All Forum Posts by: Adrian Fajardo

@Kyle Poirier thank you for your response and advice. I will bring it up to the seller tomorrow. If it is cheap then it will work out.

@Account Closed that's clutch! Since I'm in my option period, I'll let the seller put it up prior to us moving forward. Thank you so much for the advice! I really do appreciate it.

@Account Closed Thank you for your response and I understand. My options are leveling the ground, creating a french drain or probably something to divert the water. Is there a better solution than that? Because all of those are quite pricey.

I need help from the vast knowledge here in the BP community. I'll be brief and specific in my post. I can fill in more details if it seems too vague.

I'm in the process of purchasing a property and in my option period. To put things into context, I am holding this property for the long term. Upon inspecting the bottom 2 units, I noticed rotting in the back door. When we checked the backyard, we find that the ground is slanted to where if it rains the water will be diverted towards the property. I found the culprit for the door. I've posted pictures along with this post. I am in Killeen, TX just so you're wondering and probably know the place better because I just moved here. Any help would be much appreciated. I am open to any cost-effective solutions and that means even backing out on the deal if this is a deal-breaker.

Thank you for your time!

@Samuel Connor payne Hello and welcome! Hey man, you should avoid using the word "new" coz you definitely have some experience already! Lol. Anyway, are you buying these properties too quickly? Because if you've had landlord experience for at least 1 year, you can use the rental income as part of your income. That should give you a little bit more breathing room. Have you brought up your rentals to your lender? You could also try looking for a local portfolio lender? Their standards may not be that strict. Lastly, flipping to build more capital might be the way to go. You could also do more BRRRRs which is nice coz you're still keeping the property.

I hope this helps and I wish you the best on your investing journey!

@Jim Nettles Hello! I appreciate that you're taking the time and learning yourself. A lot of questions can be answered through multiple resources. Like what @Corby Goade said if your investment strategy is focused on one selling point then you could be in trouble when something unpredictable happens to it. Try exploring other ways your investments can thrive. You can spread your risks by creating multiple avenues of making money. I hope I didn't hold you back. My intent is to help you push forward and get started as early as possible. The virus may be out of our control but there are things that you can do that are within yours. It could be the virus now, housing crash later but the beauty of real estate is that there are strategies you can implement in any given market cycle. 

Jim and Amy, I hope I was able to help you and I wish you the best on your investing journey!

@Joanna Laguerre Hello and congratulations! You don't have to answer this question here. It's more for you. What is your goal in real estate for the next 20 years? I would say where you would be locally and which one you feel more familiar with. If you plan to do this for a while, you have to set yourself up where you can operate for a long time. This is how you mitigate risks. In other words, don't think of just your 1st rental. Think where you're buying your next 20. I mean, if that is what you intend to do in real estate. Again, it goes back to what is your goal?

I hope this helps. I wish you the best on your investing journey!

@Jon Abadia Hello! I think if you ask your initial inspector nicely they should just confirm if the issues he/she found were addressed. It's pointless to hire a new inspector to start finding a whole set of new issues. Any reputable company with excellent service would do it for you. At least the inspectors I worked with did it for me.

I hope this helps. I wish you the best in your investing journey!

@Alejandro Ochoa hello! I like your eagerness and drive. Normally, I would urge you to invest local for your first property. There's just a lot of factors to consider when investing out of state. I understand the California market is pricey but there are still people investing. You can either partner up or look for pockets where housing is affordable.

If you're still determined to invest out of state, the best solution is always to get educated first.

I recommend reading this book. https://www.amazon.com/dp/0997... specifically for long distance investing. Take the time and learn. If you're willing to drop 10k-50k, then you can spend time to study.

I hope this and I wish you the best on your investing journey!

Oops! This was supposed to be for another thread. Disregard folks!