All Forum Posts by: Monica Vasquez

Very true. Personal experience 🤷🏽‍♀️? 

My parents currently hold the note to this home. They have done the Notice of Acceleration already, and their attorney has set the Date of Sale with the county.

My husband and I are buying this note before it goes to foreclose.

So we’re wondering if we can proceed with set court date, or if we need to start the foreclosure process again. 

We’ve gotten 2 different answers as well from my parent’s attorney and from ours. 

This would be in Texas

Foreclosure has a set date filed by previous Lender. We are buying this Note before it goes to foreclosure. Does the date still stand, or as new owners do we start the foreclosure process again? 

My husband and I have been wanting to get into Real Estate Investments for a while now. We’re making our first purchase this coming week and boy are there so many questions and concerns.

For this post I’m wanting advice whether we should sell or rent this first buy. 

Selling: We have the opportunity to make $50-75k profit within 6 months, hopefully less. Renting: we can make $1000-$1200 a month

Concerns: we’re entering this with very little start up, money will be tight for a while if we decide NOT to sell, if we hold on to it and rent it we can make our money back in under 10 years, and still have that property under our belt.

what else should we be considering? 

My husband and I don't have much equity. We refinanced our home about a year ago to pay of our debt, so pretty much our net worth is in the red, and don't have much in savings. So as newbies I wasn't sure if a conventional loan would be the best route. We wanted to go into our first purchase with an X amount in hand (which we don't have) and pretty much wanted to know the best route to get that X amount...do we just go to a bank and say here's our financial statement, what can we borrow? lol  

Revised: and we're looking into Single Family homes to sell or rent to own

I was under the impression that a conventional loan was a lot more hassle. Bank would ask for an appraisal of the house being purchased, surveys, etc. Which would mean more fees for us and just an over all longer process. 

My Father-in-Law is a contractor and a real estate investor and it's something my husband and I want to get into too but have a few financing options. Wanted to get y'alls opinions and personal experiences.

1. We have a family friend that will give us a loan (any amount) at a flat rate of 10% interest no questions asked.

2. We have our credit card company offering loans up to 8.99% interest (hopefully negotiable) our credit limit may not be enough

3. Apply for a HELOC loan.

Do you guys aim to have your purchase paid in full, or down payment only and finance the rest?

My husband and I both have good credit. We gave ourselves 6 months to do our research and make our first purchase. We're 1 month in, and I have put my focus on the finances. I feel these deals go quick and we need to make sure we have this situated so we can make our first purchase as smooth as possible