All Forum Posts by: Ricardo A Perez

thanks for the post ! 

@Ann Shanley thank you so much ! 

Hello BP family, 

i just wanted to drop this post. I have been reading many articles on BP about the affects of COVID-19 on the real estate world and i can sense the concern of the real estate community from not receiving rents, sales are at a stand still in some places, and the concerns of a market crash. As a up an coming investor i feel the same unease of what is to come but, through it all i want to send  words of hope to all through my current situation. I have been in the planning stages of my investing  journey and then the virus hit ! my primary strategy on funding my investing is a cash-out refi on my primary residence. i called a few lenders and got NO's but then i remember what Brandon Turner says all the time you keep on calling...... and its true i am proud to say we have been excepted and our about 3 weeks out from closing. I say all that to say never give up ! stay the course in these uncertain times lets educate ourselves take this time to plan out our strategy's so when the dust settles we our in a position to WIN !!!!!!!!

Hello, Mitch welcome to BP

@Nicholas Covington thank you so much i have to decided to restore it back to the original form and get this house refinanced. 

@Nicholas Covington i originally didn't go thru the proper channels because it would have never would have been allowed by the city and my parents needed a place to live so i did what i needed to do at the time. i appreciate your input it is appreciated. 

@Roman M thank you for the confirmation. I just needed to hear it from a an experienced investor. 

Hello BP family, 

i currently live in my primary residence which i purchased in 2014 the home is a registered as a 3 bed 2 bath with many updates new roof in 2016, new A/C unit in 2018, new windows in 2019, repainted the exterior and new flooring in 2020. i currently owe $154,000.00 on current mortgage. Running some compatibles it should appraise between $265,000 and $285,000. i am looking to lower my interest rate get rid of my PMI and pull out around $50,000 to begin my investing journey....... it sounds great right ?? my only concern is back in 2016 i converted the master bed room and bathroom in to a studio (not permitted) with its own entrance and kitchen i sealed off the entrance to the main house and currently my parents live there paying me $500.00 a month i am worried that the studio will one hurt my appraisal (cant find any comps) so not sure what it will appraise at in its current state and second will the lenders have any issue's refinancing the home with the illegal studio ??? please any advise will help thank you..................

@ Jason Apple we share the same strategy i love to be conservative on my numbers ! when it come to utility's i work for the light company in Florida (the largest in the state) and when i worked on the phones yes, i would get calls asking for "average" bill for property's we were allowed because its not confidential customer info like ssn,name etc... so i would give it a shot.