All Forum Posts by: Rene Gonzalez

Nice job!!!

@Kasey Villareal 

Replying a month late, sorry.  I'm still learning how to navigate the BP forums. I currently live out of the country, but would love to meet up whenever I'm back in the McAllen area. At this moment, I'm saving some capital for my next purchase, and I have also been playing with the idea of selling my current McAllen rental in order invest the equity in a 4plex on multiple properties.

What's your opinion of the current housing market in the McAllen/Mission/Edinburg area? I've noticed that home prices have declined or appreciation has been stagnant. I've also noticed that homes that are for sale are on the market for much longer periods than a couple of years ago. 

@Jake F.

I would like to learn and pick your brain a little about your SRT in SPI.

Welcome to BP. 

I moved from McAllen almost 2 years ago and currently own a rental home there. I’m looking to acquire another property in the RGV or a short term rental in South Padre. Like you, I have been learning a lot from this forum.

I'm considering buying a property in the Mexico (Riviera Maya area) for approximately $100K. I'm looking at this property as a place I can use as a vacation property, short term rental, and a retirement location far into the future. The purchase as to be done all cash as financing in Mexico is not an option.

My parents have offered a loan of $50K for the purchase of the property in exchange for getting to use the property for X number of days during the year (specifics need to be worked out).

Questions,

My parents have offered for the loan to be interest free (they have the money in a saving account at this moment).  I have been researching on line, and have come across information that indicates that the IRS has  a minimum interest rate for family loans that needs to be charged.

Can I take a interest free loan from them? As anyone done this?

On the other hand. If I pay them interest on the loan ,do I get to deduct that interest when taxes are filed? I would like to pay them interest on the loan to make it a better deal for them, they are making nothing with that money in a savings account.

Ivan Vera,

I'll be reaching out. I'm interested in acquiring a SFR in the NW side near 1604/I10. Very early stages, I'm doing some research in that area.

Monte,

Thanks for the advice. I'm keeping an eye in McAllen as one of the possible places to invest, but being realistic. It is interesting that you mention the saturation of apartment rentals. I was told the same by the property management company I'm working with regarding a saturation of SFR rentals.

Hello everyone, 

My name is Rene Gonzalez. I'm from Laredo, Texas, but my family and I are currently living in South America and will be residing outside of the U.S. for the next 3+ years. I have been browsing BP website/forum for the last year and half and have read a few books on real estate investing and have learned a lot. I wish I had read the books and found this site about 10 years ago when I was in my 20s. I'm confident that it is not too late and I'm now ready to commit to purchase our "first" real estate investment and start the journey to financial freedom. We currently live frugally, have no debt, have built up our savings account and now we need to put it to work for us.

I have some accidental experience with rental properties that weren't purchase as investments. I have made some mistakes and learned from them.

1st Rental Property was a 2 bedroom condo I purchased when I was single (wish I had known about house hacking then). I got married, got a new job and moved cities. We kept the condo and decided to rent it out and manage it ourselves. It went great with the first tenant for about 2 years. The second tenant not so much. We lost a couple of months of rent that went unpaid and the tenant picked up and left one day. It caused some stress as we were carrying two mortgages for a few months and we lived a few hours away from the property. So, we decided to sell it. 

2nd Rental Property. We are currently renting our home in McAllen, Texas, but this time with the help of a property management company. This property was purchased as a home and not as an investment and the numbers are not great, but not bad. We kept it as a possible landing spot when we return to the U.S.

My area of interest for investing is single family, duplex or 3-4 unit apartments in the Rio Grande Valley, Texas area and San Antonio, Texas.