All Forum Posts by: Simon Aristizabal

Hi @Shawn Ackerman, thank you! There seems to be a TON of info in there. I will definitely check it out. Appreciate it!

Thank you @Kurt K. for the advice, I will definitely read as much as I can about the laws in my state. They are a little tricky to understand from the wording they use, but I will definitely get familiar with them.

Thank you @Chris T. I will look into those and I will give the search a try.

Thanks for the feedback @Rosston Smith I appreciate it! I do understand I need an education and I know I will need to read a lot. However, I also know that books will not tell me everything and that is why I am reaching out to current investors for any edge cases or situations that they may have faced that are very specific and potentially not found in books or articles. That is my reason as to why I ask for tips etc.

Hello!

I am a new want to be real estate investor. I am on my way to close on my first owner occupied two family. The unit that I will not be living in is vacant.

I have read a lot about how to be a landlord and how to bring good tenants in and all. But then I lack the experience so there are a lot of things I will probably not do because I do not know it all.

Could I please get some tips, tricks, ideas on how to be a landlord? (Perhaps how to word an ad for the unit, how to get a legal lease and application)

I have heard of ideas such as paying a visit to the prospect tenants and checking how they live in their current place. But inside of me I feel like I would be judging/discriminating them because of that and I am not sure if that would be illegal?

I have also heard about creating policies to protect myself as a landlord and making sure prospect tenants understand what I do not allow for applicants and for the future tenant. My question about that is, how do you create those policies? Is it just literally creating a list of items/things not allowed by me and attaching it to the lease and application?

I may be just overthinking it, that is why I am looking for some advice here... my time will soon come to be a landlord and I want to do it right from the start.

Any advice, tips, ideas, or tricks would be really appreciated!

Thanks!

Hi @Sarah Ziehr Yes, the lender has already looked at our financials and they already determined the amount we can get, the problem is the down payment. We also tried to ask for down payment assistant but what they would lend us with the assistance would not be nearly enough even for a single family here in my area. So our only option would be to get the down payment. Which is why we are trying to do what I described above.

But if it may have some re precautions to do what we are trying to do, just like what @Don Konipol mentioned, I guess it was a good idea to ask this question in here. I definitely do not want to get in trouble and actually do this business right. Thanks Don and Sarah, I appreciate your help!

I guess our option would be to actually find the money on our own.

Thanks @Daniel Raposo for your input!

Now that you mentioned that, yes we are planning to use it a owner occupied of course, I forgot to mention it.

About the money that we would get from my mom's boss, we would say that the money was gifted from her, but they will not know that it was really loaned. That is my concern.

I would also consider other towns that you mention but because I have a full time job and my time is limited to visit those areas, it would be harder to manage the properties or even get to know the areas. But I do not let those options go of course.

Thanks again!

Hello,

I have been a member of BP for a few months already. I have read tons of books. But I have yet to jump in and actually buy a property.

From all I have read and heard on podcasts etc, I realized that perhaps an FHA loan would be a great way to begin. Unfortunately I do not happen to have 3.5% laying around for a down payment, especially the amount needed for my area in Fairfield County Connecticut.

Due to that, I would need to come up with about $20k for a down payment on a small multifamily house. I just graduated from college last May and began working right away with a decent salary, but the usual debt and student loans are quite the pain in my pocket.

Because of that, I was thinking maybe I could try to get the FHA along with my mother who has a better credit and together we can probably get a higher loan amount to be able to go for a multi family. However, the down payment problem comes up again. Together we have about $13K saved up and well that is obviously not enough, plus those are our security funds in the case of an emergency. So if we use that money we got saved, then we would pretty much be out of cash in the case that something big comes up in the house once we get it.

We thought maybe we could borrow the down payment amount from my mother's boss whose has been very nice and helpful in the past in terms of money. We we talked to her and she agreed to lend us $15k for the down payment and we would pay whatever else remains. She knows that my mother is a very responsible payer and she is not concerned about that. We agreed to draft a legal document to store the loan in case something happens to either party.

Now, just today I read a similar situation here in the BP forums and someone mentioned that doing something like this would be fraud. I have always been a very correct person and I do not want to do something illegal.

I really want to move forward and buy my first property to get started in real estate investing and this is my current only option to go with. But, would it really be illegal for us to do it this way? Could i get some feed back, suggestions, ideas, advice with my situation please?

I would really appreciate some help, and thank you for reading this, i know it was a little long....

Thank you in advance!

I will be there!

Hello,

I am a relatively new to RE investing. I have not done any deals yet. I am currently looking for RE agents that are investor friendly and creative financing friendly. I am looking specifically in Fairfield county area.

Any recommendations of agents would be greatly appreciated! If the agent is an investor him/herself I would not mind as well since I am very new to the field and I hope to find an agent that would be willing to help me through my learning.

I would really appreciate then help!

Thanks,

Simon Aristizabal

Hello,

I live in Stamford CT and I am looking to start investing asap! I am looking for RE agents in my area who are investor friendly and/or investors themselves. I really want to start investing. I have been looking around for properties in my area and doing calls to find out information about the properties, but sometimes it is hard to deal with RE agents who are not investor friendly and require me to be pre-qualified for a mortgage. I want to use creative financing but I have no experience, just knowledge.

I am very open to learn from those who have experience in this field and are willing to help newbies like me.

I am looking to buy multifamilies to rent out and generate passive income. Looking to buy near my area since I know it better, but I do not discard other towns nearby.

If someone would be willing to work with me and help me start out, please message me and we can set up a call to discuss my plans and goals further. We can help each other!

Thank you!