All Forum Posts by: Jason Rodriguez

Hey thanks for the reply Brandon Turner. I feel like I'm talking with a celeb. Haha. Anyways, I think selling his home has some advantages as well. Mainly not tying up one of my 4 conventional loans that I'm able to get. 

I realize that I could always  go for other types of financing. But right out of the gate as a newbie, I feel like it's the easiest route for my given circumstances.

I would rather have 4 GREAT deals than mediocre deals that I don't have enough equity to pull a decent portfolio loan from. Since I would want to buy my dads house at the max price to free up the most cash for other deals. I'd end up with a property that barely breaks even vs a property w gobs of equity and a healthy cash flow.

If this deal goes through, maybe I could end up in @Brandon Turner's new book! 

So here's the deal...

My wife and both make "good" income from our jobs. We also both have "decent to good" credit. I have spoke with lenders and know that we could get approved for another property(in addition to current home). However..... we do not have the 20%+ we would need to put down on an investment property. 

My dad owns a house worth about 200k with about 100k in equity. I would like to borrow money from his equity(and he would be ok with this too) but he could not get approved for a cash out refi or line of credit due to his now very poor credit. He also wants to buy a new house but cannot, again because of his credit. 

My idea solves both of our problems. Getting him a new house and me some cash to put down on my first property. I want to purchase his home from him, with him gifting me the money for down payment. I could then rent his house out to cover that loan. Next, I would take the cash he received as a down payment for a new house for him, that I would finance and he would rent from me. Then I can take the remaining cash to put down on a rental property for me to manage. I could use a portion of the rent to repay him the money I borrowed for the down payment.  

So I would essentially end up with 3 rental properties from this deal. 

Sorry for the long post. Please add your feedback or questions. 

Hello BP. I am a "would be" REI looking for creative ways to jumpstart my first deal. My overarching goal is primarily a buy and hold strategy. However, I have the same limitation as other would be investors(low cash).

So I'd like to ask both the vets and the rookies... If you were faced with the following scenario, how would you use it to gain your first deal(s). Please feel free to either criticize my idea for reasons I have not yet considered. Or, give me your idea on a better approach. 

Thanks in advance!

@Mike Walker if you don't mind, would you like to talk about the meet ups you are doing? TIA

Thanks @Andy H.!

Sorry I haven't learned how to do the mentions where it notifies the person. Maybe some one can help me out and add Mike Walker to the thread so he can add his input. Thanks in advance.

Here is part of a convo I had with mike walker (I'm assuming he doesn't mind me sharing) "Just to let you know that my partner, Nishi Pasarya, and I are starting a new real estate investment club in San Marcos, last Saturday of each month @ 10 AM. Here's the link > http://www.meetup.com/Comal-Hays-Real-Estate-Investment-Association-CHREIA/ "

Hello. I am in New Braunfels. I believe there is a group meeting starting in San Marcos soon. I will have to check my inbox to find the point of contact.

sorry here is a link to his info

http://alamotitlesa.com/shawn-connolly/

Hello, 

I see that you haven't had any replies.  I know a person in SA who is a VP at Alamo Title.  However, I have yet to contact him about the ability to close any deals for me should I bring him any. (i have not made any deals).  My plan was to contact him before I started preparing to find deals and start aligning a "team" of contacts that I could use.

You are welcome to contact him and tell him I sent you.  He is sort of an uncle to me (ex-step mom's brother).  Anyways, I know that he is a very friendly and personable guy.  And he is also very successful at what he does.  

Good luck, and let me know if you decide to contact him.

Jason