All Forum Posts by: Ricardo Cristobal

Im excited to be closing on my first multifamily deal coming up Sept 12. Its a 10 unit value add deal. Our plan is to get in, rehab the property, increase rents, decrease expenses and of course increase the NOI of the property.

It has definitely been a journey going from wholesaling and fix/flip single family properties (Which I still do, just not as much anymore) to investing in multifamily deals. I have been able to build great relationships with investors and brokers over the years from wholesaling and they will now invest in the multifamily deals. 

I look forward to posting the progress of this property here on BiggerPockets. 

I've been researching REI'ing for the past 6 months and I have yet to purchase a property. I live in New Jersey where property values and property taxes are very high. I don't have any construction experience, so I figured I should avoid flipping. Instead, I've been focusing on rental properties, specifically vacation rentals at the Jersey shore. The numbers just don't add up. Even with a multi-family, the best ROI I can get is like 3%. I've been looking at properties between $500-600K and the monthly rents are only $2,000-$2,400 (roughly 4%).

I've also looked into properties that are not vacation rentals, but the numbers are roughly the same in this area.  4% is clearly not going to work.

Flipping seems to be the better choice in this area, but that makes me nervous since I don't have construction experience and I will have to sub out all of the construction work and I fear I could lose all of my profit that way. 

I'm starting to get frustrated that I can't find a deal that works.  I'm determined to buy a property this year, but I don't want to buy something unless I can make the numbers work.  

Do any of you out there in the BP Community have a similar problem with living in a high-priced area? Does anyone have any suggestions for me?  I'm very eager to start investing!

Thanks in advance for any advice you may have! 

Hey everyone as I see there's a lot of like minded people on here and first wanted to say hello to everyone. Second I'm all about holding long term shortening the mortgage on that property and amass "equity " asap and yes I realize that is a relative term. I've been to a bunch of flip camps, commercial seminars as well as the good old old fashion rent to own. Just looking for thoughts and any input would not be insulting I like to know all the good but more the bad, good is hopefully going to happen but I want to be absolutely ready for Murphy's law! Ty everyone and looking forward to continued talks!!!

Hello, I plan to come into contact with approximately 20K and I would like to invest in some way. A little about myself, I am a 56 y.o. who has looked into real estate for nearly 10 years. I have read multiple books, websites, articles, etc re: real estate investment, but NEVER took the plunge. I would love to partner with a more experienced investor inside/outside my area as they relate to these funds. Any answers, support, guidance and/or direction would be greatly appreciated!!!

 The 2 year thing is an overlay from your bank. You can find lenders that will use rental income from day 1.

@Ricardo Cristobal @Mark H.

You can purchase another property using FHA after refinancing your current place into a conventional loan. However, there is a very big caveat to that: rental income from the vacating home cannot be used as effective income on the new primary residence unless the new home is more than 100 miles away.

Hello,

Currently in the market for a 2, 3, or 4 unit property - this will be my first home and I intend to owner-occupy one of the units and rent out the rest. I had just assumed that FHA (or 203k) would be the only way to go, however I have noticed other options. I am looking for a loan that meets the following criteria:

• Less than 10% down
• Can be used on a 2, 3, 4 plex
• Owner occupied property
• No Mortgage Insurance (PMI/MIP)

FHA loans seem to meet all of these criteria, though MIP is required - this can add quite a bit to the cost, just looking for other options. If none exist, my plan would be to get a FHA loan and refinance to a conventional loan after it reached 80% LTV. Suggestions?

Thanks everyone!

This might warrant some raised eyebrows but I always asked myself the same question: 

If real estate is a great way to become wealthy, why isn't everyone doing it?

Now I'm not saying investing in real estate is easy, because I know that it's not easy. I know that it requires a lot of hustle and grinding. However, I know a lot of people who work 3-4 jobs and easily work 60 hours a week. They obviously are determined to make money, and whether they are living paycheck to paycheck or not, why don't these people working so many shifts save up money to buy a house and slowly progress their way towards passive income? 

Is it because of fear of going further in debt? Is it because they don't know real estate investing exist? 

I always ask this question on Google but there's not an answer that answers it.

Hello everyone,

My name is Vincent and I'm a young entrepreneur/ investor looking for a help from an experienced individual looking to help out a new guy. It's been my passion since I was a kid. My father really helped me develop my way of thinking as he is an investor as well. I am here looking for help to get my foot in the door. Looking to meet up with any kind of investor A-Z that is willing to teach a young kid. My value cannot be put into a dollar amount so I am not asking for any! Just an opportunity to work to gain experience. I am in the New York area and can get started right away. Looking forward to hearing back from you. I know we can build together!