All Forum Posts by: Virgilio Garcia

@Logan Allec

That makes sense. i will be totally honest, i had to read your post more than once, and not because i found anything wrong, but because i am learning a bit more and more everyday. one day i will be able to eye ball it and be more quick with a response. 

Seeing the way you handle your numbers is inspiring. I appreciate you sharing in dept and i can definitely see from a mile away, renting is not the way to go. Even in a situation where one would break even, the appreciation, tax break, and owning an asset, clarifies owning an not renting. I cant fathom the thought of following the herd and renting(paying another persons debt) being closed minded and thinking "i cant afford it". "i don't make enough" and all that negative thought.  

I will find a great deal and will be ahead of the curve, astray from the closed-minded and lead a path for my self my family and those who want to follow. 

@Logan Allec

Thank you for you input.

A decent area or nhood is certainly what i am wanting.

full time tenants, i'll take it!

Logan, I have a few questions if you wouldn't mind

when you closed on your 4 family, was it already occupied? 

Do you have/had a property manager? 

In a scenario where you have the 3 units occupied and paying full rent, do you clear your debt services/loan, and do you cash flow afterward ? 

Do/did you ever have to come out of pocket to keep up to date ? 

Thank you Logan. 

@Al Williamson Thank you very much, i hope to share my success with you in time to come. 

@Fred Heller Thank you for your input

That is what i have in mind. i think that with more than a duplex . say a TRI or FOUR, the cost of out of pocket would be much less if any. but its all about the numbers for me. if i could get a better deal for a duplex, i would not mind coming out of pocket to make it work.

@James Wise Thank your input

FHA is what i am looking to for my first residential/investment property. If i find a deal that needs rehab, i will also look into getting a 203K.

living with tenants seems to come up often as a con. Would you recommend any books on living with tenants?  

@Al Williamson

Thank you for your input. 

I  just heard your podcast with @Brandon Turner and @Joshua Dorkin few days ago and it was very inspiring and i found some good points and ideas. The thought of not just looking out for your own property but others in the communities made a lot of sense because of the people attracted (probably bad tenants) and the people being run out(potential good tenants). Also buying out bad tenants and renting out moving vans and boxes for them to get gone was good too. 

 When i find a great landlord live in multifamily deal and the numbers make sense in a decent/good nhood here in the Bronx, I intend on being the best and ethical landlord that i can be, being careful about being too nice and not firm enough.  i must admit i have a ways to go, but i am ON IT and wont stop not even when i get there. 

when i get into none live in residential rental investments, i will have a property management company on my team.  

@Account Closed

Thank you for your input. 

i enjoyed your post, i can see how a landlord would have to sneak in and out in the wee hours of the night or morning lol. 

On a serious note, i did think about that, living in it and omitting being the owner of the property, but i also imagined and you confirmed, it would be a hassle and extra hoops to jump through. i also can see becoming to friendly with the tenant can be a potential issue or pickle in the future. The M2M seems like a hassle as well, but may have its benefits and i will certainly look into it. These are things that i will continue to study and observe as i move into this type of REI.

If you have any more nuggets of info please stop by to drop some gems on us, Thank you Sue!

@Omar Sanchez

Have you seen this post, maybe you could add your opinion.  

@Chris Mason

Thank you for your input. I've seen something similar here in NY. Where its set so the requirements very close so if you make over a certain amount, you are not qualified. So what happens is the people under that income amount ,often does not qualify for a mortgage. i Certainly wouldn't want a lender or my self to compromise Integrity in any circumstance, so i will continue to search.

Hello BP, i have heard before that their may be some incentives out there for first time home buyers in the form of GRANTS. 

A grant for a DP or closing would be awesome and i would like to take advantage of it. 

i have not done and research yet so i am reaching out to the BP world to see if you had any pointers. 

Anyone has any information that they could share ? or have received  one ?

Thank you BP. 

@Account Closed

thank you for your input.

my intentions on this was just to see how married and single people are affected when it comes to loans and limits to loans. i am sure there is a lot more to it that goes way beyond the scope of this forum. 

@Brandon Turner

i am so ready for this !!! i am in eastern time.