All Forum Posts by: Charles Carillo

@Lokesh C.

I actively invest in Tampa. What type of properties are you looking to invest into?

@Vance Phillips

Purchasing any property without money is a recipe for disaster. There are ways of purchasing with no credit, but I would be very careful with purchasing without money. When you purchase a property, there are always unforeseen issues and repairs and when you own the property, you cannot call a landlord to fix them.

@Justin Green

I can refer you to the lender my foreign partner uses for lending in the US. Not sure the exact terms but you can reach out to them for their terms, rates etc. DM me.

@David R Trombetta

I work with a RE attorney in Newington that I can refer. DM me.

@Leah Robertson

The 1% rule is a very quick calculation to determine in seconds if a property is overpriced or under market value by taking the current monthly gross income per unit and comparing it to the unit's cost. The cash on cash is what I consider to be the most important factor when investing in real estate since I can take that  number and compare to other investments and weigh them with the time and hassle that will be required for each. The cash on cash is also what I will be receiving regularly within the very near future; not years out.

@Bridget Ariel

Here are a few thoughts I have on your situation. Is the boyfriend bringing any cash to the table? Getting a 50% loan from the seller is not cash. Why do you need to purchase the warehouse in the first place? Are there no other warehouses nearby that can be rented for similar rates? Does your whole family really want to purchase a warehouse and get into the warehouse business? What happens if the boyfriend moves out of the the warehouse, can they rent it to someone else? Certain commercial properties (including warehouses) are difficult to rent (when compared with residential). It also does not fix the issue of renting or having the rent payment increased. If your family owns the property, they can raise the rent at each lease renewal (which they will probably do to keep up with the normal increase in expenses). What happens in 5 years when you need to pay the seller off? Who is going to sign on a $1 million+ loan?

Personally, I feel this is a bad idea all around. Your BF is going to be in debt to your family for millions and your family is investing into a property that they most likely would never invest into.

@Anand Raghavan

I personally would not purchase but rent. The real estate sales industry has been pushing for decades that renting is throwing away money and real estate always goes up etc when in truth there is nothing wrong with renting a small place with zero obligation after a year and no chance of costly repairs or hassles.

When you invest in real estate you want it to be on your terms. This is difficult if it is far from your primary residence and the only reason you are there is because of a job, not because of the market etc. No matter how minimal the down payment is; you are going to be out of pocket multiple years of money that you could have spent just renting. There are always repairs to make, tenants does not always pay and there are months with vacant units etc.

Lastly, it is important to remember when you purchase and when you sell real estate there are a ton of transaction fees, costs and commissions. When you purchase, the seller is figuring in their transaction fees and then when you sell, you could find yourself paying 10% between an agent; the city, county, state, closing etc. You don't want to purchase and then realize you want to sell months later when the property has not appreciated and you have to go into your pocket to cover closing costs. I know this is a real estate investment forum but just my 2 cents.

@Alex Bernth

If the $12k is an accurate estimate, I would rather do the repairs under my supervision and using my contractor than having the seller perform the repairs.

@Rudolph T.

Check out this article: https://www.daveramsey.com/ask...

@Brian Crowe

I have a partner that is foreign and he regularly invests in the US by using a couple private money lenders. DM me and I will connect you.