All Forum Posts by: Ramiro Rodriguez

Awesome! Im glad it worked out in the end! I to have been burned by contractors, Im sure most people have. What is a tool you use to "verify" their licenses before they start work? 

Great Job!

How did you find this deal and What are a few things you learned from this one? 

Hey Blake, If your interested in learning about land investing, Id suggest listening to RETipster. or Jerry Norton on Youtube. Let me know if youre interested in a chat. Iv done a few land deals in the area. I live In the Austin area as well. 

I am considering a 1031 Exchange when we decide to "move up" in home in the future. If we 1031 Exchange and end up staying in the home a paying off the mortgage are the deferred taxes due the day you pay off the property or is there a window of time in which they will be have to paid? How does that work? 

I listed my home for rent and was contacted by a company who is interested in Airbnb arbitrage. They agree to sign a 12 month lease and of course will Airbnb the property. For me, I don’t mind that model and I understand it. What has you experienced been for people who have done this or are currently allowing this in your properties? If I had a little more time I think I would try to run it myself but I’d like my property to be more passive and collect rent each month. What are your thoughts and experiences?

thanks, Ram 

Welcome to BP! You're off to an amazing start, the hardest part is securing that first deal and it seems you are on your way congrats! Im also from the RGV and invest down there. I also do some land deals as well id love to connect sometime! 

Investment Info:

Other wholesale investment.

Purchase price: $11,500
Sale price: $22,000

Vacant land wholesale deal

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

The ROI!

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

I found this deal targeting an area that I was interested in purchasing in. I reached out to the owner and initially he wasn't interested in selling but i set a reminder in my calendar to reach out in exactly one year. The second time i reached out he was interested in selling so I quickly sent him an agreement and got the deal under contract. This time around the seller was retiring and moving so he was looking at selling it quick to get some cash for his move.

How did you finance this deal?

I found an amazing title company and was able to double close on the deal.

What was the outcome?

Double closed the deal, Walked away with about $8,000 after closing costs. I offered to pay closing costs on both ends to keep both seller and buyer happy.

Lessons learned? Challenges?

Stay persistent and always follow up!

Investment Info:

Single-family residence buy & hold investment in Miami.

Purchase price: $185,000
Cash invested: $15,000

Primary home for 7 years converted into rental and purchased another primary.

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

First home purchase

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

on MLS before i knew about BP!

How did you finance this deal?

Traditional FHA loan finance 3.5% down

How did you add value to the deal?

Minor updates while living in it for the past 7 years, Appreciated in value over time.

What was the outcome?

Cash flowing rental for years to come!

Lessons learned? Challenges?

When i purchased i thought this home was expensive, but watching the area blow up around me was absolutely worth the wait.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $130,000

Fully Rehabbed 2/1 SFR Small home.
Purchase price $90,000
Rehab $30,000
Rents $1200

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

Location was excellent

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

on MLS used a Cash from Cash out REFI to purchase the deal

How did you finance this deal?

Cash out REFI another rental I own

How did you add value to the deal?

Used nice finishes and appliances/ nuetral colors

What was the outcome?

Appraised 30K over expected!
Invested $130,000
Appraisal came back at $160,000
Working on a REFI to pull out the rehab budget and pay myself back.

Lessons learned? Challenges?

You will get burned by contractors....

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

Used agent for the purchase as well as listing as a rental.

I am Currently under contract for my first BRRRR deal. I used a cash out REFI to purchase the deal but that will leave me with little to no rehab budget. Im curious to see what your thoughts are as far as obtaining financing for the rehab.

My goal is to at least cash out refinance out my rehab budget, Get some tenants in there and quickly pay down the remainder of the loan and cash out refi once more for another project.

What are some techniques I can use to make sure I can pull out my rehab budget when i refinance this property at its new value? 

Will having a larger DTI (cash out & Rehab loan) affect my ability to get a cash out refi loan?

The last thing i want is to get denied for a cash out refi and be stuck with a high interest rehab loan. 

Thank you for your input!

-Ram