All Forum Posts by: Patty Gonzalez

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $965,000
Cash invested: $235,000

Purchased 2 side by side 4plexes for a total of an 8 unit investment

What made you interested in investing in this type of deal?

Previous 4plex purchase has been a great leveraging property for additional purchases.  4plexes are considered residential units and less risky as an investment vehicle so this purchase of 2 side by side properties added 8 units to our portfolio in two smaller purchases. 

How did you find this deal and how did you negotiate it?

Had my realtor and also property manager work with me in this area. It took a while because we are not local but we perservered.

How did you finance this deal?

25% down traditional loan

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. My agent and property manager is excellent. Arminda Reza

@Debra Mazzone My LLC requires an $800 tax return filing fee Even if they also made no money. So that's why I didn't open it until I absolutely have to which was when I had three properties

@Debra Mazzone I did not open my LLC until I had three properties so don't make that a reason to hold off. Keep going towards your goals

@Jennifer Pauyo I’m here willing to help. I’m a women investor in CA investing since 2001 as a side job. I have a full time career too.

@Benjamin Couch DRIVE TOWARD YOUR GOAL! When you’re married and you need her to qualify for something then you can pay off her loans but in the meantime keep your cash because you never know when the right opportunity is going to show up.

Hey Christopher: I bought my first property which was a 4 plex with an FHA loan. No need to start an LLC before your first property. Additionally, I started my LLC by filing it using "Go Daddy." No need to pay an attorney. Once you own your first property you can file your LLC and then at some point transfer the property into the LLC. The lender will have to approve that transfer. Anyway, focus first on finding your first deal. Hope that helps.

Hi Bigger Pockets Community: I'm an investor in the L.A. area and I too am looking into Tax Auction Investor's "Inner Circle" investment club. It's expensive to get in and a large chunk of your money goes into their REIT (you become an owner) and then the rest is put in for fees for investments you make with them and they provide a portfolio of properties you can immediately invest in. Has anyone done this? Does any one have a review of the experience with them? The head of this RE business and REIT is Dutch Mendenhall. As Bigger Pockets ever done a podcast with Dutch? Does anyone know.

Thank you Bigger Pockets community  Let me know. Happy New Year! Patty Gonzalez, Bigger Pockets member and RE investor

Investment Info:

Small multi-family (2-4 units) buy & hold investment in South Gate.

Purchase price: $230,000
Cash invested: $7,000

We made this investment in 2001. Now we are ready to move up to a large multi family investment.

How did you finance this deal?

FHA with 3% down.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, our agent also had this listing. We did not have enough cash to close so we asked him to give up some commission and he did to close the deal.

@Matthew Paul thanks I did the gold look up and it looks good on google. Just don’t know when that pic was last taken.

I bought a tax lien on a property in Maple Heights, Ohio for $20,000. Now I need another 11,000 to foreclose. I’ve determined the house is worth between 45 and 50,000. It’s a slim margin but I really don’t have any other choice. I have to foreclose to get my money back? Welcome any advice on another option if there is one. So now I just need someone to go look at it and I’ve gotten a lot of suggestions on bigger pockets but I believe someone may still be living in it so I guess my best bet is a realtor? Someone suggested getting an inspector out there or Uber but with someone living there I don’t think the inspector will work. Uber I don’t know how to get an Uber driver to go out there without giving them an address to pick me up from. I guess I don’t know how to do it. Let me know if you have any suggestions on how to get out of the tax lien or anything other than a realtor going out and looking at. Thanks all!