All Forum Posts by: Alex Cordero

@Mindy Jensen At this point, since I am so green in the REI field, I've been trying to connect mostly with local investors, agents, rehabbers, loan officers and anyone who has experience in the field. I'm sure as time passes I'll learn who to continue to network with. BiggerPockets has been critical in my being able to jump online, ask a question, and get feedback from various professionals in RE. For a newbie as myself, this site is worth GOLD. I find the ability to learn from the perspective of other professionals in this field is priceless, and the members on this site provide that. Take care.

Appreciate the feedback @Account Closed thanks for the feedback, it was very insightful.

@Ralph R. Yeah, I do have access to all of the paperwork I request, and he has always delivered. But then again we have only done two deals in the past, which both worked out great. But this particular deal that was brought to me just made me wonder. If a property is worth 1.8m, why wouldn't he just borrow off the property for whatever rehabs he needs to rent out the empty two units. And why hasn't he done this sooner? Why would he need my money? I haven't jumped in yet, and probably will skip this one.

Thanks @Ellis San Jose

Is there a way to search local departments to find out if someone has borrowed against a property? An investment partner owns a 1.8 million multi-family (3 units). One unit is rented, the other two are not in good shape. Planning to rehab the two units and sign lease agreements to then refinance and pull money out. I've been doing business with this man for about two deals now, everything has gone well so far. Just wondering if there is a way to figure out if he has borrowed from this property already? Any information would be greatly appreciated.

Ah ok, thanks for the reply and the information. I just wasn't sure if there could possibly be a big difference between going through someone else who would have me bring less to the table at closing. 

My house is currently worth ~155k. I owe about 156k on it. I do currently pay mortgage insurance ($70/month). Current payment is $1060/month (4.5% on the loan). A streamline refi would allow me to drop my payment to about $900 month, but would still pay mortgage insurance (Included in the $900/month). They want me to bring $2300 to close, but wouldn't make a payment for two months. I see a lot of "no money to close, no money down" FHA streamline offers. Does the $2300 seem reasonable, Could another loan officer possibly put together the same refi for less or for no money down? Any information would be greatly appreciated.

Inspiring, beautiful rehab and congratulations on your successful investment.

Awesome, inspiring! Enjoy your profits, best of luck to you! 

Wow what a nice rehab, well done! How long of a flip from start of purchase to first showing? @Glen M.