All Forum Posts by: Nelson Leal

@Matt Motil

Hello Matt, Can you please provide current info such as are the rents month to month, if not when dot they end?  Perhaps address so I can look into the numbers further? Also any requiring rehab info would be great.  

Thank you sir.  

@Gregory Avalone

Hello Gregory, do you have a mailing list I can be attached to?  [email protected].  I live in coconut creek and looking for local opportunities.  Thank you.  

@Lillie Hernandez

Hello Lillie, if property is still available please send me financials as well.  Thank you.  

@Jackie Mesa

I would re-iterate what @Gary Montgomery mentioned. I'm in fort Lauderdale and starting at with 30k would mean lower end SFH. I do have one here but also went out of state to get same type of properties for cheaper and profit the same. Read, research, go to local meetings and chat with people. You'll find out what to do. Here to help with any info or questions you may have.

Dear BP,

Looking for a Multi-Family/Apartment focused property manager to work with in the Jacksonville, FL market.  If there any referrals that you can send my way I would greatly appreciate it.  Thank you.

@Stu Basham can't speak to across the board. My broker advised me of it then got me a loan with no seasoning so I would think it's readily available. Others have confirmed this to be true as well. I now use it in my analysis with properties knowing I can refi out an HML quickly if needed.

@Minh Nguyen I had the wholesaler who I bought the property from there checking in on it, the realtor who listed it check on it, I flew out there once during the rehab and a 3rd party inspector done for the HML rehab draw at final.

Handling the contractor was a bit trying at times but to be honest  when isn't it.  If it were local I probably could have shaved a week off but I had the extra week buffered into my estimates and it didn't affect the renting out of the property so all worked out well.  

@Francesco Barbati Thank you

@Wesley Merville 

I had a small puddle on the front porch.  I lucked out no further damage.  I have two general contractors for a local real estate company that rent out the house so my investment is in good hands the next 2 years.    

@Stu Basham Thank you.  Just finished up my other property in Ohio and tenants moved in this past weekend.  That one I'm seasoning, reason:  I want to pull cash out.  

I didn't have to season this property in Texas because it was a rate and term refi nothing else, no cash being pulled out. So, if you buy at a deeply discounted value, get a high enough ARV from an appraiser, a HML lender putting up a high enough % of the ARV you can come in little to nothing out of pocket to buy the property then have the long term financing come in after and refi the rate and term only. You can quickly get new mortgage with no seasoning and little money down if you bought right and still cash flow.

If you wait to season and pull cash out you could end up with less money overall into the deal and still cash flow.  Just all depends on your buy and your goals.