All Forum Posts by: Raul Morales

Excellent information, thanks to everyone that has provided feedback/guidance.  This is not my post but I definitely learned a lot. Thank you!

Hello Everyone,

I am currently evaluating options for property that involves :

4 complete & Leased apartments

&

4 non-finished  townhomes.

I had the 4 completed units for the last 10 years and decided to add some townhomes to the property.  We ran into financial issues and did not complete the 4 new townhomes.  

I am interesting getting some feedback on the type of loans that are available for a project like mine?  Would a loan even be possible for a non-finished project?  Thanks for the assistance.

I need to insure a four unit multi family building that is located in South Texas. I received a couple of quotes and the difference is quite high on all them. The one I was leaning for was from State Farm but there lowest deductible is at 3% or $6k.  I asked them for a lower deductible but they state that the 3% is there lowest.  I am leaning towards them because of there reputation of being there when you really them.  

    Can anyone recommend another company that might be able to offer me a lower rate with a reliable reputation? Your advice and feedback would be greatly appreciated.

Thanks for the feedback, I was looking into an older duplex property that needs some renovations in order to be capable of attracting a more upscale client base.  

I live in a small community where property is a bit more affordable but its quickly changing into a growing community. This is the reason why I believe that its the right time to implement the BRRR method.

I would like to  have the funds secured (loan) and readily available for the first opportunity that is available. I believe that I need to act fast and cautious to ensure that I do not loose out on any property that might be in my price range . 

Is it better to pull the max amount from the Cash Out Refinance on my four plex or only what I need? Is a Line of Credit more beneficial as to have the funds readily available?

Thanks for taking the time to assist new users. Its greatly appreciated.

Thanks Jason, I have read that Equity line of Credits are a bit more difficult to obtain on rental properties. I like the idea of keeping an open credit line to finance future BRRR. Do you mind sharing any feedback on the best way of requesting one of this loans? Any not to do's that you might remember from your first experience?

Excellent Goal, 20 Doors by 2020. 

Hi Everyone,

  I am new to this and have been considering starting for a long time but have waited out of fear . I feel that I am ready to begin this journey and feel excited, anxious and so ready to begin. .

I have a four unit rental property that I am considering using as collateral for a loan to do my first BRRR. I have identified several potential properties that fall within my budget and desired location . I would appreciate if anyone has feedback on how I can approach my local bank and begin the loan process.

What type of  loan would work best for this first deal?    Thanks for assistance

Thanks for the feedback. Its greatly appreciated.

Hey Everyone,

       I am considering branching out into the RE market. My initial plan would be to build a medium size home ($120K) and selling it for 

( $165-170K). The profits would then get re-invested into the next home and continue the trend until I am able to able to build the next home with the profits that were made from previous sales. My plan would be to build two homes in the initial year.

  Or

I can purchased an older SFH and converted into a duplex for rental income. Older properties in my area are available for $50k and sometimes even lower. The way I see it , is that I can invest $50K to purchase the house , invest around $15K to convert it to a duplex type structure and lease it out at $700 per unit. I would then put this property as collateral and look for another property to continue the trend.

My main question is how to get started?  How do I approach the lender?  How are investors able to keep on financing property after property?  I was the main contractor when my house and apartments were built, so I am very familiar with the construction/remodeling phase of the project.

I currently have a 4 unit multifamily apartment building that is debt free and fully owned that I would like to use a collateral ($225K Appraised Value )to get a loan to begin my project.  I would appreciate if you could please guide me on what type of loan would work out best for my project.  Any feedback would greatly be appreciated. Thanks

Estimate on Monthly Finances

4 units leased at $2600 ( $650Each)

Monthly  Income $2200.00

Total of $4,800 

Credit Score 747