All Forum Posts by: Amable John Aguiluz XIII

@Carlos Martinez Also curious. Following

@Kimberly Johnson I’m also interested in MI, but I need to build a solid team there first before moving forward with investing there. Can anybody send me referrals for vendors? Thanks.

@Jonathan Taylor I was told that you need 10+ homes to start doing portfolio loans, but if that is more cost effective, send me some info. I’ll DM you.

@Thomas Corley Thanks, Thomas. Let me know if you have any off market deals. My cousin (also a Realtor) found me the last 2 properties. I’ll work with whomever finds them. Also, I’m wanting to build a team of third party companies to work with, so if you have any recos for handymen, contractors, management companies, etc, I’m willing to check them out.

As far as income goes, we should be fine. We have other passive income and investments, we’re next gen couponers, and credit card and travel hackers, so I’ve been able to float $200k-400k before for like 60-90 days at a time on business credit at 0%. It’s just time consuming, and a PITA honestly, but it would be a great safety net and last resort. I feel good about moving forward with the leverage plan now.

@Eric James To add, my back up plan was to just buy SFRs or condos all cash as long as it makes sense, and then refi cash out and do it again another 2 times possibly.

@Eric James Hi Eric. Yes, that was all considered. The variables are going to be how many doors I’ll be able to find and secure and the 75% of rental income calculation. It’ll be 25% down and rates are in the 4s which isn’t bad. I remember rates being in the 6s for owner occ, so commercial at 4% is awesome. haha

@Jonathan Taylor thanks for responding. Yah, I was thinking the same about a repairs cushion, but my family member who lives in the condo for cheap does not complain and does his own fixes. The SFR in AZ has long term tenants there for 17 years, so they do most of the fixes. I have 2 years home warranty on that too. The condo in AZ that I just acquired is basically fully remodeled and well kept, but I also got a 2 year home warranty on that just in case.

Hello All,

I currently own 4 properties (2 in CA and 2 in AZ). I just bought one of the AZ ones 3 months ago, so refi cash out is out for now.

My primary in Ca is worth $575k now and the loan balance is around $317k paying $2600 for PITIA (principal, interest, tax, insurance, HOA). The other CA condo is worth $350k and the loan balance is $145k paying $1350 PITIA and renting for $1600 to a family member ($1800 is market rate, but that's another story lol). The AZ SFR I bought last September is now worth $260k and loan balance is $157k paying $950 PITI and renting for $1200.

I spoke to my lender about refi cash outs for these 3 properties, and pulling out (at 75% LTV) about $250k would raise my primary residence payments by $350, second CA condo by $300, and AZ SFR by $155.

I have always been conservative and focused on paying the mortgages off, but money is cheap, so my thoughts are that my payments won’t go up that much and I can use that and some extra cash I have to purchase multifamily in AZ; maybe even an apartment complex. My latest acquisition’s PITIA is $1100 and rent is $1675 so that actually helps me break even on the cash out with potential for gains on the multifamily play.

Could use some advice from people who have gone through this situation. Thanks everyone!

@Jeff Castro Hello, are you still using this SoCal group? Can you send me their info as well? Thank you.

Hi All,

I've been signed up with BiggerPockets since last year, but I have finally gotten myself into being active on this forum.  I have 5 properties (3 in CA and 2 in AZ).  I feel like I'm moving too slow and that I'm not scaling up as quickly as I want.  I've passed on so many potential deals because I didn't have the know-how to be more creative in acquiring such projects.  

Wife and I started out with a duplex at 21 and scaled up to the next two properties in CA as owner occupied.  The AZ ones were pocket listings that I picked up from my cousin's clients which was fair for everyone involved.  We live in one and the other 4 are cash flowing. 

The 1st property we bought was an owner occupied HUD property; the next one was an FHA purchase also owner occupied. The third in CA was conventional 20% down owner occ, but I rotated the money around through manufactured spending and floated for the down payment. Those of you in the Travel Hacking world know what I'm talking about. The last two properties were purchased with tenants in place: one as non owner occ and the other as a second home; 25% and 20% down conventional respectively.

I'd like to get into more multi-family acquisitions, but any deal is a deal.  I would love to connect with people, and not just in CA or AZ.  Primarily, I'd like to know more about creative financing plays.  Are there any local groups that I could join or any more experienced investors who would give me the time of day to mentor me?  

To note, I am also a travel and credit card hacker.  haha Maybe we could exchange some knowledge or even come up with something outside of the box with what we know.  I'm up for anything.  Thanks for the support!