All Forum Posts by: David Espinosa

Hey Tony, I would suggest going to some of the meetups in your farm areas. They usually have wholesalers and other professionals more than willing to help and do deals with. It may only take one connection to stop your dry spell. Happy Investing!

Cozy.co is my go to for online payments. Its really user-friendly and super easy to understand how it works. You can receive maintenance requests and upload receipts and pictures and export the info to other software for taxes.

You can use an fha loan multiple times, you just cant have more than one at a time and it has to be used as a primary residence (for at least one year and you have to take occupancy within 60 days). To get a second FHA loan you must prove that your family has outgrown your original house and you can only count rental income from the first property if you have more than 25% equity.

Once credit is good enough then go after a property. You can use a fha loan to get low down payments and you can get upto a four-plex. There are some down payment assistance programs as well. Also you can have as low as 580 fico score and still get a loan at 3.5%.

I would say focus on building your credit and relationships. Try cutting expenses and paying off bad credit. You can enter the REI world by going to meetups or applying for jobs related to real estate in general. Help people do things that they don't want to do, like driving for dollars. You can free up someone elses time and maybe they will throw you a bone if they close on one of the properties use gave them info on. Do a bunch and then ask if you can help or sit in on a negotiation. You can offer services to a flipper like cleaning out garbage from properties or stuff like that. Show people your serious and work hard and it can take you a long way.

There are wholesalers for sure I would personally suggest going to some of the many REI meetups in the area. You can check them out on meetup.com and Kreia.com. Once you start going you will hear about alot more. Louisville has a very large network for REI.

In my state it is legal and if they don't do the work you can get them out faster than a normal tenant. I would personaly put him on a month to month lease with proven work done put towards the next months rent. Say he installs carpet and you say ok I would normally pay 100 or whatever, he would get 100 off of rent for the following month. I would write up a scope of work and put a dollar amount on each item and say you do this work you get this much off. Keeps him accountable and would be fair. No work means pay full amount. When scope of work is completed he pays full amount or gets the boot. Be careful with renting to people you know get everything in writing and treat it like he was just another tenant or contractor. Hope this helps.

David Espinosa

You're going to have to be a touch more specific.

I agree with Tchaka look at your purchase agreement and call a lawyer.  If you didn't outline what happens with deposits depending on your local laws you may be screwed. On the next purchase use an estoppel with a space for the tenants to put their contact info and other info regarding their tenancy. Have both the tenant and current owner sign it. On the next purchase agreement you can ask for any and all deposits to be transferred to you and prorated rents for the month you close. After closing post on tenants doors with green or blue painters tape a note that says the building is under new management and to stop making payments to the old managment and have your contact info on there. I know this info is too late now but will deffinatly help you on your next purchase. Hope you can get your money if not use it as a learning experience and move foward don't get discouraged. Hope this helps.

David Espinosa

My banker didn't know that you could either and after they looked into it, turns out I was right. They asked for a longer close period to work it out as they haven't done one before but all worked out and should get a clear to close any day now. It's a four-plex. Hope this helps! 

David Espinosa