All Forum Posts by: Reinier Napoles

Greetings,
Hope all is well.
I am looking to connect with real estate investors that are knowledgeable about structuring deals off private home equities and cash out refinances.
I love real estate and talking about becoming tax deferred.
If you find yourself enjoying talking about the same things and would like to meet and share ideas, please do send me an invite to connect.
I am always looking forward to talking more about the subject.
Thanks!

0 Votes

Miami, Florida

Greetings,

Hope all is well.

I am a new RE investor. An opportunity has came about. A friend is moving away and is interested in entertaining my offer price.

I quickly set up an appointment to go see the house this coming day and I would like to be educated on the key questions that I need to ask him in order be well informed of the most critical aspects of the house to finally come to an offer price.

Hope this message finds you all well.

Blessings,

0 Votes

Miami, Florida

Quote from @Kevin Sobilo:

@Reinier Napoles, you are correct to identify time as a risk factor when using expensive financing or anytime where holding costs will be high!

However, I don't think permits and associated inspections are your biggest concern there. Those things are "known and controllable". You know what they cost, that you need to do to pass inspection, and municipalities will likely respond in a timely matter for the most part.

I think that the tradespeople you hire would be the #1 risk with regard to time. It is not uncommon for a trade not to be available when you want OR to tell you they will show up and then NOT show up!

For example, you give someone a down payment to start work well, they your money and you're work isn't going anywhere you are locked into them by signing a contract and laying out the down payment. So, if other money presents itself they may go chase that instead of starting your job on time! This sort of nonsense happens a LOT!

Given that one thing may depend on another such as rough work needing to be complete before finish work can begin that can throw everything off. So, learning how to vet, manage, and develop relationships with tradespeople is important.

I would say another serious risk factor is scope of work. Often either an issue comes up that you didn't anticipate OR you make decisions that change the scope of the work. Keep these things in mind when planning and making decisions because they can very easily extend your timeline.

Thank you for taking the time to detail it out for us!

Blessings,

1 Vote

Miami, Florida

Quote from @Doug Smith:

It really does depend on the jurisdiction. You're in Miami and I'm based in Tampa, so there will be some similarities. If you're using a GC, they will typically to the permitting for you, but things like Roofs, A/C, Plumbing, Electrical, etc are going to require permits. Paint and basic simple reno usually don't. If you can get the permits before you close with a lender like us, that makes the most sense and you're right, time ticks away and interest adds up. Each jurisdiction will have different time lines with respect to permitting. Let me know if you have questions and I can help.

Thank you for your comment!

Blessings,

0 Votes

Miami, Florida

Hello Guys!
Hope all is well.

Can anybody educate me on the permits required to Renovate Residential properties?

One of the biggest risk working with private money and hard money comes down to the time needed to put the property back to good conditions.

While penciling out deals, I would like to be more aware of how long a property could take to finish and factor that time into the term of my loans.

I hope this message finds you all well.

Blessings!

1 Vote

Miami, Florida

Do private money loans charge points from the full amount of loan or the amount remaining after the down payment?

0 Votes

Miami, Florida

Hello!
My name is Reinier Napoles.

I am new to the RE investing world. Ever since I picked my first book "Think and Grow Rich", My mentality has shifted towards becoming financially free and independent.

Down the rabbit hole I fell and 10 books later I was gifted the famous "Rich dad, Poor Dad" which shifted my whole world into becoming interested in Real Estate Investing.

Soon after that all I was reading was real estate books and watching the bigger pocket podcast every day.

Now I am here and ready to start my Investing Journey.

I am looking forward to connecting with experienced Investors, Lenders, Realtors, General Contractors and many more along the lines of this industry.

I am interested in starting my journey by House Hacking as I am young and don't have anything holding me back from living uncomfortably for the coming years.

Hope to connect with many of you.

Blessings,

2 Votes

Miami, Florida

All Forum Posts by: Reinier Napoles

Reinier Napoles has started 5 posts and replied 8 times.

Post: Need professional consultation from a real estate investor

Post: Need professional consultation from a real estate investor

Post: What are the must ask questions to come up with an accurate asking price?

Post: Question on Construction Permits!?

Post: Question on Construction Permits!?

Post: Question on Construction Permits!?

Post: Private/Hard money lending question???

Post: Greetings from a new investor to all interested investors.