All Forum Posts by: Christopher Oliva

@George Despotopoulos I appreciate your input and i'll be sure to get in touch when i have more questions. And trust me, i'll have questions.  thanks again!

@George Despotopoulos Thanks for your response, I had no idea this type of loan was out there!  This type of loan seems perfect for what i'd like to do and for my current situation.  I've got a few follow up questions to throw at you, George.  

For a rental property loan, how much of a down payment is usually required?  

When qualifying for this a rental loan, do lenders care how much cash you have on hand?

What if the property needs some repairs before being "rent-able", can the repair costs be rolled into the rental loan as well?

@Bob Okenwa, thanks for the input! 

Happy Thurday everyone! I've got a few questions about HML and conventional mortgages that i was hoping you guys could help me out with.

-How is someone able to qualify for a traditional mortgage if they quit their job and go into real estate full time?  Isn't 2 years of consecutive work history one of the requirements to qualify for a mortgage?

-If i can't qualify for a traditional mortgage or can't come up with the money for the down payment on a traditional mortgage(assuming 15%-20% down is required), would using a HML to purchase a rental property and then refinancing after a year be a good idea?

@Loren Becker@Rick Pozos @Ray Lai Thanks for the input guys!

I guess my best bet will be just as you all have suggested, and trying my luck on a sample size to see how that goes.  I've reached out to wholesalers in the San Antonio area who I know for a fact use the code violations list, but they don't seem to want help me out with this particular question.  I guess I can't blame them, some people might consider that a trade secret I guess?

I was mailing a different list for about 5 months, with poor results, that's the main reason i'm looking to expand my marketing efforts.  Thanks guys!

@Rick Pozos any thoughts?

I'm preparing to mail a list of Code Violations for San Antonio. I pulled the list for May 2017 and finally got it down to about 1k entries (i was able to pull absentee owners from the list as well as i was able to narrow down the violations i want to target). One thing i noticed is that the owner addresses on the violations list don't always match up with the owner address that is listed on bcad.org. My fear is that I end up mailing the addresses listed for the owners on the violations list and then have a bunch of returned postcards.

@Ian R. is actually the BP member who suggested i took a look at trying to owner finance this deal.  He's been a great help to me up and is always willing to take time to answer questions i have, he's a great guy!

Hi everyone,

I'm a newbie,I've been actively marketing the last 2 months to try and get my first wholesale deal.  I spoke with a very elderly woman late last week who has 2 properties on the same street in San Antonio that she would like to sell.  She called me because she got one of my postcards inquiring about her property, but the property isn't an ideal wholesaling opportunity.  The houses seem to be in pretty good condition and she wants market value for the houses.  

She's looking to sell because she's elderly and tired of being a land lord.  She says both houses were recently updated (roofs, floors, appliances) and provided pictures of the properties. I've driven by the properties but i haven't been able to get on the properties to take a look for myself because they are currently rented out and the owner does not want me to disturb the current tenants. 

She wants 125k for the smaller of the two properties and 155k for the larger one.  I don't have any realtor friends who can help me put together a super accurate arv, so i checked redfin, reatlor.com, and zillow and they all estimate the houses to be right around her asking prices.  If i were to try and wholesale these properties, i was thinking of offering 70k and 85k for the properties.  

And then i spoke with someone i met from bigger-pockets who suggested i maybe think about trying to get the owner to work an owner finance deal with me.  Any suggestions on how i would structure the deal?  I have 0 experience doing this, i've only been listening to podcasts and browsing the forums for the last 6 months, so this would be my first real estate deal of any sort.  Any help is much appreciated!

Interesting, you're the first person i've seen mention that as a possible source (i'm a novice, so i know there's TONS of stuff i've yet to learn and discover).  How much success have you had marketing to those with felony charges or dwi's?  Also, How would you get any information on their property before ever contacting them (rooms/bath, equity, last date sold, etc)?