All Forum Posts by: Arlu Tejada

Yeah the property has an ARV value of $110,000 and it can rent for $800/mo.
Okay so I have 12k cash. Are you suggesting to hold on to maybe half of my cash so that I can pay off the HML monthly. Because I am going back to school and I probably will not be working. But I Can Work If I really wanted to.

Okay, to sum it all up. I have a house for 8k. If I close on it, it will probably be around 9k with all the closign costs and etc. BUT It has an ARV value of 110k and realtors gave me a rent quote for 800 per month already.

Also, Jon can you explain "You'll also need to be sure you can get out of the hand money loan."
I don't really understand that part.

Also, what are the factors of my eligiblity for applying that refinancing loan. Like I said, I am 19 with little to no credit.

Okay, I threw spaghetti offers at properties in Indianapolis last two weeks. One property came through and I now have it under contract for $8,000. My goal with this property is to rehab it, refinance it and rent it out. I think it's smart to build up a passive income with this first property investment.

The thing that is a little confusing with me is about bank mortgages. Let say I have 10k cash and I buy this property with it. But I need about 25k more for rehab. Who can I go to for that loan. See, now I'm only 19 years old and I just started building my credit. I don't think the banks going to qualify my loan. I'm kind of stuck here now and I don't know what to do.

I guess the question that I am really asking is....I have 10k cash and I can buy this property for 8.5k But what can I do with rehab? I need cash for it and I don't have that much.

Thanks Scott. That makes a lot of sense. I don't really have to talk to most of these people unless I really need them on what Im doing with my investing.

Hello everyone,
I am kind of a beginner. I have been studying real estate for a while now. My goal is to buy a property and rent it out. Now, I need help developing my Power Team. I have looked through the BP for power teams suchs as https://www.biggerpockets.com/forums/109-goals-business-plans-entities/topics/552

But what actual questions do I ask them to make them qualify for my team. Do I just go up to them and ask " Hey, I'm looking to invest in Indianapolis and I am trying to develop my power team."

Also, I know that when you talk to your realtors you can ask them for referrals. But what comes next??? How do i actually talk to these people and have them join my team? I'm really struggling at this. Maybe it's easy but i just can't follow. Maybe you guys have a script or something to say to these people?
Any opinions would be so helpful! Thanks in Advance.

Thanks alot Paul. That was a very huge help for me.

Are you talking about assignment of Contracts?? You have to find a good deal first then try to have that under contract and present it to you end buyer. You do an assignment fees that will get you paid. How I see it is that you have your end buyer give you a non-refundable payment, so even if they back out of the deal, you still make money. No time wasted.
Feedback on this???

And Also, how and where do i find out the current mortgages rates and Insurance rates???

These are the only things that I do not know how to find for my due diligence. Thanks in Advance!!!

This might be a dumb question, but How do you find out information on neighborhood qualification??
I used google earth and zillow.com
but how do you find out the other stuff????

Thank you very much for your warm welcome Mr. Green. Yes I am currently browsing/sponging through every forums and Tags. All these informations are GOLD!!!

I am currently working on developing my Power Team as well. I just really need help qualifying my team.
I know there are certain specific questions to qualify realtors, contrators, PM, etc. I would like to know what those questions might be.
Thanks again for your time guys!

Hello Everyone. My name is Vince and I am new to the real estate investing. Also, I am very young. I started about 3 weeks ago and ever since then I have been absorbing everything about real estate. So far, I have a bright idea of the whole general real estate outline. The Exit strategies, Power Team, LLC, etc. For now, I want to do assignment of contracts first to build up my capital.

I have been trying to find good deals on the internet and I did. I also did the neighborhood qualifications, amneties, and anchors.

However, my mentor told me that I should start from the end. Meaning I should try to develop my buyer's list first because all those offers are going to be backed out if I dont have a buyer. Also, my realtor is going to be irritated therefore less credibility for me. The thign is I don't really know where to start. I tried doing facebook and craiglist.com to advertise. I need help to develop my buyer's list in a faster rate.