All Forum Posts by: Sergio Roman II

Ive read through 22 of the 35 pages of this forum and the hardest question to get a solid answer on is how to liquidate multiple lines of credit into actual cash that can be used to aquire RE.

I agree with many others that it might be expecting too much from this type of financing.

Using the cards to pay contractors for rehabs (the contractors tht actually accept CCs) is a real option with this. But what everyone wishes this could do is allow you to completely purchase a property with the credit turned into cash. 

strategies im still uncertain about: Paypal/Venmo (due to small volumes and fees), Purchasing gold/gift cards/etc and re-selling or cashing them out. Ive looked through my personal CCs and my one business credit line (not an actual card) and anything resembling "manufactured spending" is against the banks terms of use in the contract.

One  *possible* option if youre already self-managing your properties and use a landlord/tenent portal (like app-folio or buildium) that is linked to an operating account would be to make contributions to your landlord account via your CC(s) and then cut a check from the operating account. I've used this to pay a painter and landscaper for big projects via my PM in the past for a fee (i think 3%). Not sure if there are other implications to this though. I'd enjoy reading someone that may know the backside of that.

This is great news.

they announced that it is already under construction in the area just east of the airport. Plenty of space out there with some small neighborhoods further east and south.

looking forward to the opportunities.

Austin and central Texas areas. 

I can offer high quality, HDR real estate photography for your rentals, airbnb units, and other listings. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $127,500

Took advantage of a relocation for work to turn my primary residence into a rental property. New floors, paint, kitchen, and fixtures.

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

It was my primary residence. I had to relocate for work so i took the opportunity to add it to my rental portfolio. The location is a great town that has continuously grown year after year. New shopping, jobs, hospitals, and attractions being constructed every month.

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

MLS about a 7 years ago, utilized an agent and a VA loan to secure the property.

How did you finance this deal?

VA lending.

How did you add value to the deal?

Renovated the home as the move date approached. New flooring, paint, fixtures, painted kitchen cabinets, added storage, and updated the tangibles things like door knobs, cabinet hardware, vanities, etc.

What was the outcome?

Handed the property to my property manager to get listed and rented.

Lessons learned? Challenges?

When doing a live in flip, do the flip sooner rather than later. As i finished the renovations i regretted not doing it earlier and living in a nice updated home before leaving it.

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

Would absolutely recommend Frank Moore and Co. property mgmt if you're in the Savannah area.

@Shana Robinson I'll just keep it as a conventional loan if they don't approve it. 

Investment Info:

Single-family residence buy & hold investment in Savannah.

Purchase price: $64,000
Cash invested: $13,000

2bd/2ba 'turn key' condo.

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

Low acquisition cost, good long term tenants, cash flows positively, under market rent with ability to increase cash flow.

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

Off market deal brought to me by one of the many agents I have been networking with--who also happens to be the property manager for the condo complex.

How did you finance this deal?

Commercial loan through a local credit union.

How did you add value to the deal?

Planned rent increase.

What was the outcome?

Smooth process, closed on 10 Jan. I am planning on eventually converting the loan into a 1st position ELOC if a bank is willing to do it.

Lessons learned? Challenges?

A deal may come in many different forms. I started looking for deals that would cash flow positively but only looked at SFHs and small-multis...the numbers on this condo met my criteria, the seller was motivated, and there was no logical reason not to pull the trigger--so i did it. First deal completed; now i know this is not as complicated as I was telling myself 6 months ago.

Marquis,

Hearing your story is refreshing! I have been looking in and around the Macon area but i'm a few hours away (down in Pooler). It's tricky trying to get familiar with the different areas without spending any real time there. I would love to connect with you and hear your opinion on the different areas and dealings in Bibb county. Congrats!

-Sergio

Hello!

What a beautiful rehab, congrats on your second deal. Perhaps I missed it in the text, but has anyone asked what method you utilized for funding the initial purchase and rehab? hard/private money? equity from the first deal? etc? 

Agreed, Having a profile photo at the very least lets the community know that you are putting some effort into your web presence. Eventually i'll have to get a professional head shot, but for now, anything that speaks to your personality is better than nothing. Have a great day everyone!