All Forum Posts by: Robert Del Rosario

Hello, BiggerPockets community!

I'm actually looking to do my first flip here in Las Vegas. Could anyone refer some good general contractors you've used in your own deal that you were satisfied with? Also, some quick tips if you don't mind wouldn't hurt :) it is a fire-damaged property me and buddy are looking to flip... thanks in advance!

Thank you for the reply, Mike! I appreciate it. Yeah, I will definitely go to a lawyer with something I draft up myself in hand.

Hello, community:

A friend and I are starting our first partnership together, a small, real estate-investment firm in Las Vegas. With our blood, sweat and tears, our main strategy will focus on raising capital by way of retirement account holders and purchasing investment property through a joint-venture agreement. We plan to set it up with the retirement account holder as a partner investing to receive cash flow and part of the potential appreciation, not just as a lender. However, we will be open to it.

We know this is not a new strategy, but it seems advanced enough to call it innovative. We have not approached people yet about our services. We are working out the small details, like creating a presentation and marketing plan, creating legal documents, and building relationships with vendors.

If anyone can share some details and pitfalls about this type of strategy, I would love to hear it. Also, if anyone has a joint venture agreement they could share, that would be awesome, so we can just take it to a local RE lawyer to review instead of drawing one up from scratch. I saw a general partnership agreement in the FilePlace, but was not sure if it contains everything it needs to.

Looking forward to hearing from y'all. Thanks in advance!

Hello community! I would like to know if mortgaging a free and clear property is just as hard as getting financing to purchase. My partner and I are having trouble getting financing to purchase because my partner's DTI is around 70 percent and mine is just as high and ive only been a real estate agent for a year. We have enough cash to purchase at around $50k and rent out but we want to mortgage to roll onto the next property and repeat. Thanks in advance!

Thank you Jon and Simon. Your comments are much appreciated.

I will do some more research on other properties.

1990 Manufactured SFR (1248 sq.ft)
3 bed / 2 bath

$49,900 asking
$31k~ comps (only a couple sold in the past year like this property)

$800/mo in rent (Lease ends 9/30/13)

Owner willing to carry 15 year fixed at 5% and balloon after 1 year with 20% down.

I have bad credit.

Planning on offering $39k with said terms. Getting an appraisal, inspection, and checking out tenant in DD and adjusting price when necessary.

Little bit worried about the balloon payment. If I have bad credit, how difficult would it be to find a lender on this? How are appraisals with Manufactured homes?

Thanks Shanequa for your input. I appreciate it.

Hey Phillip,

That makes sense, I wasn't even thinking of it that way! Thanks!

Hello community! So I am looking for advice about 2 rental properties I have. I have bought both for about $185k back in 2007 (Didn't know much about Real Estate back then). Both of which are worth about $145k market now ... but both have a $145k mortgage. So I have lost my down payment for both but not exactly underwater. I currently have them rented out just enough to cover the mortgage. I was doing some reading and learning and have come to a conclusion that maybe my best bet would be to sell on a Land Contract gather what I can from those down payments and possibly create just a little bit more cashflow and use it to put down on an actual cashflowing property. Does that sound smart? It sounds smart to me ... but I still consider myself very amateur. I realize I may run into a due on sale problem, and will look more into it for better perspective. I would really appreciate any type of advice. Thank you!

@ Ann: Thank you for your input. Yes I understand that VA loans are for owner-occupants only. I was told by a mortgage broker that they were able to adjust the terms to where I would fulfill the seasoning with just staying in it 1-day. But you're right I don't think I want to flirt with it. Thanks again for your input.

@ Bill: You are correct I will still have to qualify for the loan regardless what I am entitled to. Thank you for your input as well.

I'm thinking I will just use the VA Loan for a four-plex since they are considered residential ... move in it ... and rent out the 3 other units. That's if/when I can find one here in Las Vegas ... Anyways, thanks for your input! I will be starting another post regarding 2 rental properties I have, that I'm not sure what do with, thanks!