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All Forum Posts by: Austin Largusa

Austin Largusa has started 11 posts and replied 111 times.

Post: Don’t qualify - What to do?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

Figured I could get help from the pros in here. Wife stopped working after our 3rd child so she could stay home. Affected our DTI causing us to not qualify for a loan

What could you do with 30k? How would you get started?

Ultimate goal: own enough doors to bring in 4K a month on cashflow. That should be about 10-12 in the next 10 years 

Post: Highest Use of Capital for a Young Investor

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Gary Parilis:

@Kevin Roth, here is a solution for you. Similar to @Wendy Patton's suggestion, but you don't actually have to wait 3-6 months. If you buy with cash, there is no required waiting period to get a mortgage after the purchase (google the "delayed financing" exception). With this rule, you can borrow 70-75% of the appraised value, but not more than the price you paid.

You indicated this is an awesome deal, so let's say the property appraises for more than $120k. You privately borrow, say $80k, and put in $10k of your own money. Purchase the property with that cash. Then, after the purchase, you obtain a $90k mortgage -- to pay back the private loan and get your own cash back. You now have an income-producing quad with none of your own money invested (except for closing costs).

GOLD! Wow! I'm in a different situation but this might help me. I have capital but won't qualify for a mortgage due to DTI. I might go this route

Post: Buy/rent market in Chicago, Milwaukee and NW Indiana - new member

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Gloria Wiekert:

@Erin Garcia in Chicago, check out neighborhoods like Jefferson Park, Portage Park, McKinley Park, Canaryville, Little Village, Bronzeville, and Woodlawn like you mentioned. It's all very block by block but all of these neighborhoods are starting to appreciate but still have good/low priced deals.

I'd also recommend checking out Rockford, IL if you're looking just outside of Chicago. I'm from there and in the past 5 years there has been a ton of development downtown. Several neighborhoods surrounding downtown have low priced rental properties that will cash flow well. I've been eyeing the market there for a while but I'm currently focused on my house hack in Chicago to start... there were some good deals that were hard to pass on. 

 Let’s talk Rockford 👍🏽

Post: Cleveland, OH investing

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Jillian Fagan:

I am new to investing and looking in the Cleveland area. This thread has a wealth of information!

Is anyone able to recommend a good real estate agent(s) in the area that work with out of state investors? Thank you!!!

Hey Jillian

I’m just down the road from you in Fairfield. I’ve been working with one for about 3 months as I look to make my first purchase there. I think he’s okay. We’ll see once I actually land a deal 😂

Post: Is getting lender for less than 50K possible?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Brian Garlington:

@Sanae Trotter   I have a lender that will do mortgages under 50K in the midwest that I have referred several people to.  

P.S. Welcome to BP!!!

 @Brian Garlington I’m a fellow Bay Area investor. Would love to get your contact for the Midwest 

Post: Getting more Involved from California!

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

What’s up Clayton? I’m in the East Bay. Great to see some local folks on here 

What’s your strategy in Indiana? Or what are you looking at? That is 3rd in my list of areas to invest in

Post: Heading to Cleveland, Recommended Areas

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Brian Garlington:

@Michael Choe    Please message me BEFORE you go to Cleveland. I have rentals there and have dealt with three different PMs so I can perhaps be a resource as to who to avoid. I also know some investor friendly agents there as well. 

Brian - do share 👍🏽👍🏽

Post: Advice for young investor with $250k saved

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

I came into a large sum of money when my mom passed away. The first thing I did with it was nothing. For 6 months. It was the best thing I did. I learned about real estate for 6 months and that turned into a year without doing anything. It helped me to be clear with what I wanted to do without making any emotional decisions.

This week we are finally finalizing documentation for mY loan qualification and I’ll be submitting an offer in an area I’ve been watching for a while now 

Post: Durham NC - Meetups? In town next week

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

@Richard Mercado whereabouts in CA are you located? I’ve been watching and working with a realtor in that same area the last 2-3 months

Post: Rental Properties and which market to invest in

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

@Kameron Holloway finding the right market is part of how you will learn. It’s great to ask questions. But put in the time to do your own research. Learn why people are suggesting certain markets and then learn how to find them yourself