All Forum Posts by: Ramiro Rodriguez

I own a property free and clear worth about 120k and currently cash flows about $650/mo after all expenses.

I am able to cash out REFI with a credit union about 90k @ 5.5 % 30 years.

What is the best way to use this 90k?

Am I able to take out conventional loans with 20% down using the (90k) refi money?

Ex. 5- 20% down conventional loans (100k)

and have 5 new rentals?

Do I use the 90k to purchase a property and partner with someone on a flip to get ROI?

Still learning but im trying to find out. If you are able to essentialls "save" the seller from getting foreclosed on IF the property is schedule to go to Auction at the courthouse for a later date?

I found a property that is going to be foreclosed on in 22 days do i have time to make an offer and get it under contract and help the owners from getting foreclosed on?

I’m curious on what kind of return flippers look for on a deal. What makes it a “good” deal? 

Awesome Thank you for the recommendation Ill give them a call and see what they can do. 

Investment Info:

My 1st Investment!! JV with my parents!

Purchase price: $70,000
Cash invested: $80,000

My father Owned the Land lot for 10 years he purchased it from a friend that could had to sell it due to financial issues, We then went 50/50 on building a small home on it and use it as a rental.

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

Cash flow paying all cash for the property.

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

We created this deal using a vacant land lot we already own and building on it.

How did you finance this deal?

Cash

How did you add value to the deal?

I self manage the property and take care of all the paperwork and communication with the tenants for the property. 

What was the outcome?

Currently in a 1 year lease with a good tenant.

Lessons learned? Challenges?

Finding a tenant is challenging, screening tenants is crucial. People want you to lower the rent and i didnt expect that.

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

No i did not, I self manage the property and my father does handy man work himself if needed. Larger jobs we would contract out.

When i purchased my first home I noticed that my mortgage was cheaper than what my sister was paying in rent for an apartment in my area. That triggered it for me so i started listening to podcast, reading and learning as much as i could. after 4 years of education and through books, forums, podcast and youtube Me and my father went 50/50 on an investment property in south Texas. We paid cash for it. took out a small 10K loan to update the kitchen and bathrooms and rents for $1000/mo. Thats my first one and its been great so far. I currently Wholesale properties and have done about 3 deals so far. I do this on the side but i love running numbers on properties. I plan to purchase more rentals as well as fix and flips in the future. 

Looking for local Investors that work with reliable contractors, Need to get an estimates of a potential fix and flip in Del Rio. Any info is appreciated! 

In the screening process of prospective tenants and iv come across a family who has low credit scores but make above 3xs rental income. Previous landlords have all come back and said they have never missed any payments (similar rent payments).  What would your suggestions be? 

Hi guys, just started my journey and I have put my first rental on the market. It's a 3/2 SFH and I have one applicant that has 5 kids. In total there would be 7 people living in the home. If I were to deny this applicant would it be agains FHL? Can I use a maximum of 2 people per bedroom as my reason for denying the applicant?

I’m not sure where to go with this. Help!!

@Bjorn Ahlblad great advise thank you!