All Forum Posts by: Lucero Sanchez

That's how we've been making our "snowball" grow.

But wouldn't you rather make some money than ZERO??

You should check out your neighbor, Yuma, AZ a lot of baby boomers heading that way I think that would be a great start for investing out of state not to far.

Good luck ;)

Wishing you success;) 

In my experience with tenants they do not take care of anything and our rental properties are in middle class neighborhoods, one tenant would lock his dogs inside the bedroom for days the carpet was torn up and guess where they would pee and do do yup on the carpet, and pets where not even allowed on the property! The doors had to be replaced because the dogs would try to chew there way out! Good thing we installed cheap carpet, the tile floors only had to be cleaned, because they couldn't destroy it.

Also don't put landscaping just throw gravel because they won't take care of it. 

Just fix the roof, give it a good cleaning with appliances off of Craigslist make sure plumbing, heating and cooling works and is safe to live in (no bare wires, black mold, smoke detectors etc..) when you are ready to sell it than that's when you would want to upgrade it.

Good luck 

Wishing you success;) 

That's the way to do it, it's not easy but not impossible.  

Congrats!!

Wishing you success ;)

My daughter will be graduating from high school this year and wants to be like her mom and dad, real estate investors, she asked us for advise if she should go to college if so what classes should she sign up for or if she should go to a trade school. She wanted to know what classes we took, we looked at her with blank faces because we didn't even finish high school, but we don't want her to struggle as much as we have to get to the point where we are. We would like for her to go to college or take some courses to help her with her journey in real estate investing. Honestly we don't know what to tell her, like I said we didn't finish high school so we don't know what classes she should take in college for this kind of field. So I ask the BP community to help us out in this dilemma.

If you could go back in time what would you have done differently with the choices you made after graduating from high school and if you went to college what would you of majored in or what classes would you have taken that would of benefited you now as a real estate investor? 

" I wish high school got the gen-ed stuff out of the way and college focused more on specializing." I agree with your statement 100%, college is so expensive. 

We do plan to help her financially and be her mentors she already has learned so much from us, she listens to us about finances, she started working at 16 and has been saving money to this day she has saved $5k I asked her what plans she has for that money and she responded " I'm going to keep saving till I have enough for a down payment on a house and have enough to fix it". I believe her because the first year she started working she said she was going to save up for a car, she picked up a little side job (organizing paper work for her grandpa) and in 6 months she saved enough to buy her first car that was $1800. 

I resently found a book on her night stand that is almost half way finished it called RICH *****, so I truly believe she is a very determined girl and I think with college or no college she will surpass my husband and I and I hope she does. :)

Thank you for your advise

wishing you success :)

Welcome and ask away ;)

If you buy a house with and "illegal" addition insurance companies will not cover the addition and in some cases wont cover the entire house and they might not cover an accident caused by the addition like bad wiring causing a fire or bad plumbing in the "illegal" addition that causes damage to exiting structure also if you sell and don't get the addition permitted the square footage wont count towards the sell price or they might count it if the addition looks good and has a good flow but for half of what sq ft is selling in the area.

 We purchased a house is Mesa a few months ago and it had a addition in the back, it was not permitted we bought it based off the original square footage (1100 sq ft). We submitted permits to the city of Mesa the city then sent someone to see the addition to determine if the addition would need to be torn down or just brought up to code, we got lucky he said the addition was not in bad condition and we just had to bring it up to code, we are working on this now, once it passes final inspection we will have added 550 sq ft to the house and will be recorded in  county records. We took the risk of purchasing a house with an "illegal" addition and the risk of having the city have us bring it down, it was worth the risk because we purchased the house for $101k rehab will be close to $20k we will be able to sell house with additional sq ft for $196k if we had not added sq ft we would of been able to sell house around $140K so the risk is worth it. 

Just go to the city of Phx and ask they will guide you as to how to get permits and how much it will cost, I did my own floor plan on the Paint program in Windows and they approved it. It's not a hard process. 

Before you buy a property that has an "illegal" addition make sure the sell price is not counting that sq ft because the city might make YOU tear it down. 

Good luck :)

Welcome, and yes definitely BP is a great place to get educated, but ultimately its all up to you how far you want to succeed, remember it takes hard work, discipline and tenacity to make it in this field. 

I wish you success ;)