All Forum Posts by: Rito Altamirano

@Alex Wentland

@Charlie Fitzgeraldundefined

I completely agree woth both of you. However ive been on bp studying long enough to know the risk i put myself in with wholesaling. And i have to take the risk to learn. I also would never write out a contract that would leave me in a bad position. Also i intend to do business honestly with any home owner i come across and always let them be aware of my intentions. I would hate to waste anyones time including my own so i dedicate myself to accomplish anything i get binded in and hopefully not fail them. Plus i can afford to throw a hundred dollars or so their way in show of good faith. 

As far as getting a contract without interested buyers , ive built up a buyers list of about 15 strong buyers over the past year and intend to market to them first if nothing happens within a week of the contract i sure wouldnt mind splitting profits with someone who is willing to help. 

As far as zillow for comps  ive been on bp long enough to know theyre not reliable so i check the zillow comps final sale price from assesor page. Lol. 

The assesors market value i didnt think was trustworthy after pulling true comps of rehabbed and similar condition propertys.  So thanks for clearing that up charlie. 

However with comps im having an issue. 

This home is 2bd 1 and half bath, 1350 sq ft with a nice size lot. 

 Other 2 beds in the neighborhood sold within the last 6 months have gone for 75 to 90k these homes were all 2 bed 1 bath no more then 1100 sq ft. And all with no renovations other then paint carpet etc. Home needs maybe 15k in reno to reach this.  A few nicer better rehabbed and updated homes were going for 100 to 115k (home looks like it needs around 20 to 25k for this ) 

Other homes with similar sq footage 1300 to 1400 were all 3 bedroom 1 or 2 bath were going for 100k not much reno, to 130k with decent mods. Granite counters , tile/wood etc. 

Based off sq ft. And bed rooms and comps what would you say a 1350 sq ft 2 bd 1 and half bath would be? I  feel like 90k arv would be pretty close number.  Also for as is value id say around 40k needs multiple windows, peeled roofing , new drywall , flooring , exterior and interior paint and cosmetics yard work etc. And def some modernization maybe new kitchen and slightly updated restrooms. 

And lastly i know location is a big thing. The area is not the greatest but definitely no where near the worst area in las vegas. I was told by someone always ask yourself would you allow your loved ones to live there if needed and if you have to think about it its not worth it. I would allow so i think its worth it.

Btw i pulled comps via MLS and pulling up SOME homes from zillow and realtor .com and pulling up their actual sales price via assesors page.

Anyways feel like im just rambling now so ill stop typing.  I pulled comps today and stuff. tomorrow morning i will attempt to give him a call and let him know of the abatement and get some info on his interest with the home. Of no answer then i guess im going door knocking . Wish me luck! Thanks everyone.

hello BP and happy new years!! So i decided to start 2016 with a resolution to close 5 wholesale deals this year! Lol small goal yes but closing 1 would change my life haha.  Well ive already started searching for possible deals by driving around and finding homes i thought would be good deals. 

Well there is this one home i know of and ive payed attention to it alot for the last year or so and has been vacant since like early 2014. I decided to finally look into it so i began my search online through the countys assesor and found out the home owners name. hes an older gentleman  ,no current adress other then this property,  and found out the taxes were current and next payment is due in 8 days . Also the home has been owned since 1995 

So i took to google and found the name of his wife , also found an adress around the corner under both their names plus a phone number, a bit more searching and found a third property under his name as well. All purchased in early 90s So from this i get the idea he probably was an investor at some point lol. But either way this house is abandoned not taken care of pretty beat up inside and outside can need some nice changing as well. But overall is a decent house. 

Now today i decided to walk up to the house and take a good hard look inside and around. Also on the front door i found  a letter of abatement for maintence neglect. This letter was noted dec 12 ,2015 and states starting jan 12 ,2016 in 10 days he will be getting charged 100 bucks a day for 10 daysand 500 a day there after . This is definitely some good news if i work fast enough correct??! This would be cause for a motivated seller i believe. 

Now my only issue is what should i do next , should i call the number first or should i attempt to knock on the doors of the the properties under his name in attempt to find him? I would understand a yellow letter but with the abatement soon its not enough time for a waiting game. 

Sorry for the long post.  But thanks for reading and always thanks for the help! Hope to close my first deal and begin my journey right! 

Numbers!!! 

LAS VEGAS , NV 

O.G owner purchase price -72000 in 1995 

current market value according to assesor page- 58,000 (land value + property value) dont know if this is a good number to use or not but id say judging from looks of it its current worth is 45 to 55k i wouldnt pay more then 40k personally  id hope to talk him down to 25 to 30 if possible. 

Repairs needed - 20-25k

Recent comps in the area 1 mile radius avg. 110k to 125k

So say the seller is motivated and owns clear or doesnt owe very much on the home do you see a good possibility for a deal here with enough margin to profit as a wholesale?  I hope to make a fee of 5k but hell if i luck out id love to make 10k plus lol but honestly ill settle for 1k if needed lol anyways hope to hear soon.

2.) Ive been told and read that you can use potential rent from the units to help qualify for loans , is this true and have you ever been able to utilize this? 

3.) What are the average purchase price for a decent 4plex in your area? Curious to know value on the opposite side of the states. 

Thanks again !! 

And hopefully if anyone else responds they can be as detailed as you were! 

 Thanks alot for a very detailed response!! Im glad things are going good for you. 

Few questions

1.) when it comes to loans have you had issues obtaining multiple loans in one year ? 

Were hoping if things go well with our first 4plex purchase we can obtain a second and third 4plex one under 

And sorry for all the rambling i realized when i was typing that i was doing so lol. 

hello bp !!  Well i have some questions regarding multi family, it seems like every google search brings up mfu post from like 08 09'  so I was just curious to know how many out there Currently (2015)  own MFU properties? In what markets?  How many units 2,3,4? Has it been smooth to manage or have there been tons of issues?  Also are you profiting? If so how much ? What kindve financing and amount of down payment did you use? And what kindve renovations nd repairs were made over the year? And is maintenance expensive? 

Sorry to be so nosey in your business but im looking for a bit of motivation here lol. 

Me and my gf are biting the bullet and we're moving in with her parents in january . We will be using our tax return to pay off any current debts and she will be getting a secured credit card to help boost her credit a bit more Which is already at a 720.  We will be living almost rent and bill free paying just 300 for rent no bills buying groceries here and there and paying her car and allowing ourselves a bit of spending money. This will allow us to save 2500 a month maybe more by january 2017 we hope to have 30k cash plus our tax return usually near 8k and will continue adding to the savings while we look for a property.  Overall goal is to have 40k by the time we find our unit. Originaly i wanted to use this cash to qualify for a hml or private loan somewhere and do our first flip. However after speaking with a few succesful investors and 2 very cool succesful lenders everyone has advised me to not gamble with my money at first and invest in a rental primarily a MFU using a fha loan.  We love the idea of living rent free and being able to have the extra money go into savings for future investments. 

Currently in las vegas, nevada ive seen fourplexes i wouldnt mind owning and living in going from around 170k to 235k  with average rent being 750 a unit. So what im seeing is a 200k property okish area with 25k down  at 5 % 20 years with tax and insurance monthly should be around $1400, if i can rent all 3 units for 750 that leaves 2250 income after rent 850 minus 50% towards property , would leave me with a $425 cashflow? And after i move out a year later my unit will become an additional 750 in cashflow?  Resulting in 1175 a month cashflow? 

I hope im understanding this all right lol 

if not let me know and please answer my questions lol thanks for all the help and support!

 I would second this caution . Don't want to be stuck in a part of North Las Vegas where you're going to have an issue trying to resell later. 

What cross streets is the home near? 

Thanks for the advice guys! And judging from what I see I've gotten advice from some strong minded individuals. 

After reading responses and reassuring myself I should take it slowly. I'll decide not to take a loan from my grandmother YET. She's interested  in investing for sure but like a few of you mentioned playing with family money isn't smart and I'd rather do something small on my own and learn first. even if it's a hard money loan and I don't make a dollar as long as I can complete one rehab and pay the loan back in full I'll be happy just to know I started ,completed, and learned a lot. They say the first is the hardest so that's my goal now.

I'm interested in hml for a flip , also interested in finding a good live in flip in the Westside of town or n.w as well . And if I fail at a attaining this I do plan on purchasing my first home via fha or a bank loan from chase mortgage which I will be making my first rental property after living in it for a year or so. 

 Thanks for response! I've been widely convinced not to. 

Plus after speaking with her today I found out that after learning how much equity she has on her house 2 of her kids (both young uneducated adults 23/25 ) are fighting to sell the house and trying to take her profits lol. Wow some kids she gots right? Not something I want to be involved with.

Anyways My gf has family in Colorado and has mentioned many times she would love to invest out there and eventually move there as well . Is Colorado a healthy market ? How do you think it will do in the next 3-5 years? 

 You've been out the market since 2005? Have you looked into the vegas area lately ? Why? Or why not? 

And what have been your primary markets lately ?