All Forum Posts by: Ramon Flores

@Vernon Johnson I have heard mixed reviews about 203k FHA loans. Be aware that a lot of sellers do not like FHA loans in general and from my understanding 203k FHA loans can be difficult. I would consult a real estate agent that has experience in dealing with them. Hope this helps!

@Kyle Holmes If you are using an FHA loan, then you will be using your W2's and past tax returns, not a new LLC. If you are concerned about liability then get umbrella insurance on top of your regular insurance. It is not very expensive and it will protect you.

@Kyle Holmes It depends on your situation and how you are financing the deals. If you are using conventional financing, then an LLC won't help because you have to show the bank how much money you have made in the past few years and how much you are currently making. A new LLC will have no income.

However if you are using hard money, or a portfolio lender, they may not care about your income and may focus on the deal itself. For this an LLC may work, it really depends on your approach.

@Megan Brooks

Definitely agree with giving the tenant a one year, 6 month and month to month option. That way you give your tenant a choice. I am not sure about your market or how much cash reserves you have, but personally I wouldn't advice to price the 1 year lease too high because the turnover can cost a lot of money. You make your money when your tenant stays for longer than a year. 

Then again if your market is $1500, if you have lots of cash, and if units are renting out like crazy, then definitely you should raise the price.

@Leigh Harris Hopefully you know a contractor or two. You can have a contractor give you a "rough" estimate based on pictures and videos. Obviously you would tell the seller that you still need to do a proper inspection once you are under contract. 

Once you have the contract and you do a proper inspection, you can go back to the seller and demand a lower price if the numbers don't work out. Hope this helps!

@Jack B. Like I said there is no need to be rude or salty. If you don't like or agree with other's people's experiences then you should not be on the internet.

I have seen this first hand, and contrary to what you think you may or may not know about me. I take great care of my floors. This is not the result of being "sanded" down. Perhaps gloss was the wrong word to say. But it definitely is the result of normal wear and tear. Like I mentioned earlier you should contact someone who specializes in hardwood floors and they can give you the answer you need. I'm glad I helped you out. Best wishes bud!

@Jack B. You don't have to be rude. You are asking for people's opinions. I commented what my experience has been with hardwood floors to try to help. If you don't want to believe me no problem, there is no need for salt.

Best of luck!

@Jack B. My last place had hardwood floors. My wife and I never did anything crazy or bad to the floor and it looked exactly like that after a year. I think my wife might have used the wrong cleaning product on it and it looked different.

 I would consult with a company that does hardwood floors. Perhaps they have better insight.

To me it looks like normal wear and tear. Some hardwood floors loose their "shine" after being used for a year or two. If you buff out the hardwood floor it will look brand new!

@Oscar Miguel Hey Oscar, I foolishly did not ask for a lot. I requested only $10,000 but I could've requested a lot more. I don't really need it, just want to have backups ready in case things get bad.

My advice is to have a number in mind and have documents ready in case they need documentation. If you have large credit lines and good credit already I believe it should be easy. It was all done online and there was no negotiation.