All Forum Posts by: Ronald Mejia

I am looking at a SFR that needs renovation (asking 450k, reno about 90k-110k). I have enough cash on hand to purchase and cover renovations but im not sure if I should do that or conventional loan? With the rates at what they are my thought process is to do the deal in all cash then if rates drop do a cash out refinance. My ultimate goal is CASH FLOW (comp rentals $4200/month).

Doing the deal cash provides the most cash flow but I would like to BRRRR and recycle that money into another property down the line and grow my portfolio.

Thoughts? Concerns? Advice?

Thanks BP Fam!

Hey BP!

I have a vacant property at the moment and I was just contacted by possible tenant that is looking to rent my furnished property for a short period while they go through a big renovation. 

They mentioned that it would be a guaranteed 2 month stay then month to month after that depending on how long their project takes.

From what I’ve googled it seems like they go for 20% higher than market rate due to shorter time frame. How do security deposits work in these types of scenarios? Do I include the utilities and internet with the rent?

Any help pointing me in the right direction would be much appreciated. This would be my first short term rental experience and want to make it fair for everyone. 

Thanks BP! 

Hello BP!

I live in California but own a SFR rental in Connecticut. I was partnering with Zeus Living and they had managed my property the last 2 year. They have decided to not renew our contract and returning my property 12/18/23.

I would like to remain as hands off as possible and hire another property management team to come in and screen tenants, market the property, handle applications & maintenance.

If you have any suggestions on PM companies located in the Fairfield County area or perhaps softwares that could help in automating this process for me id truly appreciate it.

Thank you!

I am looking at a short sale deal on the MLS. To my understanding a "short sale" is a situation where the selling price is lower than the mortgage owed on the property and when sold, the money goes to the lender.

If I spoke to the seller directly and offered to bring mortgage up to date and assume the rest of the mortgage loan, could that work? Does the seller walk away with nothing but save themselves from foreclosure? I am not familiar with short sales at all besides the info I found online. I am familiar with the area and know what I could receive in rent for the property.

The property is distressed and needs a rehab, my thoughts on the deal are:

1) Assume the mortgage

2) Rehab

3) Rent

4) Refinance

Would appreciate any recommendations or thoughts from experienced investors, the area has a high demand but low inventory outside of NYC so I am confident on getting it rented within a week or two after rehab.

I've recently rented out my SFH and curious about how I should structure the business. I don't plan on occupying it any longer in the future. Put in LLC or not? How will it affect my taxes next year?

Hello BP!

I've had my license for almost 2 years but haven't used it much. My current broker doesn't help out or train at all so I haven't been able to learn much from them. What are some good brokers your suggest for someone in my position. Thanks!

Thank you Michael I appreciate the feedback. I would like a bigger CoC return but I know 1 deal wont make me financially free. Ive been in the analyzing stage for almost 2 years while saving and want to pull the trigger. The experience I could gain from the deal would help in giving me some more confidence and exposure to the process of purchasing RE.

Good morning BP!

I have been trying to decide between purchasing a turnkey rental or a distressed property to fix and rent. My funds are pretty limited (30k-40k), after running the numbers on the turnkey it comes out to about +$250-$350 after all expenses are paid. MY thought process is a distressed property may be too big of a project for the amount of funds I currently have.

Would love to hear the communities input on this.

Thanks BP!

my previous job wasnt a W2, I already have my RE license and hung with a broker. So essentially im going from 1099 to 1099 anyway. 

Thanks guys for the help!