiences from someone who has done a deal and collected a fee. I understand that the amount earned depends on the amount of work done and whether the numbers make sense for the end buyer after paying the wholesaler.

Post: Seeking Advice for an Off-Market Real Estate Deal in Columbus, OH

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70

Thank you everyone for your feedback. After several chat exchanges with the seller, I have decided not to pursue their offer as there were several red flags. These included the seller's refusal to share the property address, the prices being below market value, and the fact that we were only communicating through Facebook Messenger, with the seller not willing to provide a phone number.

Once again, thank you for your valuable input and time.

Post: Seeking Advice for an Off-Market Real Estate Deal in Columbus, OH

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70

Hello,

I am seeking assistance with an off-market real estate deal in Columbus, OH. The seller is offering four single-family homes, one triplex, and one quadplex for sale. As a first-time buyer, I am finding this process to be somewhat overwhelming.

The main issue I am facing is that the seller is not providing me with the exact addresses of the properties. He has requested that I fill out an inspection form, which would grant me permission to inspect the houses. I am concerned about potential risks associated with the inspection fee, but would like to know if there are any other precautions I can take to protect myself. Is there anything I should include in my offer letter to safeguard my interests? I am not sure what else I need to do to protect myself aside from committing to purchase. Are there any other details I should ensure are included in the contract?

Additionally, I am unsure if this is a common practice when buying properties. The seller has stated that he will only provide the form with the address and additional property details after I have paid for the inspection.

I am also a bit wary of the pricing. The seller is offering the four single-family homes for $55k, $55k, $70k, and $85k, respectively. The triplex is priced at $150k, and the quadplex is priced at $200k. All units have three bedrooms and two bathrooms, and the quadplex is said to have approximately 1600 sqft. The seller has also offered bundle deals for all four single-family homes at $200k, two multi-family homes at $320k, and all six properties for $500k. The pricing seems too good to be true. The seller has explained that he is selling these properties to invest in another business venture, as he already owns a fertilizer company in GA.

While I may not have the funds to purchase all of these properties, I am considering turning this into a wholesaling deal for someone else.

Thank you in advance for your help!

Post: Subject to, Contract for Deed, Wrap Around

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70
Quote from @Jay Hinrichs:
Quote from @Account Closed:
Quote from @Jay Hinrichs:

@Steve Vaughan

I wanted to expand on how we sold our props using wraps pretty much exclusively and AITDs

( all inclusive Deed of Trust )

the benefit to the seller was this.

lets say we sold a property for 100k and in today's rates we could get 9 or 10% interest..

Lets say we bought the property sub too 2 or 3 years earlier and our rate was 5%

Lets say the underlying note we took sub too was 70k.

The new buyer makes one payment to us on the 100k note at 9%  we in turn use those payments to pay our underlying note of 70k at 5% interest so not only do we make a profit creating this value of 30k but we are making an interest rate spread ( delta 0 on the 70k we wrapped since its at 5% and our new note is at 9%  ..  that's the benefit of the wrap..  If your going to pay the underlying directly as the buyer your only going to pay 5% and then the difference between underlying and new note would get the 9% rate so in essence your doing stand alone first and seconds that each have their own coupon rate. 

You two have covered the issue. Let him who has understanding, understand. ;-)

yup that will be 4,990.00 to join my tribe to learn all about it :)

In the podcast I asked about, two things stood out to me: giving out your cell phone number for calls or texts, and the example used to explain the concept of a "wrap."

How have you been handling the increase in calls since the episode was released?

In the example, the seller of a property benefits from the difference in the price and interest rate, while the new buyer saves money by not borrowing from a conventional loan. I found an article that explains the concept as a "Wraparound Mortgage," which helped me understand it better.

Regarding the example, the first wrap involved the buyer and the seller's mortgage. The second wrap was used to create "income of $1600/month" in the seller's record so that the seller's DTI would improve. What kind of paperwork is involved in the wrap? Is the paperwork the same for the second wrap? Would another contract need to be created, or perhaps not a promissory note...?

I have started to implement your method and joined the Facebook group. Currently, I am doing it manually, but I would like to create an automatic system.

Post: Subject to, Contract for Deed, Wrap Around

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70
Quote from @Nathan Waters:

@Steve Vaughan

Thanks for the explanation. I know my deal carries some risk. I plan on refinancing in 6-12 months to complete the deal. But I want to learn ways to do this better going forward. One aspect of that is getting a better attorney. He recommended the contract for deed route. I need to find someone more well versed in subject to and using private lenders. He seemed overwhelmed with what I was trying to do. He's getting it done now, but it was like pulling teeth to put it together.

I recently heard the terms "Wrapping mortgage" and "subject to" method on a BP Podcast, and I am trying to understand these concepts better. From what I understand, they involve a buyer (me) taking over the mortgage payments of the seller, but I am not entirely sure.

I would appreciate it if you could provide me with more information, particularly on how you ended up with the deal that utilized these methods. Your insight and knowledge can help me better understand this concept and make informed decisions in the future. Thank you in advance for sharing your experience with me.

Post: Wrap mortgage / subject to / Owner finance

Masashi Borges-Silva
Pro Member
Posted
  • Investor
  • Manhattan, NY
  • Posts 103
  • Votes 70
Quote from @Jeff Warner:

@Jay Hinrichs - Sorry to keep dragging this on...just trying to get my mind around this so we can do this deal.
I would be making the mortgage payment for the seller which includes property taxes and insurance, would I then get my own home owners insurance policy or just leave everything in place until we refi? 

Jeff


I realize that this was 6 years ago, but I wanted to give it a shot for asking for help.

I recently heard the terms "Wrapping mortgage" and "subject to" method on a BP Podcast, and I am trying to understand these concepts better. From what I understand, they involve a buyer (me) taking over the mortgage payments of the seller, but I am not entirely sure.

In your situation, the SFH mortgage was at $149k and the comp was $170k. You (buyer) paid the seller $65k, and the remaining mortgage was $84k with monthly payments of $650. Did you use a seller financing method with an added interest rate and paid it off in a year, or did you refinance it before the first year?

I would appreciate it if you could provide me with more information, particularly on how you ended up with the deal that utilized these methods. Your insight and knowledge can help me better understand this concept and make informed decisions in the future. Thank you in advance for sharing your experience with me.