All Forum Posts by: Richard Montoya

Hi, Peter. Here's my take... Let me recommend the easiest, yet slowest approach. "Buy-and-Hold... The Tradition VA Loan Route" 1) Move onto base housing. 2) Once settled, get to know the surrounding neighborhood. Look for the good, the bad and the ugly parts of town. Ask yourself one question while doing it... "Would you move your family into this neighborhood?" If the answer is yes, you've got a winner! 3) Get on Trulia or Zillow and look for a duplex, triplex or 4-plex. Do your homework! You need to learn what a good deal looks like in your town. Avoid settling on the first property you see listed. Give it about 2-4 weeks. 4) Once you've studied the market, and have an idea of how much your first purchase will be, you'll need to find a lender/mortgage broker ASAP. Make sure your financials are in order - i.e. a list and any supporting documents detailing your income vs. expenses... Oh, and an LES. How do you find a lender/mortgage broker? Well... Right here, on BiggerPockets! NOTE: You will have to upgrade your BP account if you want to solicit an agent. While placing your solicitation, make sure you tell potential agents that you are a military member wishing to use the VA loan. 5) Once you are happy with your lender and you've been pre-approved, it's time to do some shopping! Back to Trulia or Zillow. BONUS TIP #1: If during your drive, around town, you happen to have seen any "For Sale By Owner" signs... Head there first. Those are sometime your better deals. BONUS TIP #2: Get a realtor that is investor friendly (...search BP for one). As long as you and your wife are on the same page (INVESTMENT PROPERTY!) when asking the agent to specifically find a duplex or larger, you shouldn't encounter any problems. ------------------------------ Phew! That's a lot of typing on an iPhone. Beyond this point, you should be be fine. Make sure you stay on BiggerPockets and keep asking questions. People on BP are always looking to help others in anyway they can.

If you use an iPhone or iPad... "Property Fixer" from Wasatch Digital Media. The app is free to use but it is VERY limited. To unlock it and use its full potential, you'll need to fork up $40... I did! I use all of their products. Excellent customer support.

By chance... Have you listened to BiggerPockets episode 12? If not you should give it a listen.

Hello BP members!

This might sound like a dumb question but I can't seem to find a answer...

DISCLAIMER: I'm fairly new to BP.

This question is for 'whole-sellers' (or sellers)... How do I sign-up for an 'investor distribution list'? Do I have to a 'high-roller' or can anyone just join?

I am particularly interested in the Greater Dallas area... just Dallas, for now.

KEYWORDS: Texas, wholesale, Dallas, investor, list, join, DFW, Fort Worth, Duncanville, Grand Prairie, Lancaster, Cockrell Hill, Arlington

I agree with @Patrick L. ...

I doubt that "Cherry Pickin" 4 out of the 5 units will not give you leverage for pricing the units at 30k (versus the 37k).

If you somehow manage to get the 4 units at 30k, you are looking at a cash-on-cash return of 19%!

If you do end up paying the asking price of 37k, you are looking at a cash-on-cash return of 7%.

Good luck!

Numbers -

You are missing one key ingredient... "Vacancy Loss"?

Even with a vacancy loss of 8%, your numbers are not even close!

This is what I got per month...

Gross rent $2475

Vacancy Loss $198

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(+) Operating Income = $2277

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Upkeep $250

Insurance $233

Management Fee $228

Taxes $232

HOA $400

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( - ) Operating Expenses = $1343

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( = ) Net Operating Income = $934

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( - ) Mortgage = $515

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Cash Flow... $419 per month for all 4 units.

Quick question -

Which unit are you not planning on purchasing? My guess would be #5. The vacant one, right?

@Tyler H.

I am trying to buy REI property below a $100K for SFH or $150 for multi-family. As I mentioned before, I would like to look into foreclosures, HUD, and HOMEPATH homes.

EXAMPLE: 847 Winston St, Dallas, TX

http://www.zillow.com/homedetails/847-Winston-St-Dallas-TX-75208/26713078_zpid/

The property needs to have minimal improvements. I plan on staying in Dallas for 2-weeks or so. With that said, I don't want to be tied up in some crazy flip project. Basically, if I can find it a Home Depot, I am willing to do the work myself.

Upon wrapping up my trip, I would like to find a RELIABLE property manager in the immediate area. If you know of any, please let me know.

@Loren Davy

Commercial lending not required. This will be my second REI property. I am not sure if I am ready for commercial, just yet ($$$). With that said, if you have someone who deals in 'traditional's, and who is willing to deal with me via email, please send them my way.

Hi,

I'm hoping to see if there are any mortgage brokers and/or realtors in the Dallas Area (South Dallas, Oak Cliff, Cockrell Hill) who are active members of BiggerPockets and have a keen eye for investment.

I am looking to invests in the 'lower-end' of the investment spectrum (foreclosed, HUD, etc.) within the next 6-months, while building a relationship with Dallas Area professionals on BiggerPockets.

HEADS-UP: I do not live in the immediate area. Due to my job, I am living in Japan. Initially, I would ask that you are willing to exchange a few emails before we coordinated a phone call. If that's cool with you, please drop me a line.

Thanks for looking!

- Richard Montoya -

KEYWORDS:

Dallas, Cockrell Hill, Oak Cliff, Bishop Art District, Kiest, Polk, Kessler

Jessica G. If you are truly unhappy about your PM, why not put them on 'blast'? In other words, tell us who it is? If they or someone they know, is BP member, maybe this posting might alert them to fine-tuning their practices. Not only that, maybe some other BP members can chime in and share their experiences with the PM in question. Am I the only one that sees it this way? If they are a reputable company, they would be forced to intervene... save face. I don't care... call me a vigilantly for investors who use PMs but I don't like when PMs jerk us around. I understand that developing trust is a key component. But we have to remember... They work for US!... we need to make sure they actually WORK for us. -Richard Montoya-