All Forum Posts by: Victor Valle

Thank you!

Hello @Brian Spar, thanks for your reply.

1) The new property will have to generate cash flow, that's a good downpayment for either a multiunit or a small commercial property.
2) Haha, no Voodoo donuts, but it will be part of my income, towards the goal to be financially free.
3) I definitely need cashflow however I don't want to get stuck with an out of state property (Portland OR) with buried equity that for some reason I can't pull in the future.

I guess I need to find out how far the $165K will take me, maybe I can buy one or two properties that generate $1000 or more per month in growing areas like Charlotte, or invest in new construction.

@Brian Sparr

@Brian Sparrundefined

Hello fellows, I am in a situation that I need more advice than my uncle Joe.

I have a house with my business partner with $180K in equity, if I sell, I will get $115K and some business savings of $50K for a total of $165K cash that I can put in a bigger property.

If I buy out my partner for $50K, I will ended up with the house (it has a detached ADU), equity overtime and the cashflow that generates (in Airbnb) for $1000/mo NET, but I won't have any cash to invest, unless I pull a HELOC.
Any thoughts?
Thank you!

I would like to share my story to motivate the Biggerpocket community and show that even in this market you can still make money if you try harder.

I bought this property from the MLS and after evicted the owner (yes, the owner!) rehab it and sell it for a great return in 5 months total, here are the numbers and before and after pics:

Purchase price: $288,000

Repairs, holding costs, downpayment, etc: $90,000

Sold for $502,000

Profit after closing costs, commissions, etc: $104,000

@Andrew Shipley Way to go! and yes City of Portland is extremely strict with the short term rentals, they even go on the airbnb website to look for operators without a permit. It looks like you will need a type B permit which I'm sure you know that takes time and its very costly, City will have to check zoning and some other regulations. I have an Airbnb and its getting very competitive . Feel free to reach out. Good luck!

@Steve B.:

 I agree, that's one of the reasons I got my license, no to sell, but to have access to the information as fast as I need it, and I was shocked to find out that a lot of agents doesn't even invest in their own product.
Try to make them your partner and/or show them you are serious, signing an agreement is a good idea, and don't wait a year to buy something.

Any updates on this tread? I just had my consultation and I would like some input.

Thanks!

Yes, we are in a very hot market, and finding deals are harder I see new flippers getting in to the game paying really high prices with low or risky margins, I hope it goes well with them...

Hello, I have a question for our fellows investors, is it advisable to sell your properties now that the prices are at the high, and wait for the things to cool down a little then buy again not at the lowest, but at a decent price? I am having a hard time finding deals that cash flow unless you put a lot of $ down.

What about an FHA loan as a primary residence (3.5% down) and move there, If I need funds to either downpayment or fixing, I could do a HELOC from my primary residence or pull money from a 401k...