All Forum Posts by: Oscar Macal

Hi all,

Looking for recommendations for a lender that will lend below $50k. I have a property under contract for $54k and can put down 20%. I'm going to buy at least 3 properties this year and will all be similarly priced. Any recommendations?

Bonus points for private lenders that can require less down payment so I can leverage and buy more than just three this year.

Thanks!

Oscar

Hello all,

I've found a few single family portfolios ( ranging from 5 - 11 properties) that seem to be good deals. They are priced from $500 - $900k. And most are stating that the rents could be raised to increase cash flow.

So my question is, being that they are all in a portfolio, would raising the rents automatically increase the overall value of the portfolio since the properties within are residential? I understand that when dealing with commercial properties, simply raising the rent affects your CAP rate and therefore can increase the value of the commercial property. However, residential doesn't really work like that generally, but would it be different since they would all be in the portfolio?

My main concern would be being able to quickly increase value on portfolio to be able to cash out refi as much of my down payment money and get my money back out to purchase more properties instead of being tied up in the portfolio long term.

Hope my question makes sense. Any input is appreciated!

Oscar

@Andrew Postell Thank you for your response! Much appreciated! hope all is well!

Don, thank you very much for your thorough response!! Much appreciated!!

Hi all,

When it comes to using an individuals private money to fund deals, how is the money typically handled?

I ask, because I recently met an individual on a real estate investing Facebook group who says he offers private money to investors. (I still have to further vet him before giving ANY of my personal information, because I talked to one a couple days ago who was clearly a scammer).

Since he and I don't know each other and have never worked together, I would think there would be some security blank for him and for me when it comes to handling the funds. I can't really expect that he would just wire me $200k and trust that I do what I'm going to with it? 

So does the money typically get sent to a title company or some sort of intermediary?

Please share any and all info you guys have on Private Money Lending.

Thank you!

Hi all,

We just moved back to Houston and are looking to establish relationships with "independent" wholesalers that have deals in Houston come through regularly.

Really would like to work with "smaller" independent wholesalers, not with the large brokerage firm wholesalers.

if that's you, please feel free to reach out in the chat or DM me! Looking forward to getting some deals done together this year!

Thanks

Oscar

Hi all,

Looking for recommendations on contractors that specialize in investor rehabs in Houston. I've used a company in the past (that will remain nameless) that I was not fond of at all. 

We are living back in Houston now and looking for properties here (to BRRRR preferably, but buy and flips are good to), so need to establish relationships with new contractors.

Thank you all!

Oscar

Thank you all for your responses. This situation has definitely gave me a lot to think about how I handle these things going forward.

My HVAC guy was able to get out there early this afternoon (had to finish his job from yesterday that he didn't complete) and he discovered that the blower motor had crapped out and is currently still working on it. He had to order the motor and was getting it brought out to him this evening, but he is staying there until the unit is up and running. Definitely glad to have someone I trust doing the work.

Again, thank you all for your advice and input. It helped me understand that I did everything I could to get this repaired as quickly as possible.

This got me thinking for the future, as Terry actually mentioned, in my leases going forward, should I include a clause or statement that states, in black and white, what the reasonable repair times for certain items are based on local laws and jurisdictions? I feel this will help clearly define the timeframes and responsibilities. Thoughts?

Oscar

Thanks everyone. I ended up offering to put them in a hotel near the home for the night (it is Houston and VERY hot right now so I couldn't in good conscious not at least offer that), but she said she will send her kids with family and she and her husband will stay in the home tonight. Should be able to get the A/C fixed tomorrow hopefully. This has been a long day. I appreciate everyones advice.

@Dick Stevens, that is really an excellent idea and something I will definitely look into doing! That would save me a lot of stress if this were to happen again.

Oscar

Hi everyone,

I really need some help here. I've got my rental home in Houston leased out about a month ago and unfortunately, I am already having a hard time with these tenants. Not necessarily their fault, but it seems everything has been going "wrong" with the home since they moved in. My last tenant was there two years and I never had anywhere near this many issues in two years as I've had in one month.

Last night the tenant messaged me that the A/C unit was making a funny noise and wasn't really cooling. I messaged her this morning that I would contact my A/C guy and see how quickly he could come by. He's tied up in another job and said he would try to make it tonight or first thing in the morning. I've let the tenant know and she told me that she's:

"Sorry, but I need someone to come out tonight. We have two small kids and we aren't there right now cause it was getting too hot for them. If you can't have your own A/C guy come out then maybe you need to get someone else.

What should I do? If I can't get my A/C guy there today, should I try contacting an A/C company for an emergency repair? Is this considered an emergency repair? Should I pay for her to go to a hotel with her family for the night? I'm really stressing here, so any help would be appreciated.

Thanks.

Oscar