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Camilo Perez
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Multi Bldg on Residential property

Camilo Perez
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Posted Oct 19 2023, 05:20

Purchased a residential property with 5 rentals on it.  Property not conforming with city zoning.  Producing  very good rental income.  Wanting to tap into equity.   Suggestions?

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River Sava#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Charlotte, NC
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River Sava#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Charlotte, NC
Replied Oct 19 2023, 10:30

Have you looked into a cash out refi?

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Anthony Garza
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Anthony Garza
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Replied Nov 4 2023, 21:25
Quote from @Camilo Perez:

Purchased a residential property with 5 rentals on it.  Property not conforming with city zoning.  Producing  very good rental income.  Wanting to tap into equity.   Suggestions?

Did you partner investors with this deal? And if so how were you able to connect with those investors. I live in the RGV would like to know how were you able to connect with investors.
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Juan Salas
  • Investor
  • McAllen, TX
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Juan Salas
  • Investor
  • McAllen, TX
Replied Nov 8 2023, 16:31

Hello, I am an investor in the RGV getting back into the game. What do you have in play?

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Juan Salas
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  • McAllen, TX
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Juan Salas
  • Investor
  • McAllen, TX
Replied Nov 8 2023, 16:33

Is this property paid off?

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Camilo Perez
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Camilo Perez
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Replied Dec 12 2023, 03:55
Quote from @River Sava:

Have you looked into a cash out refi?

Hi, yes I have.  I purchased this property cash from a refinance of my primary residence.  There are 5 doors.  Already paid off.  With it came another residential lot.  Also paid off.  I couldn’t get the first property refinanced because appraiser appraised as commercial.  Not commercial because does not conform with city ordinances.  All 5 units share utilities.  One meter for all.  They are 5 units and I am collecting $800-$850 each with utilities included.  Net $500 each.Already spoke to city to try to conform with zoning, but was denied.  Basically just allowing for income.  I want to refinance to build a duplex on the other lot conforming with city zoning laws.
Sorry for late response. Been super busy elsewhere.  
.

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Camilo Perez
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Camilo Perez
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Replied Dec 12 2023, 03:59
Quote from @Juan Salas:

Is this property paid off?

Yes it is.  Have 5 income producing units. 3 units at $800 and 2 units at $850.  Plus an adjoining city lot also paid off.  Want to refinance (DSCR) or other, to build a duplex on other lot.  

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Camilo Perez
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Camilo Perez
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Replied Dec 12 2023, 04:01
Quote from @Anthony Garza:
Quote from @Camilo Perez:

Purchased a residential property with 5 rentals on it.  Property not conforming with city zoning.  Producing  very good rental income.  Wanting to tap into equity.   Suggestions?

Did you partner investors with this deal? And if so how were you able to connect with those investors. I live in the RGV would like to know how were you able to connect with investors.
No I didn’t.  I have invested my own money,  refinanced my primary residence to purchase.