All Forum Posts by: Pablo Espin

Hey man, I been in the market for at least a year. I been buying SFHs every qtr. Actually looking into getting something bigger Multi family units. Let me know if you need anything. 

Thank you! Great input from everyone. I truly appreciate it. 

Scott, thank you for the input. When I asked about a Heloc, the bank stated that he does not earn enough money to qualify.  I have not heard about the non-occupying co-borrower so I will talk to a local bank and discuss it. 

The end game is, that my father will be living with either my brother and I. We want to rehab the home then turn it into an AIRBNB, also have his bills paid off, lastly we will give him some of the $$ we make of the airbnb. The good thing about his property, he already has a LTR in the back of his house and she pays us 1k a month, so that will help towards the mortgage. 

Let me know if this makes sense to you. 

I would like some thoughts/assistance on what to do with a scenario that I am currently facing. My father has a house located in Ft Lauderdale, about 10 minutes from airport and close to Las Olas and Hard Rock hotel. Its an older community but from looking at AIRDNA its not a bad place for a Airbnb. My father is retired 80 years old, he is on a fixed income and only makes like $800 from his social security. He has a house that he still owes $200k w/ %4.5 and 30 years left on mortgage(he has been refinancing without telling us). Anyways, the house he currently has will be appraised anywhere from 425k at low end to 500k high end. We want to rehab the home which will be about 30k it just needs some updates and also with that we can furnish the house. But we also want to give my father 50k so he can pay his car off, and bunch of credit cards that he has not told us about. I could buy the home from him but then I wouldn't be able to get any of that cash. He does not qualify for heloc due to his income. Is there anything I can do, besides just buy the house from him? I was hoping to do a cash refi but not sure if that is an option with his name still on the deed and mortgage. Would love any inputs/thoughts on this scenario. 

@Davon Johnson

Great question, would love to hear from experts on this. If you don't mind me asking what type of terms did you offer your friends/family members. I have similar situation going on. I'm down in north carolina.

@James Rippeon

Thank you for all the advice!!! I actually did attend one of the meet ups that you and your wife hosted. I will PM you and we can discuss further if you don't mind. 

@Grayson Spittel Yes for sure I can see the struggle on trying to scale without burning all of my funds!....I was thinking about a small flip in hopes to gain some capital that way as well. Thank you for the Operating agreement input, I will surely do that since it will makes sense to keep everything legit and not just a formal handshake. I see you are out of the NC Wake Forest area not too far from Fayetteville, are you ever in the meet ups in Raleigh? 

Looking for guidance/suggestions. I am fairly new to REI. I have my Primary home VA loan ($410k). While coming back from my deployment I finally pulled the trigger and bought two rental properties.

1st deal was a conventional loan through Five Pillars Realty over in Fayetteville NC. It is a 3/2 turn key property cost me 120k. I currently have it rent it out for$1200 per month and my mortgage to include taxes and insurance is $710. Great deal I think. 

2nd deal is duplex :) It was another turn key property purchased through new western out of Raleigh. I bought it for 155k (I think I over bid a little bit on this one). Either way I utilized a hard money loan to acquire this property (Wild Cat Lending). They covered 80% of the cost. My game-plan was to hold for 3 to 6 months and then cash-out refi to a long term loan. I currently am doing that and thankfully my appraisal came in at 175k. I found a lender that will provide me 5% interest long term rate and will cover 80% of my ARV. I will be able to payback Wildcat lending and have about 5k for my next deal. I currently am renting each side of the duplex for $815 so $1630 in total (both section 8s). If all goes well my new payments with the new lender is about $1200. So I should make $300 passively after taking out expenses.

So with all this being said I am not too sure what I should do on my next deal. I was hoping to get into a fix and flip if possible, however I know hard money lender terms fluctuate from 8% to 12% for about 75 to 90% of the ARV. I also have to take into account closing/rehab cost. I was thinking that I can use a hard money lender and talk to some family about helping me with the closing cost. Not sure if anyone has done this before, if you have please let me know how it went. Also, when you approached your family/friends, is there a specific term sheet so they can see how much they would gain out of the deal and script you provided so they can see your timeline/vision? I know that my wife's uncle would help but I just want to make sure its worth it for him.

I still am active duty Air Force so I have my W2 coming in however, I would not like to use all of my funds for every deal. 

Thank you and would love any input! Even if you think my process of acquiring deals is ****** :/

Pablo

@Lesley Whitley thank you for asking the question I'm literally going through same thing. I never heard of delayed financing but I see you can do up anywhere between 75 to 85% financing. After 6 months I guess you can refi with a normal bank. Good luck and thank you for asking the question

@Chris Wolfe I'm looking for the same. I heard of ion lending but not sure of any others. Let me know if you come up with any other options.