All Forum Posts by: Jose Reyes

Hi Biggerpockets Community,

I need some insight on a deal I've been working on and I'm eagerly looking forward for your expert opinions. 

I live in a neighborhood where real estate in really hot at the moment. I did some market analysis on my area and the on average sales price in the area is $550,000 when a property is fully renovated. 

The good thing about this area is there's a lot of houses that still are in bad condition and need rehab. These houses have sold between $215,000-$275,000. 

The property I am working on is a probate. After extensive research and having been helped locating the owners of the property, I've finally found it. 

The property is with an attorney's office. They've informed me that the house was just recently shut down and they're in the process of  evaluating the property for auction. 

I believe I am early in the process, which I think is a good thing. Now, my mission is how do I pursue this opportunity moving forward. 

The fact that this property will be going to auction is where I have many question because I've never been to an auction and don't know how they operate.

My strategy for financing. 

I work a full time job. I have a decent credit score. Down side, My cash is held up in my multi family properties that are being renovated. 

My next step is probably going towards obtaining a Hard Money Loan. 

I understand the hard money process because I've went through it before and for this property knowing the profitability in it, I have no problem with the points and high interest. 

My question: because the property is going into auction does this mean; I have to come with cash? And if I want to purchase by using hard money. Is it possible to get pre approved for the funds to purchase this property?

If I'm totally off by this way of thinking, then I'm doing myself a solid by asking what should I do in this situation???

Strategy #2. 

Going to the auction with a cash partner. If this is the only option for me, then I'm asking; what are the best strategies  on attracting cash partners as soon as possible before this deal slips through the cracks???

Thank you all in advance for your consideration I'm looking forward to hearing your responses. I'm sorry in advance if this a ever lasting blog post. I'm just trying to be as detailed as possible. 

Please share your knowledge. 

Hello biggerpockets community,

I have a situation that I am trying to figure out.

This is the scenario,

I am investing in the westchester county area and I recently came into a situation around my neighborhood that is definitely a HUGE investing opportunity.

The property that I found the previous owner unfortunately passed away and the bank finally foreclosed on it just a few days ago.

The neighborhood that I am looking to invest in has been very hot as of late. To put it in perspective, My sister lives in the neighborhood and bought her home for $275,000. My other sister who lives no more than 120 yards away, bought her home for $490,000 fully renovated with almost the same Sqft, but same beds and baths. The sister who closed on her home for 275,000 needed to make serious upgrades and has already made those upgrades and the arv has recently been quoted at 625,000. In that same neighborhood someone bought a foreclose for 215,000 and has put in 100,000 in repairs and plans to sell for 525,000. While another house in the same proximity sold for $650,000.

There's a lot of activity and my gut is telling me to find out what to do -BY ANYS MEANS NECESSARY-

My question is how do I go about finding financing for this property when my current financial situation is..

2000 in monthly cash flow after expenses.

Fair credit score: FICO between 630-650.

Or is there any creative ways I can go about finding financing for this property.

I know I will need to get an investor for at least closing cost and possibly repairs if I choose not to go the hard money route.

I am certainly desperate to hear what advice or strategies you guys come up with please spread your knowledge with me. I am looking forward to hearing back from this post. Thank you in advance for your consideration.

Blessings,

Jose A Reyes 

Hello biggerpockets community,

I have a situation that I am trying to figure out.

This is the scenario,

I am investing in the westchester county area and I recently came into a situation around my neighborhood that is definitely a HUGE investing opportunity.

The property that I found the previous owner unfortunately passed away and the bank finally foreclosed on it just a few days ago.

The neighborhood that I am looking to invest in has been very hot as of late. To put it in perspective, My sister lives in the neighborhood and bought her home for $275,000. My other sister who lives no more than 120 yards away, bought her home for $490,000 fully renovated with almost the same Sqft, but same beds and baths. The sister who closed on her home for 275,000 needed to make serious upgrades and has already made those upgrades and the arv has recently been quoted at 625,000. In that same neighborhood someone bought a foreclose for 215,000 and has put in 100,000 in repairs and plans to sell for 525,000. While another house in the same proximity sold for $650,000.

There's a lot of activity and my gut is telling me to find out what to do -BY ANYS MEANS NECESSARY-

My question is how do I go about finding financing for this property when my current financial situation is..

2000 in monthly cash flow after expenses.

Fair credit score: FICO between 630-650.

Or is there any creative ways I can go about finding financing for this property.

I know I will need to get an investor for at least closing cost and possibly repairs if I choose not to go the hard money route.

I am certainly desperate to hear what advice or strategies you guys come up with please spread your knowledge with me. I am looking forward to hearing back from this post. Thank you in advance for your consideration.

Blessings,

Jose A Reyes 

Hello biggerpockets community,

I have a situation that I am trying to figure out. 

This is the scenario,

I am investing in the westchester county area and I recently came into a situation around my neighborhood that is definitely a HUGE investing opportunity. 

The property that I found the previous owner unfortunately passed away and the bank finally foreclosed on it just a few days ago. 

The neighborhood that I am looking to invest in has been very hot as of late. To put it in perspective, My sister lives in the neighborhood and bought her home for $275,000. My other sister who lives no more than 120 yards away, bought her home for $490,000 fully renovated with almost the same Sqft, but same beds and baths. The sister who closed on her home for 275,000 needed to make serious upgrades and has already made those upgrades and the arv has recently been quoted at 625,000. In that same neighborhood someone bought a foreclose for 215,000 and has put in 100,000 in repairs and plans to sell for 525,000. While another house in the same proximity sold for $650,000. 

There's a lot of activity and my gut is telling me to find out what to do -BY ANYS MEANS NECESSARY-

My question is how do I go about finding financing this propert when my current financial situation is..

2000 in monthly cash flow after expenses. 

Fair credit score: FICO between 630-650. 

Or is there any creative ways I can go about finding financing for this property. 

I know I will need to get an investor for at least closing cost and possibly repairs if I choose not to go the hard money route. 

I am certainly desperate to hear what advice or strategies you guys come up with please spread your knowledge with me. I am looking forward to hearing back from this post. Thank you in advance for your consideration. 

Blessings,

Jose A Reyes 

To the real estate community, 

My name is Jose Reyes

Here's a brief summary of who I am. I am a recent college graduate, I am extremely passionate about real estate investing as a business - this is not a hobby for me - My background is in finance, I am a very analytical person, I truly enjoy analyzing deals, crunching numbers and most importantly finding creative ways to maximize profit and minimize expenses. Currently, in my real estate endeavor, I have been doing my due diligence as far as becoming as knowledgeable as I can be in this business. I am reading a number of books, one of which is Biggerpockets very own book on, "Investing in Real Estate with No (and low) money Down," which was very informative. Thank you Bigger Pockets. I am also listening to every and any podcast known to man on real estate investing, I am simply just trying to become a sponge and soak all this information in. With all that being said, the most important thing I am doing today is TAKING ACTION! So far, in my real estate journey, I have established an LLC through Nevada taking advantage of the asset protection laws they have, I have acquired two multifamily properties, which I own free and clear and lastly, I have done one wholesaling deal. Now, for what brings me here today; I am looking to connect and begin developing relationships with real estate professionals, most importantly as I am taking this journey I am looking for mentorship now more than ever. As the days pass I am becoming more motivated in this business and I know I need to learn from someone who is doing what I want to be. And what I want to be is a trusted and successful real estate investor. More specifically, I am focused on buy and hold real estate, my goal is to create cash flow for longevity. My goal for the properties I have now is to fix them and refinance at the end and continue that process till I have 20 fully rented properties by the end of 2018. Once again, the intent of this post and future posts is to connect with knowledgeable individuals whose been there and done that in this business.

Best regards, 

Looking forward to your reponses!

Jose A. Reyes 

Trying to locate smaller amounts of money for my investment properties. 

My two properties are in the downtown area of Albany NY I own them free and clear. 

So far, I have tried to get funding from two hard money lender companies and failed to do so because their terms were too high. 

I am here on BiggerPockets to connect with more experienced personnel and get more of a feel for my start in the real estate world. I am looking to connect with anyone who is a lender or has been successful in locating funds for rehabbing and holding properties. I'm looking forward to meeting with anyone who responds to this post thank you all in advance. 

Great news, 

I got some great insight from a couple members on BiggerPockets. Thank you so much for all your help this site has brought me a lot of knowledge in a short amount of time. 

Originally and still I'm looking to get in contact with lenders and investor and talk about my two investment properties that I own free and clear.

Now, my goal for this discussion is to talk about the advise I got about how to locate funds to rehab my two properties.

I was told from a person that if I know someone who owns a property, I can ask them to  put a lien against the property for the amount I need to rehab (30k), then I could use that amount and get the property rehabbed to refinance..

Second option, I would find someone and ask them to take a home equity line out for the same amount of 30K, get the properties rehabbed and to refinancing.

My plan is to get my two properties habitable and to refinancing. Once the refinancing process is finalized I will return the amount borrowed plus interest. 

I know that asking for lien or home equity line could be risky and it isn't common, my plan right now is asking the people closest to me, but I want to know your opinions or other strategies I could use to complete these projects.

Thank you in advance for all your consideration. I'm looking forward to connecting anyone who see this feed!

Looking for investing advice from anyone who has been an investor or has dealt with an investor before.

My goal is to be more informed on how to approach investors and how to locate investors.

From my experience so far, I have learned what documents are need for investors and what they like to see. I've also realized that when you're looking for smaller amounts of money a lot of investors won't do a deal. In my case I need about 20K to 30K on my investment properties that I own free and clear and I tried call every investing group in New York State. I got through to some and they either told me their minimum was 50K or they kept me around to pay for an appraisal and broker fee then wrote up a deal that would of put me in a bad position where I would of been paying back for than I needed.

Some things to know about me.

I am in my last semester in college and have started my own LLC by the name of Dream & Believe Investments. My income isn't where I want it to be right now because of the school contingency but my credit is at a fair rating (630 FICO). Because of this factor I was forced to go through hard money lenders and that situation didn't work in my favor. I hope to gain some expert opinion on how to go about getting financing for properties that need to be fully rehabbed for under 30K.

Thank you all in advice for your insight and expertise! 

Looking for investing advice from anyone who has been an investor or has dealt with an investor before.

My goal is to be more informed on how to approach investors and how to locate investors.

From my experience so far, I have learned what documents are need for investors and what they like to see. I've also realized that when you're looking for smaller amounts of money a lot of investors won't do a deal. In my case I need about 20K to 30K on my investment properties that I own free and clear and I tried call every investing group in New York State. I got through to some and they either told me their minimum was 50K or they kept me around to pay for an appraisal and broker fee then wrote up a deal that would of put me in a bad position where I would of been paying back for than I needed.

Some things to know about me.

I am in my last semester in college and have started my own LLC by the name of Dream & Believe Investments. My income isn't where I want it to be right now because of the school contingency but my credit is at a fair rating (630 FICO). Because of this factor I was forced to go through hard money lenders and that situation didn't work in my favor. I hope to gain some expert opinion on how to go about getting financing for properties that need to be fully rehabbed for under 30K.

Thank you all in advice for your insight and expertise! 

Steve, 

Thank you for your reply, your response definitely was needed. I will be going after investors using your strategy.

@Account Closed