All Forum Posts by: Mauricio Quintana

Thanks everyone, great feedback

Hi Everyone,

I'm curious to get feedback from other investors who have had to deal with evictions of someone you did not put in the house to begin with.  I have a flip I'm looking at that currently has a tenant in there who will need to be evicted.  The seller wants to sell "sight unseen".  On paper I have vetted the numbers, they all make sense.  However, I have heard that evictions can be long and time-consuming.  I'm new to this so I don't know how big or not a big deal an eviction is.  If this were your deal, would you offer less if the house comes with a tenant that needs to be removed?  If so, how much less do you offer?  Would you stay away from the deal altogether?  I'd love different perspectives on this. Especially from those who have experience with the scenario.

@George Clark

Thanks George.  I'm looking for a relationship with a bank that can extend me a line of credit for rehabs, can lend me money for purchases, can refinance houses that have been rehabbed and rented.  As a lender, have you ever heard of the above:  "They will amortize over 20 years and have loan maturity every 5 years. This is similar to an ARM, except it wouldn't be interest only."

All,

I've heard that building local relationships with banks and credit unions is better than big banks.  What questions do you need to ask to make sure they will be able to provide services to aspiring real estate investors?

Example: I just had one credit union say they don't do 30 years fixed terms. They will amortize over 20 years and have loan maturity every 5 years. This is similar to an ARM, except it wouldn't be interest only. Has anyone ever had this? Also, if you are doing BRRRR on a property, wouldn't an amortization of 20 years really hurt cash flow since payments would be so much higher?

Thanks!

Hi all,

Curious to get different perspectives on this topic. Since BRRRR is more related to long term wealth building versus short term income, I have a question for those seasoned investors who have done BRRRR. If you are in a new city or somewhere you haven't lived long enough to witness the gentrification first hand, how do you evaluate future value of a neighborhood?

A couple of specifics questions:

Schools:  Do you evaluate elementary, middle and high school as one school "district" or is one more important than the other?  Meaning if elementary has high ranking and middle school same but high school is bad ranking, does any one matter more than the other?  Is elementary more important than high school or vice versa?

Land value:  Do you look at tax records and see how much the government has evaluated the land to be worth?  If land has doubled in taxable value in the last 10 years, is that a good sign?   Or do you have a different % of value increase in a shorter/longer time window?

Miscellaneous question: Do you prefer to BRRRR on single family or multi-family units? Why?

Thanks in advance!

@Don Alder-LaRue, thank you.  Tons of valuable information.

@Jeph R.

Thanks Jeph, this is really helpful. I’m definitely not looking to cut any corners or do any of the work myself. Not my zone of genius. I’m looking for a contractor to hire.

@Shweta Patel  Thank you, this is very helpful. I'll check out the podcasts you suggested.

Hi BP community.  

I'm new to REI and may have found my first deal. In search of a trusted contractor in Houston TX. I need someone who is trusted, licensed, reputable and offers detailed scope of work description (versus bulk number).

thanks in advance

@geordy rostad

This is so helpful, thank you!  So if the mobile home is more like a real estate play, let me ask a more specific question.  Is it a best practice to analyze the purchase price and rent return just like a rental property?  I've heard you want to try and get 1-1.2% of the purchase price in rent.  On a $100K property, you'll want total rent to be around 1K -1.2K monthly?  What are some common monthly expenses associated with a mobile home park?  If you only own the land and not the mobile home itself, my guess is that having to evict is much more expensive since the entire home has to be moved?