All Forum Posts by: Robert Mendez

Hello! I am so pleased by the amount of responses. I was locked out of my BP account and couldn't get into my email to change it.

Update! The new plan of action is to utilize the funds to fix and flip a few homes the first year and grow the level of capital. The goal is to double the capital to the following year, and use half of the capital for a rental property year 2, and half the capital towards more fix and flips. If you are a wholesaler in the areas I described, please feel free to personally reach out as I am looking for deals to repair.

My target home is 40-120K purchase price, 30-60k in reno costs, with a $20-50k profit. Basically any fix and flip that is around $140k-180k. Planning to have the loan close midway through Feb, and looking to purchase the first distressed property by end of march.

Hi Bigger pockets,

My family has now taken the step forward to start our real estate investing journey and I couldnt be more excited.

I have access to $200k in working capital via a loan, monthly breakdown comes down to $1600 for 30 years. We are purchasing a house in Albany and aiming to buy 1-2 more properties in that area as well. However I have a list of cities I am interested in networking in further and hope to start investing in within the next 6-8 months (maybe sooner if we are able to secure a fix and flip and build more capital).

a Few cities include:

1. Binghamton NY 2. Gainseville FL 3. Athens GA 4. Champaign IL 5. Tallahassee FL 6. Cleveland OH 7.Atlanta GA 8. St Louis MO 9. Philadelphia PA 10. Pittsburgh PA 11. Nasheville TN 

If you are a wholesaler, fellow investor, agent, fix and flipper in the area, please do not hesitate to comment on this and introduce yourself. I would love to meet with more individuals who currently work in these areas.

Thank you everyone! 

We are planning to move forward with the cashout refinance and will be posting here after closing on the house.

Hi David,

Thanks! I did not know that was an issue.

The VA Loan would have to be for a different property. Looks like a cash out refi or a typical mortgage loan would be the better way to go about that.

Hello Bigger pockets!

I am an investor from the NY area, am planning to purchase a home with the following details:

Multi family home, 3 br downstairs, 4 br upstairs, student rental

Purchase price: 185K, needs about 8K in repairs to bring upstairs part to service. Taxes are roughly $4300 yearly. 

The house pulls in $430 per room, will be locked in with cosignment from parents (student rentals) with rent on ACH/autopay schedule.

The home is going to be rented from June 1st - May 1st, and there will be virtually no vacancies (this will be club on campus house, which I have personal connections to)

The question is this: We have the ability to utilize a VA loan and purchase the house, with this option the mortgage is roughly $1100 monthly, we will be pulling in $3000 roughly in revenue, so between mortgage, insurance, and taxes the costs is $1100, with other expenses applied it will be roughly $800-900 positive cash flow monthly.

The other option, is to utilize a cash out refinance on the current house we own ($155k owed, can get up to $200k) and then refinance the newly purchased home after the ARV increases after 6 months. We are hoping we will be able to decrease our current monthly mortgage and use the funding to buy the house, then for the first 6 months while trying to find renters quick, wont have to worry about mortgage costs from the other property.

Would like to know which of these two might be the better option and why? 

Thanks!

I am looking to get into real estate investments in the Albany area, namely student sections as I have ties to the university as well as a few other not-for-profit organizations that I work with. 

I am planning to take a trip up in the next few days to visit properties that are for sale and would like to discuss some potential options and ideas with other investors in the area to see if this is the right move for me.