All Forum Posts by: Silvia Ochoa

 @April Hamm, shop around. You've already gotten a lot of responses about lower interest rates available, and you should also really consider an ARM if you'd like a lower rate. Another thing to consider is potentially renting your existing home and buying a primary residence to take advantage of lower rates and even lower down payment amounts. That's what I'm doing. Over time I plan to do this again and again until I've built up a nice little portfolio. It's a slower process for sure but one that allows me keep more money upfront and also add some sweat equity. Hope this helps and good luck!

Build new multifamily units in Dallas, TX! That's my 2 cents, lol. Good Luck!

Hi, I am a Realtor in Dallas TX and I've come across this property that's been marked as mixed use/ apartment/ multifamily in Planned Development District. Prime location where lots of development is taking place; near Bishop Arts and the soon to be completed (early 2024) Southern Gateway Park. Any developers interested? Priced at $250,000.  It will make money as a single family flip (house next door sold for $369k) but you'd be missing out on its maximum potential. Just to be clear, it's not my listing but it belongs to a colleague at my brokerage. I'm just looking to bring the buyer.

Hi Edwin, me too, lol. I have been a slow investor, choosing to "flip houses" by buying a principal residence and doing renovations over a 2 - 3 yr period while living in it and then selling. That is probably waaaay to slow for you but it may be a way to get started without being so overwhelming. Where do you live now? Do you already own a home? If so, you may consider renting it out while you find a new home to live in. There are many investors that buy a new home every 1 - 2 years with this strategy. I know there are about a hundred different strategies and they all work, and I'm guessing that's the overwhelming part. Just keep asking questions. Find a real estate agent that works with investors and reach out to a lender ( or 2 or 3) to find out what options you have. If you're in the Dallas Ft Worth area, I happen to be a Realtor and can help connect you with some lenders that my other investors use. Let me know if I can help. Good Luck!

Hi Estefane, have you considered renting a house to use for an AirBnB instead of buying? It can make better sense financially as opposed to putting a big 20% down payment and then making all the necessary purchases to get it ready. It can be a difference of a few thousand dollars compared to tens of thousands of dollars.

Thanks for the response. I should mention this guy said his father in law didn't know he was going to sell to someone else....this is the unusual part. My mistake for forgetting to include this part earlier.  BTW, this is a buy and hold. Rent's are $1600 - $1700 in this area. Thanks again for your input.

A friend of my brother has a property he wants to sell. It is distressed and the price reflects its condition ($155k with comps in $200k range). Here's the tricky part...he doesn't technically own it. According to him, his father in law is selling the house to him but it's stuck in limbo because he doesn't have great credit and can't get the financing. He mentioned the paperwork is at a certain title company and that if I were interested we'd just go to the title company and switch it to my name. This is all highly unusual to say the least. I have never worked directly with a seller before so I'm not sure how this process works and what I need to have in place to protect my interests. Help!

Yes, it is a flip. It is "habitable" but not by much. Most definitely not a motivated seller. I was hoping to learn some tips that a more seasoned investor has used to get this type of seller to budge. My guess is most investors don't waste their time. I guess it's on to the next. 

I gave my max bid on a house that needs a lot of work and was rejected. The house is in a very nice neighborhood and fully remodeled comps are 50 - 70k over asking.  I think this is the reason the owner is hoping to get more. House has been on the market 60 days and the owner is no rush to sell. House is vacant and paid for. We are apart 13k but that would take up almost all of my profit in the flip. As I said, the house needs a lot of work. 1978 build with all original interior, floors were torn up, some foundation issues, pool needs replastering and the enclosed patio needs to be torn down.  My initial bid asked for no concessions, only an inspection contingency. Conventional loan with 20% down. What else could I do to? Any creative ideas? 

Thank you so much @Bart H. You have a great eye for detail and are always so helpful. I will definitely be getting an electrician to advise me.