All Forum Posts by: Nicholas Delgado

My biggest limiter I am having trouble overcoming is the ability to secure a contractor that will promptly and thoroughly do the work. Gives me nightmares thinking i may have to switch contractors mid job. Seems they all have so much work to handle that if I have to wait in line for my projects, then ill rack up a month or two holding costs with no work done. Plus the numbers of course have to have some wiggle room to not scare me off. I think experienced investors have these systems in place to where they have less likelihood of incurring a loss on projects.

Not too late; like mentioned above, Hollywood probably has the most promise for growth in my eyes. It is a solid midpoint between Miami and Fort Lauderdale where overflow from either city will benefit values.

Good Morning @Mary Joe,

I reached out to connect and am in search for a hml, please feel free to pm me. 

Best,

Nick

Hi Harman,

From personal experience, i believe that many banks will have fees for wire transfer and downloading data to quickbooks. However, viewing deposited checks is a strange fee to me. I use First Citizens Bank for a business checking and have no complaints so far, but they may not be in all areas. If available, i would recommend them.

@Jaron Walling Thank you for the response! I assume we would look for a flip needing about 30-40k of renovation to create the upside that we are looking for, which likely does not qualify for a lipstick flip. And i agree with you, i am not in it to do a choppy job and cut corners, which is why i fear giving someone the freedom to review their own work, or send me some rushed video that just appears good.
Plus the overwhelming aspect of coordinating workers/jobs does seem rough while I'm at work, but i figure i will have to do it at some point or another in order to transition into real estate full time. The area we are looking at is primed for flips and the market is warm, so its enticing if only i could mitigate the oversight risk.

I have recently began my real estate investing career. I have been researching and scouting for the past 2-3 years in various markets, and now I am 1 year into owning an out of state cash flowing rental property to university students in a town near where I went to college. It was a little rocky when the tenants first moved in as the house had not been lived in for a year or two prior to them, but the maintenance calls have slowed down a bit and I am ready for another move.

I work with a business partner, so we are constantly bouncing ideas off each other. Our main question is whether to move on with another cash flowing university rental in the same area, or to work on getting the ball rolling faster with a flip. The catch is that the flip would be an out of state property with little way to supervise the work other than having a few friends in the area. What would be a reasonable way to compensate a friend to monitor the work for a month or two assuming they also work a day job? Or is this something over our heads as beginners? I am good with numbers and keeping conservative estimates, so i think the numbers are straight forward; our concern is the oversight aspect. 

Does anybody with more hindsight wish they did things in a different order to propel them into real estate success faster? We plan to move into multi-family and commercial as we progress, but still plenty of learning to do about those topics. All constructive criticism/comments are appreciated

@Wayne Brooks In my name and then transferred. Makes the answer to #2 more clear, thanks.

Hello All,

I am purchasing my first residential property (have an investment property out of state). My partner and I are unmarried with plans of marrying once it is more advantageous. We will need to apply for the mortgage together to have the buying power for the house we have found. We are currently under contract for a 435k place in a great area with strong resale ability and rent potential once we leave there in 5+ years.

The first mortgage company that we pre approved with gave us the 450k limit we aimed for and also said there was room to go much higher (even though we are unable to go any higher) and they gave us very high total closing cost estimate of ~18k not including down payment, so we decided we would shop around. They also included my investment property on the loan disclosures and GFE, so they were well aware.

The second one we applied with told us that since i have owned a home in the past 3 years that the 97 conventional with 3% down is not available for us, even if the investment property is owned under an LLC, which it is. And also that they would not loan when a property is held under an LLC. Our only option with them was to bump up to 5% down to get a loan. So, my first question: Is it just this lenders policy that they will not do the conventional 97 and some lenders would be willing even with my investment property? second: Does it matter if the Deed to my investment property is in an LLC when i answer the "have YOU owned a home in the past 3 years?" question on applications? Third: Do you guys know any lenders that are friendly to a similar scenario as this and would recommend? Fourth: Are there any creative solutions to this problem that i am overlooking? (the 5% down vs 3% down is about a 8.5k jump and we would love to save that cash so that we are not dead broke once we take over the house) We have about 35k of cash ready to use.

Answers to any of the questions are appreciated even if you are unable to answer them all. Thanks BP Community!

I am also interested in learning/working with you guys 

I know you mentioned central and gulf coast as a target area, however, I am familiar with Broward and Palm Beach County and can be feet on the ground, if needed.