All Forum Posts by: Willy Vasquez morales

How did you end ip doing with this deal?

The first thing to consider is how is your communication with her? If you have a good communication, then go up to her and ask her if you can take your property back. Or that you need the property back and need them to vacate. Let her know that you can help her find a place, even if you ae not. This ensures their willingness to move out, in peace. 

If this is not possible and they start giving you escuses, tell them you need to make money from the property and right now it is not producing. You have more expenses than revenue. Also you might also bring up that she did not honor her verbl contract of paying and keeping up the property. 

If not, go the legal route. Good luck

Ask the lender why you can't use the subject property as the collateral. Each property should be able to be used as its own collateral. You might need 20% as not many will do 100% ltv. 

Reach out to small bank or credit unions

I have a Bodega(small corner store) under contract for $140k. Rent is $1600 with a double net lease. I pay mortgage and taxes. I need to get the funds for it.   

The bank is asking 25% which puts me roughly at $40k. I only have $15k on hand.

I have a salary job where i make about $65k a year. I have been a real estate agent for 4 years and last year sold about $40k. I have two multi families producing(gross) $4100.  

My question is how can i fund this deal? How can i raise money to pay for the 25%? Can i reach out to grandma who has the money under the sofa but can't provide banking statements? Should i reach out to HardMoney? How would this work through a hard money lender? 

Opinions and suggestions appriciated. This is the first bodega i am investing in. 

Thank you!

My new house has extra space in the basement which is not an actual basement because it is more like first floor.

has anybody turned a space into an office? What does an office need? Would it be better to rent it out as storage space? Or living space like a bedroom? 

This is where i will have my office space, for me. I know if i am renting it out, i will probably need certain stuff. 

@Jeremy Wirths Thank you. I will check with him...

@Dave Spooner

 Can you please send me the managing sites you have? Thanks

Has anyone used SBA loans to buy multi family? Or to grow their investment bussiness of adquiring rentals? Also i heard they might require less down payment than regular 20%. 

I would suggest talking o the seller and explaning that there were repairs you didn't anticipate. Explain the repairs are this amount, and ask if he can share the load with whatever that amount is. Don't say1% as that is not a number. Do the cal yourself and say that amount instead. Good luck

I have 2 multi families(4 units), i am a real estate agent(3rd year), and i have a regular job. I also do my own property management which i have in an llc. I need help as i am planning on getting more properties and putting them as managed by my company. I also need to seperate all my accounts for tax purposes / seperation of bussiness.

I think i need a financial advisor to help me put everything where it needs to go but also tell me what i should be doing.

I will probably need an accountant. I can hire my wife and put her my payroll. I don't know if that is best.

Are there any known financial advisors in New Hampshire? Or someone who knows what they are doing and can help?

I will pay for you service.....