All Forum Posts by: David Ruiz

Hi Jim,

Thanks for your reply. 50/50 on the profits. Still figuring out what the exit strategies are. Suggestions on exit strategies?

I am a first time home buyer in a partnership where I am taking a conventional loan to purchase the property, and my partner is contributing half the value of the property in cash to pay the downpayment, closing costs, and rehab. I'm on the hook for the loan, and my partner is providing capital. 

After the purchase, I will add my partner to the title. During the rehab, I will live in the property and pay down the mortgage. Of course, we will have an attorney draft an agreement.

Question:

1. After a year or two, we plan on refinancing. My partner is requesting repayment of the total of his cash investment, which I agree with. Am I entitled to request what I contributed on paying down the loan?

@chris williams , I have listened to the David Greene podcast. Inspiring, but still need to figure out the best lending approach for myself. Thanks for your reply, and good luck!

I live in California, but the housing prices and new tax laws are prompting me to invest out-of-state. As a first time buyer with a modest income and very good credit score, I am considering an FHA loan.

I have spoken to two lenders in California, and they both advised me that an owner-occupied property would be my best approach based on my income. Ideally, I would love to buy an out of state investment property and continue living in California, but I am open to living out of state for a year or two to satisfy the FHA's required one-year occupancy rule. If I do live out of state, the lender wants to see that I have a job in the new state. This is my catch 22.

Considering my situation, can anyone advise me on how to successfully find a lender for a property out of state, either FHA or other.

@Martin Ruiz Thanks for the advice. How's the market in the IE?

@Martin Aubin thanks for the tip. I will research the Madera/Merced area. 

@Ali Boone that is inspiring to hear you have been successful managing your PM and property from LA. I will keep your story in mind when researching out-of-state investments. 

@Joel Espinoza thanks for the local market data resource. The high desert area is on my research list. 

@Kevin Dehesa Yes, this weekend I'm meeting a realtor in Indio/La Quinta to check out some multi-family and single family properties. I'll let you know how it goes. 

I did check out the Antelope Valley on Redfin, but haven't made the trip out in person. 

@Ali Boone how has it been for you managing your out-of-state properties remotely from California?