All Forum Posts by: Roberto Reyna

Good morning BP users,

I paid $150 for an option fee that expires on January the 4th, as my offer was just accepted this morning. I figured I would have more time due to NYE and New Year's Day, but it is going to be tough to get inspections and repair estimates done considering the holidays, weekend, and then the 4th is Monday. I'm using a PML, and I'm considering walking away from this deal considering the ARV may not be high enough to do a cash out refi at 70% LTV as this would be a rental property. This is my first deal, and I'd rather be out $150 than leverage that private money if I can't get people out there. I would greatly appreciate any advice or knowledge on how to handle this situation.

Gratefully,

RR

Thank you so much for your replies everyone. It really means a lot that so many of you took time to share your knowledge. I will keep you posted as things develop. Thanks again, and cheers!

Hey everyone, my name is Roberto Reyna and I'm a new (and still hopeful) real estate investor focused on the Houston and Dallas markets. I submitted my first offer on a single-family property in La Marque, Texas this morning, and really did not think I'd even get that far! I've read the BP books which have provided me enough knowledge to "fake it" with the agents I've spoken too, but obviously this is a totally new beast I'm taking on. I've run the numbers and done the analysis and I like the property, the only scary part is going to be securing cash from a PML or a hard money lender. Is there any advice for a 22 year old with limited capital in this situation? Thanks for taking the time to read this, and I hope to connect with more of you as my journey continues!

Gratefully,

RR

Hey everyone, my name is Roberto Reyna and I'm a new (and still hopeful) real estate investor focused on the Houston and Dallas markets. I submitted my first offer on a single-family property in La Marque, Texas this morning, and really did not think I'd even get that far! I've read the BP books which have provided me enough knowledge to "fake it" with the agents I've spoken too, but obviously this is a totally new beast I'm taking on. I've run the numbers and done the analysis and I like the property, the only scary part is going to be securing cash from a PML or a hard money lender. Is there any advice for a 22 year old with limited capital in this situation? Thanks for taking the time to read this, and I hope to connect with more of you as my journey continues!

Gratefully,

RR

Hey everyone, my name is Roberto Reyna and I'm a new (and still hopeful) real estate investor focused on the Houston and Dallas markets. I submitted my first offer on a single-family property in La Marque, Texas this morning, and really did not think I'd even get that far! I've read the BP books which have provided me enough knowledge to "fake it" with the agents I've spoken too, but obviously this is a totally new beast I'm taking on. I've run the numbers and done the analysis and I like the property, the only scary part is going to be securing cash from a PML or a hard money lender. Is there any advice for a 22 year old with limited capital in this situation? Thanks for taking the time to read this, and I hope to connect with more of you as my journey continues!

Gratefully,

RR

Investment Info:

Single-family residence buy & hold investment in La Marque.

Purchase price: $122,000

Hey there, thanks for stopping by my profile! This is actually the first property I'm making an offer on, as I'm fairly new to the real estate market.

What made you interested in investing in this type of deal?

Just needing to get started by taking action

How did you find this deal and how did you negotiate it?

Found it on HAR.com, and simply spoke with an agent to make an offer

How did you finance this deal?

Private Money Lender

How did you add value to the deal?

Will add value through adding driveway, adding bedroom and other appliances. May need to install HVAC but unclear so far.