All Forum Posts by: Ruben Galindo

I have a friend looking for 2 BPCON 2022 tickets. Anyone looking to sell???

This meet-up was very valuable to me personally.  I met a lender that does "non-traditional" type of lending.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $158,700
Cash invested: $30,289

3/2 SFH that I purchased with $57K in instant equity. No repairs needed and good tenants already in the property. The current cash flow is low due to below market rent which will be adjusted at renewal.

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

I already invest in Buy & Hold SFR and I liked the location of this specific property.

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

I was contacted by another realtor and was offered the opportunity to acquire it. I based my offer price based on the current rent being collected from current tenants.

How did you finance this deal?

30 year Conventional Investment loan

How did you add value to the deal?

I'm a local realtor and already knew the values in the area.

What was the outcome?

I closed on this property.

Lessons learned? Challenges?

Since the roof was the original roof and it was 16 years old, the insurance company was not going to cover it. I overcame this by adding the price of a new roof to the offered price and have the new roof installed before closing. This allowed that cost to be rolled into the loan which will be paid for by tenants through rents being collected.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a local agent and real estate investor as well. With now 9 properties, I'm pretty savvy on how to ensure that I can get qualified for investment property loans.

@Rick Pozos Looking forward to it Rick!

Welcome to San Antonio Nick!  I currently invest in San Antonio as well.  Learn more about me in my profile.  I'd love to connect with you too.

Ruben

Hi Sheldon!  I'm out of San Antonio and would be glad to help you find investment property in San Antonio.  I too am a real estate investor with buy & hold properties.  Let's set up a Zoom call and we can go over what your goals are.  Thanks,  Ruben

@Bjorn Ahlblad thanks! It's a good opportunity to charge a little more but tenant turnovers can also be costly.

@Bryan Balducki thanks! Banks typically ask me for my Schedule E on my tax return.

I currently have eight long-term rental with one more closing on December 1, 2021.  I recently started marketing terms of less than 12 months.  Good idea or not a good idea?  Why or why not?  If it a good idea besides higher rent rates and higher security deposits what else should be different than a 12-month lease???

Just want to get everyone's thoughts...

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $17,000

4-bedroom 2-bath single family home.

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

I had 2 other properties in the same neighborhood and this specific house was in a pre-foreclosure situation.

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

Search for pre-foreclosures online.

How did you finance this deal?

I did a "subject-to" then a few months later refi'ed into my own name.

How did you add value to the deal?

The house needed all of the carpet replaced and the walls repainted. Total spent was about $5,500.00.

What was the outcome?

I acquired a property with about $50K in equity and I am currently cash flowing $623.00

Lessons learned? Challenges?

I had never done a "subject-to" but this was such a great opportunity that I had to learn how to do one. A challenge on this deal was that I was currently under contract on another property and a lot of my capital was already committed to that deal. That's why I can to do a "subject-to" and it worked! I bought two properties pretty much back to back.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent and an investor, therefore, I understand the financing process and what's a good deal and what's not a good deal.